Cognex (CGNX) Receives a Hold from Needham

In a report released today, James Ricchiuti from Needham assigned a Hold rating to Cognex (CGNX). The company’s shares closed last Wednesday at $65.89, close to its 52-week high of $66.62.

According to, Ricchiuti is a 5-star analyst with an average return of 15.0% and a 62.1% success rate. Ricchiuti covers the Technology sector, focusing on stocks such as Benchmark Electronics, Teledyne Technologies, and Universal Display.

The word on The Street in general, suggests a Hold analyst consensus rating for Cognex with a $50.75 average price target, representing a -21.7% downside. In a report issued on July 28, Northcoast Research also maintained a Hold rating on the stock with a $39.00 price target.

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Based on Cognex’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $167 million and net profit of $20.48 million. In comparison, last year the company earned revenue of $173 million and had a net profit of $33.1 million.

Based on the recent corporate insider activity of 19 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CGNX in relation to earlier this year. Last month, Patrick Alias, a Director at CGNX sold 15,000 shares for a total of $868,350.

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Cognex Corp. engages in the provision of machine vision products that capture and analyze visual information in order to automate tasks, primarily in manufacturing processes, where vision is required. The company was founded by Robert J. Shillman, William Silver, and Marilyn Matz in 1981 and is headquartered in Natick, MA.

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