Intrinsic value of Cognex - CGNX

Previous Close

$69.06

  Intrinsic Value

$284.21

stock screener

  Rating & Target

str. buy

+312%

Previous close

$69.06

 
Intrinsic value

$284.21

 
Up/down potential

+312%

 
Rating

str. buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  15.52
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  521
  834
  1,288
  1,926
  2,795
  3,943
  5,420
  7,276
  9,554
  12,293
  15,527
  19,281
  23,573
  28,414
  33,807
  39,751
  46,240
  53,265
  60,813
  68,874
  77,435
  86,485
  96,014
  106,015
  116,483
  127,418
  138,820
  150,694
  163,048
  175,894
  189,245
Variable operating expenses, $m
 
  364
  557
  828
  1,197
  1,684
  2,312
  3,100
  4,068
  5,231
  6,605
  8,190
  10,013
  12,069
  14,360
  16,885
  19,641
  22,625
  25,831
  29,255
  32,892
  36,736
  40,783
  45,031
  49,478
  54,123
  58,966
  64,010
  69,257
  74,714
  80,385
Fixed operating expenses, $m
 
  135
  139
  142
  146
  149
  153
  157
  161
  165
  169
  173
  178
  182
  187
  191
  196
  201
  206
  211
  216
  222
  227
  233
  239
  245
  251
  257
  264
  270
  277
Total operating expenses, $m
  360
  499
  696
  970
  1,343
  1,833
  2,465
  3,257
  4,229
  5,396
  6,774
  8,363
  10,191
  12,251
  14,547
  17,076
  19,837
  22,826
  26,037
  29,466
  33,108
  36,958
  41,010
  45,264
  49,717
  54,368
  59,217
  64,267
  69,521
  74,984
  80,662
Operating income, $m
  161
  335
  593
  956
  1,452
  2,109
  2,955
  4,019
  5,325
  6,897
  8,753
  10,918
  13,383
  16,163
  19,260
  22,675
  26,403
  30,439
  34,776
  39,408
  44,327
  49,527
  55,003
  60,750
  66,766
  73,050
  79,603
  86,427
  93,527
  100,910
  108,583
EBITDA, $m
  176
  351
  613
  981
  1,484
  2,150
  3,008
  4,087
  5,411
  7,005
  8,888
  11,073
  13,572
  16,391
  19,532
  22,994
  26,774
  30,866
  35,264
  39,961
  44,948
  50,221
  55,774
  61,601
  67,701
  74,073
  80,717
  87,636
  94,836
  102,321
  110,102
Interest expense (income), $m
  0
  0
  2
  4
  7
  12
  17
  25
  34
  46
  60
  77
  96
  118
  142
  170
  200
  233
  269
  308
  349
  393
  439
  488
  539
  592
  648
  706
  767
  830
  896
Earnings before tax, $m
  169
  335
  591
  952
  1,445
  2,098
  2,938
  3,994
  5,291
  6,851
  8,693
  10,842
  13,287
  16,045
  19,118
  22,505
  26,203
  30,205
  34,507
  39,100
  43,978
  49,135
  54,564
  60,263
  66,228
  72,458
  78,955
  85,721
  92,760
  100,080
  107,688
Tax expense, $m
  19
  90
  160
  257
  390
  566
  793
  1,078
  1,429
  1,850
  2,347
  2,927
  3,587
  4,332
  5,162
  6,076
  7,075
  8,155
  9,317
  10,557
  11,874
  13,266
  14,732
  16,271
  17,881
  19,564
  21,318
  23,145
  25,045
  27,022
  29,076
Net income, $m
  150
  244
  431
  695
  1,055
  1,531
  2,145
  2,916
  3,862
  5,001
  6,346
  7,914
  9,699
  11,713
  13,956
  16,429
  19,128
  22,050
  25,190
  28,543
  32,104
  35,868
  39,832
  43,992
  48,346
  52,894
  57,637
  62,576
  67,715
  73,058
  78,612

