Intrinsic value of Cognex - CGNX

Previous Close

$52.43

  Intrinsic Value

$54.08

stock screener

  Rating & Target

hold

+3%

Previous close

$52.43

 
Intrinsic value

$54.08

 
Up/down potential

+3%

 
Rating

hold

We calculate the intrinsic value of CGNX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 9.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  43.60
  39.74
  36.27
  33.14
  30.33
  27.79
  25.51
  23.46
  21.62
  19.95
  18.46
  17.11
  15.90
  14.81
  13.83
  12.95
  12.15
  11.44
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
Revenue, $m
  1,074
  1,501
  2,045
  2,723
  3,549
  4,535
  5,692
  7,028
  8,547
  10,253
  12,145
  14,224
  16,486
  18,927
  21,545
  24,335
  27,292
  30,413
  33,696
  37,138
  40,738
  44,495
  48,411
  52,488
  56,728
  61,137
  65,718
  70,479
  75,427
  80,570
Variable operating expenses, $m
  737
  1,024
  1,391
  1,848
  2,405
  3,070
  3,850
  4,751
  5,775
  6,925
  8,188
  9,589
  11,114
  12,760
  14,525
  16,405
  18,399
  20,503
  22,716
  25,037
  27,463
  29,997
  32,637
  35,385
  38,244
  41,216
  44,304
  47,514
  50,850
  54,317
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  737
  1,024
  1,391
  1,848
  2,405
  3,070
  3,850
  4,751
  5,775
  6,925
  8,188
  9,589
  11,114
  12,760
  14,525
  16,405
  18,399
  20,503
  22,716
  25,037
  27,463
  29,997
  32,637
  35,385
  38,244
  41,216
  44,304
  47,514
  50,850
  54,317
Operating income, $m
  337
  476
  654
  875
  1,144
  1,465
  1,842
  2,277
  2,772
  3,328
  3,957
  4,635
  5,372
  6,167
  7,020
  7,929
  8,893
  9,910
  10,980
  12,101
  13,274
  14,498
  15,775
  17,103
  18,485
  19,921
  21,414
  22,965
  24,578
  26,253
EBITDA, $m
  376
  525
  716
  953
  1,242
  1,588
  1,993
  2,460
  2,992
  3,589
  4,251
  4,979
  5,771
  6,625
  7,542
  8,518
  9,553
  10,646
  11,795
  13,000
  14,260
  15,575
  16,946
  18,373
  19,857
  21,401
  23,004
  24,671
  26,403
  28,203
Interest expense (income), $m
  0
  0
  4
  10
  18
  27
  39
  53
  69
  87
  108
  132
  158
  187
  218
  252
  289
  327
  368
  412
  457
  505
  555
  607
  661
  718
  777
  838
  902
  968
  1,036
Earnings before tax, $m
  337
  472
  643
  857
  1,116
  1,426
  1,790
  2,209
  2,685
  3,220
  3,826
  4,477
  5,185
  5,949
  6,768
  7,641
  8,566
  9,542
  10,568
  11,644
  12,769
  13,944
  15,167
  16,441
  17,767
  19,144
  20,576
  22,064
  23,610
  25,217
Tax expense, $m
  91
  127
  174
  231
  301
  385
  483
  596
  725
  869
  1,033
  1,209
  1,400
  1,606
  1,827
  2,063
  2,313
  2,576
  2,853
  3,144
  3,448
  3,765
  4,095
  4,439
  4,797
  5,169
  5,556
  5,957
  6,375
  6,809
Net income, $m
  246
  345
  470
  625
  815
  1,041
  1,306
  1,612
  1,960
  2,351
  2,793
  3,268
  3,785
  4,343
  4,941
  5,578
  6,253
  6,965
  7,715
  8,500
  9,321
  10,179
  11,072
  12,002
  12,970
  13,975
  15,020
  16,107
  17,235
  18,408

