Cognex (NASDAQ:CGNX) Price Target Cut to $46.00

Cognex (NASDAQ:CGNX) had its price objective reduced by stock analysts at Truist Financial from $55.00 to $46.00 in a report released on Friday, Benzinga reports. The firm currently has a “buy” rating on the scientific and technical instruments company’s stock. Truist Financial’s price target suggests a potential upside of 20.36% from the stock’s current price.

A number of other research firms also recently issued reports on CGNX. Robert W. Baird lifted their price target on shares of Cognex from $40.00 to $44.00 and gave the company a “neutral” rating in a research report on Friday, May 3rd. The Goldman Sachs Group boosted their target price on Cognex from $36.00 to $41.00 and gave the stock a “sell” rating in a research report on Monday, May 6th. StockNews.com cut Cognex from a “hold” rating to a “sell” rating in a research report on Thursday. Sanford C. Bernstein boosted their price objective on shares of Cognex from $52.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. Finally, Needham & Company LLC raised their target price on shares of Cognex from $48.00 to $57.00 and gave the company a “buy” rating in a report on Monday, July 29th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Cognex currently has a consensus rating of “Hold” and a consensus price target of $50.00.

Cognex Price Performance

Cognex stock opened at $38.22 on Friday. The stock’s 50 day moving average price is $47.12 and its 200 day moving average price is $42.98. Cognex has a 1-year low of $34.28 and a 1-year high of $53.13. The company has a market cap of $6.56 billion, a PE ratio of 65.90 and a beta of 1.42.

Cognex (NASDAQ:CGNX) last issued its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.14 by $0.03. The company had revenue of $239.00 million for the quarter, compared to analyst estimates of $240.33 million. Cognex had a net margin of 9.29% and a return on equity of 4.97%. The business’s revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.32 EPS. On average, equities research analysts anticipate that Cognex will post 0.46 EPS for the current fiscal year.

Hedge Funds Weigh In On Cognex

Several large investors have recently added to or reduced their stakes in the business. Massmutual Trust Co. FSB ADV grew its holdings in Cognex by 94.4% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 589 shares of the scientific and technical instruments company’s stock valued at $25,000 after buying an additional 286 shares during the period. Rise Advisors LLC raised its stake in Cognex by 1,239.7% during the first quarter. Rise Advisors LLC now owns 777 shares of the scientific and technical instruments company’s stock worth $33,000 after purchasing an additional 719 shares during the period. BI Asset Management Fondsmaeglerselskab A S boosted its holdings in shares of Cognex by 303.1% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 770 shares of the scientific and technical instruments company’s stock valued at $33,000 after purchasing an additional 579 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Cognex by 276.1% during the 2nd quarter. GAMMA Investing LLC now owns 1,087 shares of the scientific and technical instruments company’s stock valued at $51,000 after buying an additional 798 shares during the period. Finally, Janiczek Wealth Management LLC increased its holdings in shares of Cognex by 71.8% during the 4th quarter. Janiczek Wealth Management LLC now owns 1,295 shares of the scientific and technical instruments company’s stock worth $54,000 after buying an additional 541 shares during the last quarter. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

Cognex Company Profile

Cognex Corporation provides machine vision products that capture and analyze visual information to automate manufacturing and distribution tasks worldwide. Its machine vision products are used to automate the manufacturing and tracking of discrete items, including mobile phones, electric vehicle batteries, and e-commerce packages by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process.