Goldman Sachs Group Downgrades Cognex (NASDAQ:CGNX) to Sell

Cognex (NASDAQ:CGNX) was downgraded by stock analysts at Goldman Sachs Group from a “neutral” rating to a “sell” rating in a note issued to investors on Tuesday, MarketBeat reports. They currently have a $36.00 price target on the scientific and technical instruments company’s stock, down from their previous price target of $45.00. Goldman Sachs Group’s price objective suggests a potential downside of 16.20% from the company’s current price.

Other analysts also recently issued research reports about the stock. Needham & Company LLC lifted their price target on shares of Ceridian HCM to $60.00 and gave the company a “buy” rating in a research report on Tuesday, April 30th. Gordon Haskett began coverage on shares of Cognex in a research report on Wednesday, April 17th. They issued a “hold” rating and a $54.00 price target for the company. ValuEngine downgraded shares of Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Morgan Stanley lifted their price target on shares of Williams-Sonoma from $52.00 to $56.00 and gave the company an “underweight” rating in a research report on Wednesday, July 10th. Finally, Sanford C. Bernstein downgraded shares of Encana from an “outperform” rating to a “market perform” rating in a research report on Tuesday, April 30th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company’s stock. Cognex presently has an average rating of “Hold” and a consensus target price of $50.36.

NASDAQ:CGNX opened at $42.96 on Tuesday. The company has a fifty day moving average of $44.26. The company has a market cap of $7.38 billion, a price-to-earnings ratio of 34.65, a P/E/G ratio of 2.88 and a beta of 2.05. The company has a quick ratio of 7.46, a current ratio of 8.31 and a debt-to-equity ratio of 0.01. Cognex has a twelve month low of $34.88 and a twelve month high of $59.18.

Cognex (NASDAQ:CGNX) last released its quarterly earnings data on Monday, April 29th. The scientific and technical instruments company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.03. The company had revenue of $173.50 million during the quarter, compared to analyst estimates of $172.16 million. Cognex had a net margin of 26.55% and a return on equity of 18.90%. Cognex’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.21 EPS. Equities research analysts anticipate that Cognex will post 1 EPS for the current fiscal year.

In other Cognex news, insider John J. Curran sold 50,000 shares of Cognex stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $49.01, for a total transaction of $2,450,500.00. Following the transaction, the insider now directly owns 12,500 shares of the company’s stock, valued at approximately $612,625. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.60% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. NEXT Financial Group Inc raised its stake in shares of Cognex by 1,081.8% during the 2nd quarter. NEXT Financial Group Inc now owns 520 shares of the scientific and technical instruments company’s stock worth $25,000 after purchasing an additional 476 shares during the period. Bremer Bank National Association bought a new stake in shares of Cognex during the 1st quarter worth $27,000. Osborn Williams & Donohoe LLC bought a new stake in shares of Cognex during the 1st quarter worth $33,000. Liberty Wealth Management LLC bought a new stake in shares of Cognex during the 4th quarter worth $25,000. Finally, Executive Wealth Management LLC bought a new stake in shares of Cognex during the 4th quarter worth $27,000. Institutional investors own 94.49% of the company’s stock.

About Cognex

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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Analyst Recommendations for Cognex (NASDAQ:CGNX)

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