At last check, Cognex Corporation (NASDAQ: CGNX) shares were up 5.61% to $44.06 in after-hours trading following an increase in revenue guidance. CGNX closed Monday’s session at $41.72, down -1.37%. In the regular session, 1.05 million shares were traded, while 0.98 million shares were traded after hours.
Does CGNX now have any guidance?
As the company prepares for its triennial Analyst Day, Cognex Corporation (CGNX) has increased its revenue guidance.
- Compared with its previous guidance of $160 million to $180 million on August 2, 2022, CGNX now expects revenue of $195 million to $205 million.
- In part, the company has been able to meet customer demand earlier than expected following a fire at its primary contract manufacturer, which destroyed component inventory.
- The company’s strategy of procuring new components has enabled it to meet customer demands more quickly than they expected.
- CGNX stock has attracted the attention of several Wall Street analysts, including those at JP Morgan, who downgraded the stock to an Underweight from a Neutral.
- In a research note published August 12, 2022, the analysts provided their assessment. While Bernstein analysts maintained their earlier rating, they raised the stock’s price target to $65.
- Because Cognex is recovering from the fire and will cite the updated revenue guidance during Analyst Day, the company has taken the unusual step of updating its guidance.
- At Cognex’s Natick headquarters on Tuesday, September 20, 2022, institutions and sell-side analysts are invited to attend the company’s Analyst Day.
What else will be there in meeting?
The meeting will also include the release of Cognex Corporation (CGNX) sustainability report, which sets forth the company’s commitment to environmental, social, and governance initiatives. This meeting will provide an update on CGNX’s estimated served market, estimated at $6.5 billion (up from $4.2 billion last year), as well as a 15% compound annual growth target.