Cognex (NASDAQ:CGNX) Price Target Cut to $29.00 by Analysts at Truist Financial

Cognex (NASDAQ:CGNX) had its target price cut by analysts at Truist Financial from $37.00 to $29.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “hold” rating on the scientific and technical instruments company’s stock. Truist Financial’s price objective would indicate a potential upside of 18.89% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Needham & Company LLC lowered their price objective on shares of Cognex from $47.00 to $41.00 and set a “buy” rating on the stock in a research note on Friday, February 14th. The Goldman Sachs Group cut their target price on shares of Cognex from $39.00 to $35.00 and set a “sell” rating for the company in a research note on Tuesday, February 18th. Robert W. Baird reduced their target price on shares of Cognex from $42.00 to $38.00 and set a “neutral” rating for the company in a report on Tuesday, February 18th. Citigroup dropped their price target on Cognex from $44.00 to $42.00 and set a “neutral” rating on the stock in a report on Monday, January 13th. Finally, Cantor Fitzgerald upgraded Cognex to a “strong-buy” rating in a report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $44.17.

Cognex Stock Down 0.5 %

Shares of CGNX stock traded down $0.12 during mid-day trading on Tuesday, hitting $24.39. 575,883 shares of the company’s stock were exchanged, compared to its average volume of 1,295,692. The stock has a 50-day simple moving average of $33.35 and a two-hundred day simple moving average of $37.03. Cognex has a fifty-two week low of $23.10 and a fifty-two week high of $53.13. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of 40.13 and a beta of 1.56.

Cognex (NASDAQ:CGNX) last released its quarterly earnings results on Wednesday, February 12th. The scientific and technical instruments company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Cognex had a net margin of 11.61% and a return on equity of 5.65%. As a group, analysts anticipate that Cognex will post 0.61 earnings per share for the current fiscal year.

Insider Buying and Selling at Cognex

In other Cognex news, EVP Carl Gerst sold 6,803 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $32.73, for a total value of $222,662.19. Following the completion of the sale, the executive vice president now directly owns 4,566 shares of the company’s stock, valued at $149,445.18. The trade was a 59.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Cognex

Large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its stake in shares of Cognex by 5.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,784,239 shares of the scientific and technical instruments company’s stock valued at $72,262,000 after acquiring an additional 87,790 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Cognex by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,427,756 shares of the scientific and technical instruments company’s stock worth $51,199,000 after buying an additional 42,292 shares during the period. Virtu Financial LLC acquired a new position in Cognex in the 3rd quarter valued at $790,000. Smartleaf Asset Management LLC raised its holdings in Cognex by 75.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,870 shares of the scientific and technical instruments company’s stock worth $102,000 after acquiring an additional 1,231 shares during the period. Finally, Swiss National Bank lifted its position in Cognex by 0.7% during the 4th quarter. Swiss National Bank now owns 337,300 shares of the scientific and technical instruments company’s stock worth $12,096,000 after acquiring an additional 2,200 shares during the last quarter. 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.