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  421
  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
  1,039
  989
  1,528
  2,285
  3,315
  4,677
  6,430
  8,631
  11,333
  14,583
  18,419
  22,872
  27,964
  33,706
  40,103
  47,154
  54,852
  63,185
  72,139
  81,702
  91,857
  102,592
  113,895
  125,759
  138,177
  151,148
  164,674
  178,759
  193,414
  208,652
  224,490
Adjusted assets (=assets-cash), $m
  618
  989
  1,528
  2,285
  3,315
  4,677
  6,430
  8,631
  11,333
  14,583
  18,419
  22,872
  27,964
  33,706
  40,103
  47,154
  54,852
  63,185
  72,139
  81,702
  91,857
  102,592
  113,895
  125,759
  138,177
  151,148
  164,674
  178,759
  193,414
  208,652
  224,490
Revenue / Adjusted assets
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
Average production assets, $m
  34
  54
  84
  125
  182
  256
  352
  473
  621
  799
  1,009
  1,253
  1,532
  1,847
  2,197
  2,584
  3,006
  3,462
  3,953
  4,477
  5,033
  5,622
  6,241
  6,891
  7,571
  8,282
  9,023
  9,795
  10,598
  11,433
  12,301
Working capital, $m
  460
  63
  97
  144
  210
  296
  407
  546
  717
  922
  1,165
  1,446
  1,768
  2,131
  2,536
  2,981
  3,468
  3,995
  4,561
  5,166
  5,808
  6,486
  7,201
  7,951
  8,736
  9,556
  10,411
  11,302
  12,229
  13,192
  14,193
Total debt, $m
  0
  46
  112
  205
  332
  499
  715
  986
  1,318
  1,718
  2,190
  2,737
  3,364
  4,070
  4,857
  5,724
  6,671
  7,696
  8,797
  9,973
  11,222
  12,543
  13,933
  15,392
  16,920
  18,515
  20,179
  21,911
  23,714
  25,588
  27,536
Total liabilities, $m
  76
  122
  188
  281
  408
  575
  791
  1,062
  1,394
  1,794
  2,266
  2,813
  3,440
  4,146
  4,933
  5,800
  6,747
  7,772
  8,873
  10,049
  11,298
  12,619
  14,009
  15,468
  16,996
  18,591
  20,255
  21,987
  23,790
  25,664
  27,612
Total equity, $m
  963
  867
  1,340
  2,004
  2,907
  4,102
  5,639
  7,569
  9,939
  12,789
  16,154
  20,059
  24,524
  29,560
  35,170
  41,354
  48,105
  55,413
  63,266
  71,652
  80,558
  89,973
  99,886
  110,291
  121,181
  132,557
  144,419
  156,772
  169,624
  182,988
  196,878
Total liabilities and equity, $m
  1,039
  989
  1,528
  2,285
  3,315
  4,677
  6,430
  8,631
  11,333
  14,583
  18,420
  22,872
  27,964
  33,706
  40,103
  47,154
  54,852
  63,185
  72,139
  81,701
  91,856
  102,592
  113,895
  125,759
  138,177
  151,148
  164,674
  178,759
  193,414
  208,652
  224,490
Debt-to-equity ratio
  0.000
  0.050
  0.080
  0.100
  0.110
  0.120
  0.130
  0.130
  0.130
  0.130
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
Adjusted equity ratio
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  150
  244
  431
  695
  1,055
  1,531
  2,145
  2,916
  3,862
  5,001
  6,346
  7,914
  9,699
  11,713
  13,956
  16,429
  19,128
  22,050
  25,190
  28,543
  32,104
  35,868
  39,832
  43,992
  48,346
  52,894
  57,637
  62,576
  67,715
  73,058
  78,612
Depreciation, amort., depletion, $m
  15
  16
  20
  25
  32
  41
  53
  68
  86
  108
  134
  155
  189
  228
  271
  319
  371
  427
  488
  553
  621
  694
  770
  851
  935
  1,022
  1,114
  1,209
  1,308
  1,411
  1,519
Funds from operations, $m
  182
  261
  451
  720
  1,087
  1,572
  2,198
  2,983
  3,948
  5,109
  6,480
  8,069
  9,889
  11,941
  14,227
  16,748
  19,499
  22,477
  25,678
  29,096
  32,725
  36,562
  40,602
  44,843
  49,281
  53,917
  58,751
  63,786
  69,024
  74,470
  80,131
Change in working capital, $m
  0
  23
  34
  48
  65
  86
  111
  139
  171
  205
  243
  282
  322
  363
  404
  446
  487
  527
  566
  605
  642
  679
  715
  750
  785
  820
  855
  891
  927
  963
  1,001
Cash from operations, $m
  182
  237
  417
  672
  1,022
  1,486
  2,087
  2,844
  3,778
  4,904
  6,238
  7,787
  9,567
  11,578
  13,823
  16,302
  19,012
  21,950
  25,112
  28,491
  32,083
  35,884
  39,888
  44,092
  48,496
  53,097
  57,896
  62,895
  68,097
  73,506
  79,129
Maintenance CAPEX, $m
  0
  -4
  -7
  -10
  -15
  -22
  -32
  -43
  -58
  -77
  -99
  -125
  -155
  -189
  -228
  -271
  -319
  -371
  -427
  -488
  -553
  -621
  -694
  -770
  -851
  -935
  -1,022
  -1,114
  -1,209
  -1,308
  -1,411
New CAPEX, $m
  -13
  -20
  -30
  -41
  -56
  -75
  -96
  -121
  -148
  -178
  -210
  -244
  -279
  -315
  -351
  -386
  -422
  -457
  -491
  -524
  -556
  -588
  -619
  -650
  -680
  -711
  -741
  -772
  -803
  -835
  -868
Cash from investing activities, $m
  -122
  -24
  -37
  -51
  -71
  -97
  -128
  -164
  -206
  -255
  -309
  -369
  -434
  -504
  -579
  -657
  -741
  -828
  -918
  -1,012
  -1,109
  -1,209
  -1,313
  -1,420
  -1,531
  -1,646
  -1,763
  -1,886
  -2,012
  -2,143
  -2,279
Free cash flow, $m
  60
  213
  381
  621
  950
  1,389
  1,959
  2,680
  3,571
  4,649
  5,929
  7,419
  9,133
  11,074
  13,244
  15,644
  18,271
  21,123
  24,194
  27,479
  30,974
  34,674
  38,574
  42,672
  46,965
  51,451
  56,132
  61,009
  66,085
  71,363
  76,850
Issuance/(repayment) of debt, $m
  0
  46
  66
  93
  127
  168
  216
  271
  332
  400
  472
  548
  626
  706
  787
  867
  947
  1,025
  1,101
  1,176
  1,249
  1,320
  1,390
  1,459
  1,527
  1,595
  1,664
  1,733
  1,803
  1,874
  1,948
Issuance/(repurchase) of shares, $m
  -4
  81
  41
  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 from financing (excl. dividends), $m  
  -4
  127
  107
  93
  127
  168
  216
  271
  332
  400
  472
  548
  626
  706
  787
  867
  947
  1,025
  1,101
  1,176
  1,249
  1,320
  1,390
  1,459
  1,527
  1,595
  1,664
  1,733
  1,803
  1,874
  1,948
Total cash flow (excl. dividends), $m
  53
  339
  488
  714
  1,077
  1,557
  2,175
  2,951
  3,903
  5,049
  6,401
  7,967
  9,759
  11,780
  14,031
  16,511
  19,218
  22,148
  25,295
  28,655
  32,223
  35,994
  39,965
  44,131
  48,492
  53,047
  57,796
  62,742
  67,887
  73,237
  78,798
Retained Cash Flow (-), $m
  -137
  -325
  -473
  -664
  -904
  -1,194
  -1,537
  -1,930
  -2,370
  -2,850
  -3,365
  -3,906
  -4,465
  -5,036
  -5,611
  -6,184
  -6,751
  -7,308
  -7,853
  -8,386
  -8,906
  -9,415
  -9,913
  -10,404
  -10,891
  -11,375
  -11,862
  -12,353
  -12,853
  -13,364
  -13,890
Prev. year cash balance distribution, $m
 
