Cognex Corporation (CGNX) is Downgraded by Canaccord Genuity to Hold, Price Target at $45

Cognex Corporation (CGNX) was Downgraded by Canaccord Genuity to ” Hold” and the brokerage firm has set the Price Target at $45. Earlier the firm had a rating of “Buy ” on the company shares. Canaccord Genuity advised their investors in a research report released on Jun 14, 2016.

Many Wall Street Analysts have commented on Cognex Corporation. Cognex Corporation was Initiated by Bernstein to “Mkt Perform” on Jun 6, 2016. FBR Capital Initiated Cognex Corporation on May 11, 2016 to “Mkt Perform”, Price Target of the shares are set at $42.Company shares were Reiterated by Canaccord Genuity on Apr 1, 2016 to “Buy”, Firm has raised the Price Target to $ 45 from a previous price target of $42 .

On the company’s financial health, Cognex Corporation reported $0.17 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on May 2, 2016. Analyst had a consensus of $0.12. The company had revenue of $96.20 million for the quarter, compared to analysts expectations of $93.14 million. The company’s revenue was down -5.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.23 EPS.

Cognex Corporation closed down -0.81 points or -1.81% at $43.88 with 1,79,042 shares getting traded on Friday. Post opening the session at $44.4, the shares hit an intraday low of $43.74 and an intraday high of $44.4464 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on Jun 10, 2016, Patrick Alias (director) sold 7,500 shares at $44.59 per share price. According to the SEC, on May 31, 2016, Reuben Wasserman (director) sold 7,500 shares at $43.05 per share price. On May 18, 2016, Eugene G Banucci (director) purchased 2,000 shares at $38.80 per share price, according to the Form-4 filing with the securities and exchange commission.

Cognex Corporation is a provider of machine vision products that captures and analyzes visual information in order to automate tasks primarily in manufacturing processes. The Company operates in the modular vision systems division (MVSD). The Company’s products include barcode readers machine vision sensors and machine vision systems that are used in factories warehouses and distribution centers around the world. MVSD develops manufactures and markets modular vision systems and identification (ID) products that are used to automate the manufacture and tracking of discrete items such as cellular phones aspirin bottles and automobile wheels during the manufacturing or distribution process. The Company’s registered marks include Cognex VisionPro In-Sight Checker and DataMan among others.

Cognex Corporation

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