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,430
  1,999
  2,723
  3,626
  4,726
  6,039
  7,580
  9,358
  11,381
  13,652
  16,172
  18,940
  21,951
  25,203
  28,688
  32,403
  36,341
  40,497
  44,868
  49,451
  54,244
  59,248
  64,462
  69,891
  75,537
  81,407
  87,508
  93,847
  100,435
  107,283
Adjusted assets (=assets-cash), $m
  1,430
  1,999
  2,723
  3,626
  4,726
  6,039
  7,580
  9,358
  11,381
  13,652
  16,172
  18,940
  21,951
  25,203
  28,688
  32,403
  36,341
  40,497
  44,868
  49,451
  54,244
  59,248
  64,462
  69,891
  75,537
  81,407
  87,508
  93,847
  100,435
  107,283
Revenue / Adjusted assets
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
Average production assets, $m
  260
  363
  495
  659
  859
  1,098
  1,378
  1,701
  2,068
  2,481
  2,939
  3,442
  3,989
  4,580
  5,214
  5,889
  6,605
  7,360
  8,154
  8,987
  9,858
  10,768
  11,715
  12,702
  13,728
  14,795
  15,904
  17,056
  18,253
  19,498
Working capital, $m
  63
  89
  121
  161
  209
  268
  336
  415
  504
  605
  717
  839
  973
  1,117
  1,271
  1,436
  1,610
  1,794
  1,988
  2,191
  2,404
  2,625
  2,856
  3,097
  3,347
  3,607
  3,877
  4,158
  4,450
  4,754
Total debt, $m
  83
  193
  333
  507
  719
  973
  1,270
  1,613
  2,004
  2,442
  2,928
  3,462
  4,044
  4,671
  5,344
  6,061
  6,821
  7,623
  8,467
  9,351
  10,276
  11,242
  12,248
  13,296
  14,386
  15,519
  16,696
  17,920
  19,191
  20,513
Total liabilities, $m
  276
  386
  526
  700
  912
  1,166
  1,463
  1,806
  2,197
  2,635
  3,121
  3,655
  4,237
  4,864
  5,537
  6,254
  7,014
  7,816
  8,660
  9,544
  10,469
  11,435
  12,441
  13,489
  14,579
  15,712
  16,889
  18,113
  19,384
  20,706
Total equity, $m
  1,154
  1,613
  2,198
  2,926
  3,814
  4,873
  6,117
  7,552
  9,185
  11,017
  13,051
  15,284
  17,715
  20,339
  23,152
  26,149
  29,327
  32,681
  36,209
  39,907
  43,775
  47,813
  52,021
  56,402
  60,958
  65,696
  70,619
  75,735
  81,051
  86,578
Total liabilities and equity, $m
  1,430
  1,999
  2,724
  3,626
  4,726
  6,039
  7,580
  9,358
  11,382
  13,652
  16,172
  18,939
  21,952
  25,203
  28,689
  32,403
  36,341
  40,497
  44,869
  49,451
  54,244
  59,248
  64,462
  69,891
  75,537
  81,408
  87,508
  93,848
  100,435
  107,284
Debt-to-equity ratio
  0.070
  0.120
  0.150
  0.170
  0.190
  0.200
  0.210
  0.210
  0.220
  0.220
  0.220
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
Adjusted equity ratio
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  246
  345
  470
  625
  815
  1,041
  1,306
  1,612
  1,960
  2,351
  2,793
  3,268
  3,785
  4,343
  4,941
  5,578
  6,253
  6,965
  7,715
  8,500
  9,321
  10,179
  11,072
  12,002
  12,970
  13,975
  15,020
  16,107
  17,235
  18,408
Depreciation, amort., depletion, $m
  39
  49
  62
  79
  98
  122
  150
  183
  219
  261
  294
  344
  399
  458
  521
  589
  660
  736
  815
  899
  986
  1,077
  1,172
  1,270
  1,373
  1,480
  1,590
  1,706
  1,825
  1,950
Funds from operations, $m
  285
  393
  532
  704
  913
  1,164
  1,457
  1,795
  2,180
  2,611
  3,087
  3,612
  4,184
  4,801
  5,462
  6,167
  6,913
  7,701
  8,530
  9,399
  10,307
  11,256
  12,244
  13,272
  14,342
  15,455
  16,611
  17,812
  19,061
  20,358
Change in working capital, $m
  19
  25
  32
  40
  49
  58
  68
  79
  90
  101
  112
  123
  133
  144
  154
  165
  174
  184
  194
  203
  212
  222
  231
  241
  250
  260
  270
  281
  292
  303
Cash from operations, $m
  266
  368
  500
  664
  865
  1,105
  1,389
  1,716
  2,090
  2,511
  2,975
  3,489
  4,050
  4,657
  5,308
  6,002
  6,739
  7,517
  8,336
  9,196
  10,095
  11,034
  12,013
  13,032
  14,092
  15,195
  16,341
  17,531
  18,769
  20,055
Maintenance CAPEX, $m
  -18
  -26
  -36
  -49
  -66
  -86
  -110
  -138
  -170
  -207
  -248
  -294
  -344
  -399
  -458
  -521
  -589
  -660
  -736
  -815
  -899
  -986
  -1,077
  -1,172
  -1,270
  -1,373
  -1,480
  -1,590
  -1,706
  -1,825
New CAPEX, $m
  -79
  -103
  -132
  -164
  -200
  -239
  -280
  -323
  -368
  -413
  -458
  -503
  -547
  -591
  -633
  -675
  -716
  -755
  -794
  -833
  -871
  -909
  -948
  -987
  -1,026
  -1,067
  -1,109
  -1,152
  -1,197
  -1,245
Cash from investing activities, $m
  -97
  -129
  -168
  -213
  -266
  -325
  -390
  -461
  -538
  -620
  -706
  -797
  -891
  -990
  -1,091
  -1,196
  -1,305
  -1,415
  -1,530
  -1,648
  -1,770
  -1,895
  -2,025
  -2,159
  -2,296
  -2,440
  -2,589
  -2,742
  -2,903
  -3,070
Free cash flow, $m
  169
  239
  332
  450
  599
  781
  999
  1,255
  1,552
  1,891
  2,269
  2,693
  3,159
  3,667
  4,216
  4,806
  5,434
  6,101
  6,806
  7,547
  8,325
  9,139
  9,988
  10,874
  11,796
  12,755
  13,752
  14,789
  15,866
  16,985
Issuance/(repayment) of debt, $m
  83
  110
  140
  174
  212
  253
  297
  343
  390
  438
  486
  534
  581
  628
  673
  717
  760
  802
  844
  885
  925
  966
  1,006
  1,048
  1,090
  1,133
  1,177
  1,224
  1,272
  1,322
Issuance/(repurchase) of shares, $m
  104
  114
  115
  103
  72
  19
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  187
  224
  255
  277
  284
  272
  297
  343
  390
  438
  486
  534
  581
  628
  673
  717
  760
  802
  844
  885
  925
  966
  1,006
  1,048
  1,090
  1,133
  1,177
  1,224
  1,272
  1,322
Total cash flow (excl. dividends), $m
  357
  463
  587
  728
  884
  1,053
  1,296
  1,599
  1,943
  2,329
  2,755
  3,227
  3,740
  4,294
  4,889
  5,522
  6,194
  6,904
  7,650
  8,432
  9,250
  10,104
  10,995
  11,922
  12,886
  13,888
  14,930
  16,012
  17,137
  18,306
Retained Cash Flow (-), $m
  -351
  -459
  -585
  -728
  -887
  -1,060
  -1,243
  -1,435
  -1,632
  -1,833
  -2,034
  -2,233
  -2,430
  -2,624
  -2,813
  -2,998
  -3,178
  -3,354
  -3,527
  -3,698
  -3,868
  -4,038
  -4,208
  -4,381
  -4,557
  -4,737
  -4,923
  -5,116
  -5,317
  -5,526
Prev. year cash balance distribution, $m
  291
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  32
  46
  65
  88
  117
  153
  195
  245
  302
  368
  441
  522
  612
  709
  814
  926
  1,046
  1,174
  1,308
  1,449
  1,597
  1,752
  1,913
  2,082
  2,257
  2,439
  2,629
  2,826
  3,031
  3,243
Cash available for distribution, $m
  297
  4
  2
  -1
  -4
  -7
  53
  163
  310
  497
  722
  993
  1,310
  1,671
  2,076
  2,525
  3,017
  3,549
  4,122
  4,733
  5,382
  6,067
  6,787
  7,541
  8,329
  9,151
  10,006
  10,896
  11,821
  12,780
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  285
  4
  2
  -1
  -3
  -5
  36
  102
  178
  260
  343
  424
  498
  561
  609
  642
  656
  654
  635
  601
  557
  503
  445
  384
  324
  267
  215
  169
  129
  96
Current shareholders' claim on cash, %
  98.5
  97.3
  96.5
  95.9
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6

