JP Morgan lifts Cognex Corporation [CGNX] price estimate. Who else is bullish?

Cognex Corporation [NASDAQ: CGNX] price surged by 6.45 percent to reach at $2.69. The company report on September 19, 2022 that Cognex Increases Revenue Guidance for the Third Quarter Prior to Analyst Day.


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Cognex Corporation (NASDAQ: CGNX) today announced that it has increased its revenue guidance for the third quarter of 2022 ahead of the company’s triennial Analyst Day. The company now expects revenue to be between $195 million and $205 million as compared to the company’s previous guidance of $160 million to $180 million, which was given on August 2, 2022. This increase is primarily due to the company’s ability to fulfill customer demand sooner than anticipated due to strong progress in replenishing component inventory destroyed in the previously disclosed fire at the company’s primary contract manufacturer.

“We are pleased that our hard work to procure new components has enabled us to fulfill customer demand faster than we expected,” said Robert J. Willett, Chief Executive Officer of Cognex. “We have taken the unusual step of updating our guidance on this one occasion as we recover from the fire and because we intend to cite the updated revenue guidance during Analyst Day.”.

A sum of 3784922 shares traded at recent session while its average daily volume was at 1.05M shares. Cognex Corporation shares reached a high of $45.67 and dropped to a low of $42.85 until finishing in the latest session at $44.41.

The one-year CGNX stock forecast points to a potential upside of 13.45. The average equity rating for CGNX stock is currently 2.60, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on Cognex Corporation [CGNX]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CGNX shares is $51.31 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CGNX stock is a recommendation set at 2.60. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

JP Morgan have made an estimate for Cognex Corporation shares, keeping their opinion on the stock as Underweight, with their previous recommendation back on August 12, 2022. The new note on the price target was released on August 03, 2022, representing the official price target for Cognex Corporation stock. Previously, the target price had yet another drop from $80 to $45, while Stephens kept a Equal-Weight rating on CGNX stock. On February 18, 2022, analysts decreased their price target for CGNX shares from 80 to 68.

The Average True Range (ATR) for Cognex Corporation is set at 1.62, with the Price to Sales ratio for CGNX stock in the period of the last 12 months amounting to 7.03. The Price to Book ratio for the last quarter was 5.54, with the Price to Cash per share for the same quarter was set at 2.09. Price to Free Cash Flow for CGNX in the course of the last twelve months was 51.51 with Quick ratio for the last quarter at 3.30.

CGNX Stock Performance Analysis:

Cognex Corporation [CGNX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 3.54. With this latest performance, CGNX shares dropped by -3.54% in over the last four-week period, additionally sinking by -37.54% over the last 6 months – not to mention a drop of -47.80% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CGNX stock in for the last two-week period is set at 50.92, with the RSI for the last a single of trading hit 55.14, and the three-weeks RSI is set at 48.84 for Cognex Corporation [CGNX]. The present Moving Average for the last 50 days of trading for this stock 45.84, while it was recorded at 42.55 for the last single week of trading, and 59.09 for the last 200 days.

Insight into Cognex Corporation Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Cognex Corporation [CGNX] shares currently have an operating margin of +30.38 and a Gross Margin at +73.26. Cognex Corporation’s Net Margin is presently recorded at +26.99.

Return on Equity for this stock inclined to 20.79, with Return on Assets sitting at 14.71.

Cognex Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 3.30 and a Current Ratio set at 3.80.

CGNX Stock EPS

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CGNX. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Cognex Corporation go to 15.00%.

Cognex Corporation [CGNX] Insider Position Details

There are presently around $7,012 million, or 94.90% of CGNX stock, in the hands of institutional investors. The top three institutional holders of CGNX stocks are: BLACKROCK INC. with ownership of 17,663,180, which is approximately -9.156% of the company’s market cap and around 4.12% of the total institutional ownership; VANGUARD GROUP INC, holding 15,714,989 shares of the stock with an approximate value of $697.9 million in CGNX stocks shares; and BANK OF NEW YORK MELLON CORP, currently with $469.11 million in CGNX stock with ownership of nearly 0.219% of the company’s market capitalization.

Positions in Cognex Corporation stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 243 institutional holders increased their position in Cognex Corporation [NASDAQ:CGNX] by around 14,377,109 shares. Additionally, 244 investors decreased positions by around 14,681,942 shares, while 86 investors held positions by with 128,844,172 shares. The mentioned changes placed institutional holdings at 157,903,223 shares, according to the latest SEC report filing. CGNX stock had 59 new institutional investments in for a total of 2,724,255 shares, while 78 institutional investors sold positions of 3,714,271 shares during the same period.

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