Should You Hold Cognex Corp. (CGNX)?
Wasatch Global Investors, an investment management firm, released its “Wasatch U.S. Select Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Concerns about the impact of rising interest rates and the possibility of a recession caused stocks to decline in the third quarter. In this context, the fund’s Investor Class slipped -4.81% and underperformed its benchmark, the Russell 3000 Growth Index, which fell -3.34%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Wasatch U.S. Select Fund highlighted stocks like Cognex Corporation (NASDAQ:CGNX) in the Q3 2023 investor letter. Headquartered in Natick, Massachusetts, Cognex Corporation (NASDAQ:CGNX) provides machine vision products. On December 26, 2023, Cognex Corporation (NASDAQ:CGNX) stock closed at $42.62 per share. One-month return of Cognex Corporation (NASDAQ:CGNX) was 13.32%, and its shares lost 7.65% of their value over the last 52 weeks. Cognex Corporation (NASDAQ:CGNX) has a market capitalization of $7.337 billion.
Wasatch U.S. Select Fund made the following comment about Cognex Corporation (NASDAQ:CGNX) in its Q3 2023 investor letter:
"Cognex Corporation (NASDAQ:CGNX) was another large detractor. The company designs and markets machine-vision hardware and software systems that enable automation of manufacturing and distribution processes world-wide. The company’s share price was down after management offered future revenue guidance that was below expectations. Management cited softer manufacturing activity as a reason for the lighter guidance. We're currently reviewing the stock, because we think competitive pressures for some of its technologies are intensifying."
A worker utilizing a vision sensor to verify discrete items.
Cognex Corporation (NASDAQ:CGNX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Cognex Corporation (NASDAQ:CGNX) at the end of third quarter which was 29 in the previous quarter.
We discussed Cognex Corporation (NASDAQ:CGNX) in another article and shared Baron Small Cap Fund's views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