Cognex Corporation (Cognex) is a provider 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 operates through the machine vision technology segment. The Company's machine vision products are used to automate the manufacture 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. The Company's products include vision software, vision systems, vision sensors and identification (ID) products. Its products range from vision sensors that are integrated, to personal computer (PC)-based systems for users. Its products also have a range of physical forms, depending upon the user's need. Cognex sells its products through a direct sales force, as well as through a global network of integration and distribution partners.

FINANCIAL RATIOS  of  Cognex (CGNX)

Valuation Ratios
P/E Ratio 60.1
Price to Sales 17.3
Price to Book 9.4
Price to Tangible Book
Price to Cash Flow 49.5
Price to Free Cash Flow 53.3
Growth Rates
Sales Growth Rate 15.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -55.2%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 15.6%
Ret/ On Assets - 3 Yr. Avg. 17.7%
Return On Total Capital 16.8%
Ret/ On T. Cap. - 3 Yr. Avg. 19.4%
Return On Equity 16.8%
Return On Equity - 3 Yr. Avg. 19.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 77.7%
Gross Margin - 3 Yr. Avg. 77.6%
EBITDA Margin 35.3%
EBITDA Margin - 3 Yr. Avg. 33.5%
Operating Margin 30.9%
Oper. Margin - 3 Yr. Avg. 29.3%
Pre-Tax Margin 32.4%
Pre-Tax Margin - 3 Yr. Avg. 30.5%
Net Profit Margin 28.8%
Net Profit Margin - 3 Yr. Avg. 32.9%
Effective Tax Rate 11.2%
Eff/ Tax Rate - 3 Yr. Avg. 14%
Payout Ratio 16.7%

