Cognex Corp. (NASDAQ:CGNX) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “Cognex Corp. designs, develops, manufactures, and markets machine vision systems that are used to automate a wide range of manufacturing processes where vision is required. Cognex machine vision systems consist of two primary elements: a computer, which serves as a machine vision engine, and software that processes and analyzes images. When connected to a video camera, the machine vision system captures images and extracts information, which determines appropriate action for other equipment in the manufacturing process. “

A number of other research analysts also recently commented on the company. Needham & Company LLC upped their price objective on Cognex Corp. from $42.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, August 2nd. Canaccord Genuity set a $49.00 price objective on Cognex Corp. and gave the stock a “hold” rating in a research note on Tuesday, September 20th. Finally, Credit Agricole SA upped their price objective on Cognex Corp. from $37.00 to $55.00 and gave the stock an “underperform” rating in a research note on Tuesday, August 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $46.90.

Analyst Recommendations for Cognex Corp. (NASDAQ:CGNX)

Cognex Corp. (NASDAQ:CGNX) traded up 1.68% on Wednesday, hitting $53.12. The stock had a trading volume of 302,015 shares. Cognex Corp. has a one year low of $28.01 and a one year high of $53.46. The stock has a 50-day moving average of $50.92 and a 200-day moving average of $44.84. The company has a market cap of $4.52 billion, a PE ratio of 25.60 and a beta of 1.47.

Cognex Corp. (NASDAQ:CGNX) last issued its quarterly earnings results on Monday, August 1st. The company reported $0.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.07. Cognex Corp. had a return on equity of 11.44% and a net margin of 40.22%. The business earned $147.27 million during the quarter, compared to the consensus estimate of $138.11 million. During the same period in the previous year, the business earned $0.49 EPS. The business’s quarterly revenue was up 2.4% on a year-over-year basis. Equities analysts expect that Cognex Corp. will post $1.39 earnings per share for the current fiscal year.

In other news, Director Patrick Alias sold 7,500 shares of the company’s stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $48.47, for a total value of $363,525.00. Following the completion of the sale, the director now owns 7,500 shares in the company, valued at $363,525. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Richard Morin sold 1,100 shares of the company’s stock in a transaction on Friday, August 19th. The shares were sold at an average price of $50.35, for a total value of $55,385.00. Following the completion of the sale, the chief financial officer now owns 3,098 shares of the company’s stock, valued at approximately $155,984.30. The disclosure for this sale can be found here. 6.40% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in CGNX. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Cognex Corp. by 4.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,740 shares of the company’s stock valued at $118,000 after buying an additional 121 shares during the period. Stephens Inc. AR raised its stake in shares of Cognex Corp. by 3.3% in the second quarter. Stephens Inc. AR now owns 2,839 shares of the company’s stock valued at $122,000 after buying an additional 92 shares during the period. Creative Planning raised its stake in shares of Cognex Corp. by 1.9% in the second quarter. Creative Planning now owns 3,669 shares of the company’s stock valued at $158,000 after buying an additional 70 shares during the period. Atria Investments LLC purchased a new stake in shares of Cognex Corp. during the third quarter valued at $212,000. Finally, Advisor Group Inc. purchased a new stake in shares of Cognex Corp. during the second quarter valued at $186,000. Institutional investors and hedge funds own 91.43% of the company’s stock.

Cognex Corp. Company Profile

Cognex Corporation (Cognex) is a provider of machine vision products that capture and analyze visual information in order to automate tasks, primarily in manufacturing processes, where vision is required. The Company’s machine vision products are used to automate the manufacture and tracking of discrete items, such as mobile phones, aspirin bottles and automobile tires, by locating, identifying, inspecting and measuring them during the manufacturing or distribution process.

5 Day Chart for NASDAQ:CGNX

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