Cognex (NASDAQ:CGNX) Posts Earnings Results, Beats Estimates By $0.03 EPS

Cognex (NASDAQ:CGNX) posted its quarterly earnings data on Wednesday. The scientific and technical instruments company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.03, Zacks reports. Cognex had a net margin of 11.76% and a return on equity of 6.81%. The business had revenue of $239.00 million for the quarter, compared to analyst estimates of $240.33 million. During the same quarter last year, the business earned $0.32 earnings per share. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. Cognex updated its Q3 2024 guidance to EPS.

Cognex Stock Down 21.8 %

Shares of NASDAQ:CGNX traded down $10.80 during midday trading on Thursday, reaching $38.82. 4,731,809 shares of the company were exchanged, compared to its average volume of 1,334,236. Cognex has a fifty-two week low of $34.28 and a fifty-two week high of $53.13. The stock has a fifty day simple moving average of $47.48 and a two-hundred day simple moving average of $42.97. The firm has a market cap of $6.66 billion, a PE ratio of 74.12 and a beta of 1.42.

Analysts Set New Price Targets

Several research firms have issued reports on CGNX. StockNews.com lowered shares of Cognex from a “hold” rating to a “sell” rating in a research report on Thursday. Robert W. Baird lifted their target price on shares of Cognex from $40.00 to $44.00 and gave the company a “neutral” rating in a research note on Friday, May 3rd. The Goldman Sachs Group raised their price target on shares of Cognex from $36.00 to $41.00 and gave the company a “sell” rating in a report on Monday, May 6th. HSBC upgraded shares of Cognex from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a report on Tuesday, May 7th. Finally, Stephens boosted their target price on shares of Cognex from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Friday, May 3rd. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $50.79.

Cognex Company Profile

Cognex Corporation provides machine vision products that capture and analyze visual information to automate manufacturing and distribution tasks worldwide. Its machine vision products are used to automate the manufacturing and tracking of discrete items, including mobile phones, electric vehicle batteries, and e-commerce packages by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process.