New Rating issued on Cognex Corporation (CGNX): Downgraded by Needham to ” Hold”

Cognex Corporation (CGNX) was Downgraded by Needham to ” Hold”. Earlier the firm had a rating of “Buy ” on the company shares. Needham advised their Clients and Investors in a research report released on Mar 15, 2017.

Based on several research reports , Cognex Corporation was Downgraded by Needham to ” Hold” on Mar 15, 2017. Company shares were Reiterated by Needham on Feb 17, 2017 to “Buy”, Firm has raised the Price Target to $ 80 from a previous price target of $61 .

Several company insiders have filed Insider transactions , on Mar 7, 2017, Robert Willett (CEO& President) sold 50,000 shares at $80.69 per share price. According to the SEC, on Mar 1, 2017, Patrick Alias (director) sold 5,000 shares at $77.85 per share price. On Feb 23, 2017, Jeffrey Benjamin Miller (director) sold 7,500 shares at $76.98 per share price, according to the Form-4 filing with the securities and exchange commission.

On the company’s financial health, Cognex Corporation reported $0.43 EPS for the quarter, beating the analyst consensus estimate by $ 0.13 according to the earnings call on Feb 16, 2017. Analyst had a consensus of $0.30. The company had revenue of $129.32 million for the quarter, compared to analysts expectations of $116.78 million. The company’s revenue was up 32.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.22 EPS.

Cognex Corporation opened for trading at $78.88 and hit $80.285 on the upside on Wednesday, eventually ending the session at $80.12, with a gain of 0.60% or 0.48 points. The heightened volatility saw the trading volume jump to 10,11,109 shares. Company has a market cap of $6,895 M.

Cognex Corporation is a provider of machine vision products that captures and analyzes visual information in order to automate tasks primarily in manufacturing processes. The Company operates in the modular vision systems division (MVSD). The Company’s products include barcode readers machine vision sensors and machine vision systems that are used in factories warehouses and distribution centers around the world. MVSD develops manufactures and markets modular vision systems and identification (ID) products that are used to automate the manufacture and tracking of discrete items such as cellular phones aspirin bottles and automobile wheels during the manufacturing or distribution process. The Company’s registered marks include Cognex VisionPro In-Sight Checker and DataMan among others.

Cognex Corporation

Leave a Reply

Your email address will not be published. Required fields are marked *