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Carl Gerst, Executive Vice President of Vision & ID Products at Cognex Corp (NASDAQ:CGNX), recently sold a significant portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Gerst disposed of 11,369 shares of Cognex common stock over two days.
On February 24, Gerst sold 6,803 shares at an average price of $32.73 per share. The following day, he sold an additional 4,566 shares at an average price of $33.05 per share. The total value of these transactions amounted to approximately $373,526. According to InvestingPro data, the company maintains strong financial health with a current ratio of 3.62x and operates with moderate debt levels.
Following these sales, Gerst no longer holds any shares of Cognex common stock directly. These transactions were executed as part of a trading plan adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as noted in the filing.
Cognex Corp, based in Natick, Massachusetts, specializes in industrial instruments for measurement, display, and control. The company is known for its machine vision products used in manufacturing automation.
In other recent news, Cognex Corporation reported a fourth-quarter EBIT of $37 million, exceeding expectations from both Goldman Sachs and FactSet. The company achieved an organic revenue growth of 12%, driven by a late-quarter demand surge, and reported robust free cash flow of $49 million. Cognex’s guidance for the first quarter anticipates revenues between $200 million and $220 million, with gross margins in the high 60% range. In analyst updates, Goldman Sachs reduced its price target for Cognex to $35, maintaining a Sell rating, while UBS cut its target to $56 but upheld a Buy rating, citing positive momentum in logistics and consumer electronics sectors. DA Davidson also adjusted its price target to $35, maintaining a Neutral rating due to challenges in the automotive sector. TD Cowen revised its price target to $30, holding a Neutral stance, but expressed optimism about growth in logistics. Additionally, Cognex announced the promotion of Matthew Moschner to President and COO, reflecting strategic leadership changes to support future growth. These developments highlight Cognex’s ongoing adjustments in response to market conditions and strategic goals.
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