  421
  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
 
  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
Cash available for distribution, $m
 
  435
  16
  50
  173
  362
  638
  1,021
  1,534
  2,199
  3,036
  4,061
  5,294
  6,745
  8,421
  10,328
  12,468
  14,840
  17,442
  20,269
  23,317
  26,580
  30,051
  33,727
  37,601
  41,671
  45,934
  50,389
  55,035
  59,874
  64,908
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
 
  417
  14
  43
  142
  281
  463
  690
  959
  1,263
  1,592
  1,929
  2,259
  2,564
  2,827
  3,032
  3,168
  3,229
  3,212
  3,121
  2,963
  2,749
  2,493
  2,210
  1,915
  1,621
  1,340
  1,081
  851
  654
  489
Current shareholders' claim on cash, %
  100
  98.5
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1

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 79.1
Price to Sales 22.8
Price to Book 12.3
Price to Tangible Book
Price to Cash Flow 65.2
Price to Free Cash Flow 70.2
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 $521 million for the last fiscal year's total revenue generated by Cognex. The default revenue input number comes from 2016 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 60% 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 44.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $132 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 3.5% 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 0%.

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 6.5%.

Life of production assets of 8.1 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 7.5%. 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 - $963 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 174.787 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 $12.1 billion.

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COMPANY NEWS

▶ 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]
▶ Q3 Earnings Preview: Stocks Expecting 50%-Plus Growth   [Sep-30-17 01:53PM  Investor's Business Daily]
▶ Is Cognex Corporation (CGNX) Undervalued?   [Sep-21-17 08:57AM  Simply Wall St.]
▶ Robots, cruises & clouds in the trader blitz   [Sep-15-17 01:55PM  CNBC Videos]
▶ These 2 local firms got State Streets Fearless Girl treatment   [Sep-10-17 08:55PM  American City Business Journals]
▶ ETFs with exposure to Cognex Corp. : August 15, 2017   [Aug-15-17 03:41PM  Capital Cube]
▶ Cognex Corporation Prepares for a Monster Quarter   [Aug-01-17 06:33PM  Motley Fool]
▶ What Happened in the Stock Market Today   [05:02PM  Motley Fool]
▶ Dow Flirts With 22,000; Financials Extend Gains, Cognex Soars   [01:33PM  Investor's Business Daily]
▶ Why Shares of Cognex Are Soaring Today   [01:09PM  Motley Fool]
▶ Blue Chips Set The Pace; Several IBD 50 Stocks Near Entries   [11:59AM  Investor's Business Daily]
▶ Cognex Soars On Earnings   [05:09AM  Investor's Business Daily]
▶ Cognex tops Street 2Q forecasts   [Jul-31-17 09:16PM  Associated Press]
▶ Cognex Declares Quarterly Cash Dividend   [04:06PM  Business Wire]
▶ ETFs with exposure to Cognex Corp. : July 24, 2017   [Jul-24-17 02:49PM  Capital Cube]
▶ ETFs with exposure to Cognex Corp. : July 14, 2017   [Jul-14-17 01:28PM  Capital Cube]
Financial statements of CGNX
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