Joerg Kuechen, Chief Technology Officer of Cognex Corp (NASDAQ:CGNX), a company currently valued at $6.4 billion, recently sold a portion of his holdings in the company. According to a Form 4 filing with the SEC, Kuechen sold 2,934 shares of common stock on December 12, 2024, at an average price of $37.75 per share, totaling approximately $110,772. The sale price was near the stock's 52-week low of $34.79, with InvestingPro data showing analysts have set price targets ranging from $38 to $60.
In addition to the sale, Kuechen continues to hold various stock options and restricted stock units, which remain unchanged. These holdings include non-qualified stock options with varying exercise prices and expiration dates, as well as restricted stock units. According to InvestingPro analysis, which offers comprehensive insider trading patterns and 10+ additional insights, Cognex maintains strong financial health with a current ratio of 3.94 and operates with moderate debt levels.
In other recent news, Cognex Corporation reported a 19% year-on-year increase in revenue, reaching $235 million in the third quarter of 2024. This growth was driven by strong performances in logistics and semiconductors, and a 7% organic growth excluding the Moritex acquisition. The company's adjusted EBITDA margin stands at 17.6%, with diluted EPS increasing from $0.11 to $0.17 year-on-year. Cognex also reported a record free cash flow of $52 million, with a robust cash position of $607 million and no outstanding debt.
Despite facing challenges in the automotive sector, Cognex has shown signs of encouragement in other areas. The company's Emerging Customer Initiative has gained momentum, marking the first quarter-over-quarter growth in China in recent times. Furthermore, there are expectations of double-digit growth in the Logistics sector and expansion in the Semiconductor and Medical (TASE:PMCN) segments.
Needham, a financial analysis firm, maintained a Buy rating on Cognex shares while reducing the price target to $47.00 from the previous $50.00. The firm believes that despite the weaker performance in the automotive sector, Cognex now presents more potential upside catalysts compared to three months ago. Finally, Cognex anticipates Q4 revenue to be between $210 million and $230 million.
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