Cognex Co. (NASDAQ:CGNX) Sees Large Drop in Short Interest

Cognex Co. (NASDAQ:CGNX) saw a large decrease in short interest during the month of March. As of March 15th, there was short interest totalling 8,782,823 shares, a decrease of 27.1% from the February 28th total of 12,052,728 shares. Based on an average trading volume of 1,123,314 shares, the days-to-cover ratio is currently 7.8 days. Currently, 5.4% of the company’s shares are sold short.

Cognex stock traded up $0.48 during midday trading on Friday, reaching $56.50. The company’s stock had a trading volume of 933,209 shares, compared to its average volume of 963,072. Cognex has a 52-week low of $34.88 and a 52-week high of $59.18. The stock has a market cap of $9.68 billion, a PE ratio of 45.56, a price-to-earnings-growth ratio of 2.99 and a beta of 1.99.

Cognex (NASDAQ:CGNX) last announced its quarterly earnings data on Thursday, February 14th. The scientific and technical instruments company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. Cognex had a return on equity of 19.75% and a net margin of 27.19%. The firm had revenue of $193.29 million during the quarter, compared to analysts’ expectations of $184.82 million. During the same period last year, the business posted ($0.16) earnings per share. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. Equities research analysts predict that Cognex will post 1.26 EPS for the current fiscal year.

In other Cognex news, Director Theodor Krantz sold 30,000 shares of the company’s stock in a transaction on Tuesday, February 26th. The stock was sold at an average price of $53.18, for a total value of $1,595,400.00. Following the transaction, the director now owns 52,500 shares of the company’s stock, valued at approximately $2,791,950. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 5.60% of the company’s stock.

Several large investors have recently made changes to their positions in CGNX. Oregon Public Employees Retirement Fund raised its stake in shares of Cognex by 3,621.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,422,295 shares of the scientific and technical instruments company’s stock worth $89,000 after purchasing an additional 3,330,340 shares during the last quarter. Norges Bank purchased a new position in Cognex during the fourth quarter valued at approximately $68,154,000. Federated Investors Inc. PA raised its position in Cognex by 2,019.9% during the third quarter. Federated Investors Inc. PA now owns 1,484,085 shares of the scientific and technical instruments company’s stock valued at $82,842,000 after acquiring an additional 1,414,078 shares in the last quarter. Fundsmith LLP purchased a new position in Cognex during the fourth quarter valued at approximately $39,953,000. Finally, Sumitomo Mitsui Asset Management Company LTD raised its position in Cognex by 5,315.2% during the fourth quarter. Sumitomo Mitsui Asset Management Company LTD now owns 880,401 shares of the scientific and technical instruments company’s stock valued at $34,045,000 after acquiring an additional 864,143 shares in the last quarter. Hedge funds and other institutional investors own 95.50% of the company’s stock.

A number of equities analysts have recently issued reports on the company. Zacks Investment Research raised Cognex from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a research report on Wednesday. ValuEngine raised Cognex from a “sell” rating to a “hold” rating in a research report on Monday, February 25th. BidaskClub raised Cognex from a “hold” rating to a “buy” rating in a research report on Thursday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price objective (up previously from $47.00) on shares of Cognex in a research report on Tuesday, February 12th. Finally, Gordon Haskett initiated coverage on Cognex in a research report on Wednesday. They set a “hold” rating and a $54.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $50.10.

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Cognex Company Profile

Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes worldwide. It provides machine vision products, which are used to automate the manufacture and tracking of discrete items, including mobile phones, aspirin bottles, and automobile tires by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process.

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