Truist Financial Lowers Cognex (NASDAQ:CGNX) Price Target to $42.00

Cognex (NASDAQ:CGNX) had its price target dropped by research analysts at Truist Financial from $43.00 to $42.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the scientific and technical instruments company’s stock. Truist Financial’s price target would suggest a potential upside of 16.80% from the stock’s current price.

A number of other research analysts have also issued reports on CGNX. Needham & Company LLC dropped their price objective on shares of Cognex from $50.00 to $47.00 and set a “buy” rating for the company in a report on Friday, November 1st. Stephens raised Cognex from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $45.00 to $55.00 in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $47.82.

Cognex Stock Up 1.0 %

Shares of NASDAQ:CGNX traded up $0.35 during trading on Thursday, hitting $35.96. 71,749 shares of the company were exchanged, compared to its average volume of 1,253,581. Cognex has a 1-year low of $34.79 and a 1-year high of $53.13. The company has a market capitalization of $6.17 billion, a P/E ratio of 69.16 and a beta of 1.39. The business’s 50 day moving average is $39.63 and its 200-day moving average is $41.83.

Insider Transactions at Cognex

In other Cognex news, CTO Joerg Kuechen sold 2,934 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $37.75, for a total value of $110,758.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anthony Sun sold 26,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $40.03, for a total value of $1,040,780.00. Following the completion of the sale, the director now owns 26,608 shares in the company, valued at $1,065,118.24. This represents a 49.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.

Institutional Trading of Cognex

A number of hedge funds and other institutional investors have recently made changes to their positions in CGNX. Raymond James & Associates increased its position in shares of Cognex by 8.3% during the second quarter. Raymond James & Associates now owns 379,100 shares of the scientific and technical instruments company’s stock valued at $17,727,000 after buying an additional 29,118 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in Cognex by 9.5% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 225,560 shares of the scientific and technical instruments company’s stock worth $10,547,000 after purchasing an additional 19,619 shares during the period. Fifth Third Bancorp lifted its position in Cognex by 11.3% in the second quarter. Fifth Third Bancorp now owns 3,829 shares of the scientific and technical instruments company’s stock valued at $179,000 after purchasing an additional 390 shares during the last quarter. Fifth Third Wealth Advisors LLC purchased a new stake in shares of Cognex during the second quarter valued at approximately $255,000. Finally, Ceredex Value Advisors LLC purchased a new position in shares of Cognex in the second quarter worth $17,095,000. 88.12% of the stock is currently owned by 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.