Artisan Partners Suspects Slowing Growth and Demand Weakness in Cognex Corporation (CGNX)

Artisan Partners, an investment management company, released its “Artisan Global Discovery Fund” second quarter investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class: APFDX returned -20.46%, Advisor Class: APDDX posted a return of -20.42%, and Institutional Class: APHDX returned -20.40%, compared to the benchmark return of -15.66% for the MSCI All Country World Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Artisan Partners discussed stocks like Cognex Corporation (NASDAQ:CGNX) in the second quarter investor letter. Headquartered in Natick, Massachusetts, Cognex Corporation (NASDAQ:CGNX) is a provider of machine vision products. On September 23, 2022, Cognex Corporation (NASDAQ:CGNX) stock closed at $42.54 per share. One-month return of Cognex Corporation (NASDAQ:CGNX) was -5.15% and its shares lost 51.81% of their value over the last 52 weeks. Cognex Corporation (NASDAQ:CGNX) has a market capitalization of $7.376 billion.

Here is what Artisan Partners specifically said about Cognex Corporation (NASDAQ:CGNX) in its Q2 2022 investor letter:

“Cognex Corporation (NASDAQ:CGNX) is a leading manufacturer of machine vision systems used to automate/improve processes in manufacturing and logistics. The company has achieved solid growth and profitability over its history, but we suspect slowing growth in key end markets such as consumer electronics and e-commerce distribution may lead to demand weakness for its products in the near term. In addition, inflation is pressuring the company’s gross margins. Thus, we exited our position in favor of other alternatives.”

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Cognex Corporation (NASDAQ:CGNX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Cognex Corporation (NASDAQ:CGNX)  at the end of the second quarter which was 25 in the previous quarter.

We discussed Cognex Corporation (NASDAQ:CGNX) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.