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

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

Cognex Stock Down 8.7%

Cognex stock traded down $5.05 during trading hours on Wednesday, reaching $53.06. 4,106,817 shares of the company’s stock were exchanged, compared to its average volume of 2,114,226. The firm’s 50 day simple moving average is $59.78 and its 200 day simple moving average is $57.90. Cognex has a twelve month low of $34.60 and a twelve month high of $72.88. The firm has a market capitalization of $8.93 billion, a PE ratio of 51.52 and a beta of 1.49.

Analysts Set New Price Targets

CGNX has been the subject of a number of recent research reports. Barclays increased their price objective on Cognex from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Monday, October 12th. Needham & Company LLC reissued a “buy” rating and issued a $80.00 price target on shares of Cognex in a research note on Tuesday, September 15th. Weiss Ratings upgraded Cognex from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Cantor Fitzgerald raised their price objective on Cognex from $76.00 to $84.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $74.00 price objective (up from $72.00) on shares of Cognex in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average 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.