Cognex Corp | CGNX) Stock | Shares Gain on Better than Expected Q2 Earnings


Cognex Corporation (NASDAQ :CGNX)


Cognex Corporation (CGNX), a machine vision technology company yesterday reported their  second quarter 2017 financial results.

CGNX reported second quarter earnings of  $0.63 per share which beat analyst expectations of $0.55 per share. They also reported second quarter revenues of $172.9 million which beat analyst expectations of $169.9 million.   


Cognex Corporation  Founder and CEO’s  Comments

“What a great quarter!” exclaimed Dr. Robert J. Shillman, Founder and Chairman of Cognex. “The highest quarterly revenue in Cognex’s 36-year history came from growth across the broad factory automation market. Equally important is that we also set a new, and ridiculously high, level of profit.”

“Activity at Cognex is at a higher level now than ever before,” said Robert J. Willett, Chief Executive Officer of Cognex. “We are seeing strong demand across a broad range of geographies and markets. It is very gratifying to see that our investments in engineering and sales continue to pay off.”  Business Wire


CGNX Technical Analysis


CGNX opened trading yesterday at $95.57 which was up from the previous day’s trading close of $94.80. CGNX closed trading yesterday at $95.06 and spiked up after market to $102.95, equivalent to a 8% increase from the closing price. Taking a look at the daily chart we can see that we are in unchartered territory as with the spike up CGNX is now trading at all time highs .

Taking a closer look at the daily chart we can see that before the spike up CGNX had already been in an overall upward trend dating back to February 15th when it traded at $69.96. CGNX has a float of 82.64 million shares and traded 1.20 times the normal daily trading volume on Monday.

For day trading purposes, I would like to see CGNX open trading on Tuesday above $100.00 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.50 from my entry position fearing anything more than that and the stock would start to fill in the gap up.


Company Profile

Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes worldwide.

The company offers machine vision products, which are used to automate the manufacturing and tracking of discrete items, such as mobile phones, aspirin bottles, and automobile tires by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process.

Its products include VisionPro, a software suite that provides various vision tools for programming; displacement sensors with vision software for use in 3D application; In-Sight vision systems that perform various vision tasks, including part location, identification, measurement, assembly verification, and robotic guidance; In-Sight vision sensors; ID products, which are used for reading codes that are applied on discrete items during the manufacturing process, as well as have applications in logistics automation for package sorting and distribution; DataMan barcode readers; barcode verifiers; vision-enabled mobile terminals for industrial barcode reading applications; and barcode scanning software development kits.

The company sells its products through direct sales force, as well as through a network of distributors and integrators. Cognex Corporation was founded in 1981 and is headquartered in Natick, Massachusetts.  Yahoo Finance