Cognex (NASDAQ:CGNX) Issues Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Cognex (NASDAQ:CGNX) announced its quarterly earnings data on Wednesday. The scientific and technical instruments company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01, FiscalAI reports. The firm had revenue of $313.39 million for the quarter, compared to analysts’ expectations of $313.62 million. Cognex had a return on equity of 13.50% and a net margin of 16.05%.

Cognex Stock Down 8.7%

CGNX stock traded down $5.03 during mid-day trading on Wednesday, reaching $53.08. The company had a trading volume of 4,099,664 shares, compared to its average volume of 2,114,134. The stock has a market capitalization of $8.93 billion, a P/E ratio of 51.53 and a beta of 1.49. Cognex has a one year low of $34.60 and a one year high of $72.88. The stock’s 50-day simple moving average is $59.78 and its two-hundred day simple moving average is $57.90.

Analyst Ratings Changes

A number of brokerages have weighed in on CGNX. Weiss Ratings raised shares of Cognex from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Truist Financial set a $74.00 price objective on shares of Cognex and gave the company a “hold” rating in a research report on Monday, October 5th. The Goldman Sachs Group reissued a “buy” rating and issued a $91.00 target price on shares of Cognex in a report on Friday, August 7th. Zacks Research downgraded Cognex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 6th. Finally, Citigroup reaffirmed a “neutral” rating and set a $74.00 target price (up from $72.00) on shares of Cognex in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.57.

Cognex Company Profile

Cognex Corporation develops machine vision and industrial identification technologies that help manufacturers and businesses automate inspection, measurement, guidance, and tracking processes. Its systems use cameras, sensors, software, and artificial intelligence to analyze images and identify products, defects, components, and other objects.

The company’s product portfolio includes vision systems, industrial cameras, vision sensors, barcode readers, optical character recognition tools, three-dimensional vision systems, and machine vision software.