CGNX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CGNX stock intrinsic value calculation we used $748 million for the last fiscal year's total revenue generated by Cognex. The default revenue input number comes from 2017 income statement of Cognex. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CGNX stock valuation model: a) initial revenue growth rate of 43.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CGNX is calculated based on our internal credit rating of Cognex, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Cognex.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CGNX stock the variable cost ratio is equal to 69.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CGNX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Cognex.

Corporate tax rate of 27% is the nominal tax rate for Cognex. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CGNX stock is equal to 4.3%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CGNX are equal to 24.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Cognex operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CGNX is equal to 5.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1095 million for Cognex - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 173 million for Cognex is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Cognex at the current share price and the inputted number of shares is $9.1 billion.

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COMPANY NEWS

▶ Cognex Delivers a Growth Shocker   [Aug-01-18 09:15AM  Motley Fool]
▶ Cognex Corporation Silences the Doubters   [07:19AM  Motley Fool]
▶ Why Cognex Corporation Shares Jumped Today   [Jul-31-18 01:38PM  Motley Fool]
▶ Cognex Declares Quarterly Cash Dividend   [04:06PM  Business Wire]
▶ 20 Automation Stocks for the Revolution in Robotics   [Jul-27-18 03:08PM  InvestorPlace]
▶ 3 Under-the-Radar Robotics Stocks   [Jun-12-18 09:35AM  Motley Fool]
▶ Cognex to Webcast Conference Presentations   [May-03-18 04:06PM  Business Wire]
▶ After-hours buzz: CGNX, AKAM & more   [Apr-30-18 05:37PM  CNBC]
▶ Cognex plunges weak revenue guidance   [04:29PM  CNBC Videos]
▶ Cognex Declares Quarterly Cash Dividend   [04:06PM  Business Wire]
▶ 4 Ways to Invest in the Computer Vision Market   [Apr-16-18 10:31AM  Motley Fool]
▶ Edited Transcript of CGNX presentation 8-Mar-17 2:15pm GMT   [Apr-10-18 03:19PM  Thomson Reuters StreetEvents]
▶ 3 Growth Stocks to Buy on a Dip   [07:48AM  Motley Fool]
▶ Tesla Revolution Is The Factory, Not The Car   [Feb-28-18 03:22PM  Forbes]
▶ Two Stocks Fall Friday   [Feb-16-18 02:58PM  GuruFocus.com]
▶ Cognex Authorizes New Stock Buyback Program   [08:07AM  Business Wire]
▶ Cognex Declares Quarterly Cash Dividend   [08:06AM  Business Wire]
▶ How to Find the Best Companies to Buy Stock In   [Jan-23-18 09:06PM  Motley Fool]
▶ 3 Robotics Stocks to Consider Buying in 2018   [Jan-22-18 09:47AM  Motley Fool]
▶ Industrial Favorites for 2018: From Auto Parts to Robots   [Jan-19-18 05:46AM  Investopedia]
▶ Cognex to Present at Needham Growth Conference   [Jan-03-18 04:06PM  Business Wire]
▶ Cognex Joins Rank Of Stocks With 95-Plus Composite Rating   [Dec-07-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Cognex Corp. : December 5, 2017   [Dec-05-17 12:32PM  Capital Cube]
▶ ETFs with exposure to Cognex Corp. : November 24, 2017   [Nov-24-17 10:28AM  Capital Cube]
▶ 5 Stocks Ripping Higher Ahead of Tax Reform   [Nov-14-17 04:32PM  Zacks]
▶ Cognex Delivers on Its Monster Quarter   [08:11AM  Motley Fool]
▶ ETFs with exposure to Cognex Corp. : November 13, 2017   [Nov-13-17 11:59AM  Capital Cube]
▶ ETFs with exposure to Cognex Corp. : November 1, 2017   [Nov-01-17 11:58AM  Capital Cube]
▶ Cognex Earnings Show Broad-Based Strength   [10:34AM  Motley Fool]
▶ Cognex beats Street 3Q forecasts   [04:15PM  Associated Press]
▶ Cognex to Webcast Conference Presentations   [Oct-23-17 04:41PM  Business Wire]
▶ Q3 Earnings Preview: Stocks Expecting 50%-Plus Growth   [Oct-19-17 11:11AM  Investor's Business Daily]
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