Cognex Corporation (CGNX) Releases Earnings Results, Beats Expectations By $0.06 EPS

Cognex Corporation (CGNX) reported quarterly earnings results on Monday, Aug-1-2016. The company said it had a profit of $0.50 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.06. Analysts had a consensus of $0.44. The company posted revenue of $147.30 million in the period, compared to analysts expectations of $138.11 million. The company’s revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 EPS.

Many Wall Street Analysts have commented on Cognex Corporation. Canaccord Genuity Downgraded Cognex Corporation on Jun 14, 2016 to ” Hold”, Price Target of the shares are set at $45.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.

Cognex Corporation opened for trading at $44.48 and hit $45.36 on the upside on Friday, eventually ending the session at $45.17, with a gain of 1.10% or 0.49 points. The heightened volatility saw the trading volume jump to 3,73,717 shares. Company has a market cap of $3,842 M.

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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