Cognex (NASDAQ:CGNX) Price Target Raised to $44.00 at Robert W. Baird

Cognex (NASDAQ:CGNXGet Free Report) had its price objective hoisted by equities researchers at Robert W. Baird from $40.00 to $44.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “neutral” rating on the scientific and technical instruments company’s stock. Robert W. Baird’s target price would indicate a potential upside of 0.48% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Needham & Company LLC upped their target price on shares of Cognex from $46.00 to $48.00 and gave the company a “buy” rating in a research note on Friday. Truist Financial began coverage on Cognex in a research note on Thursday, March 14th. They set a “buy” rating and a $47.00 price objective on the stock. Citigroup lifted their target price on Cognex from $41.00 to $43.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. StockNews.com cut Cognex from a “hold” rating to a “sell” rating in a research note on Monday, February 19th. Finally, UBS Group upgraded shares of Cognex from a “neutral” rating to a “buy” rating and boosted their target price for the company from $42.00 to $54.00 in a research note on Tuesday, March 19th. Three analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Cognex currently has a consensus rating of “Hold” and a consensus target price of $48.58.

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Cognex Stock Performance

Shares of CGNX opened at $43.79 on Friday. Cognex has a one year low of $34.28 and a one year high of $59.51. The stock has a 50-day moving average price of $40.67 and a 200 day moving average price of $38.89. The company has a market capitalization of $7.52 billion, a P/E ratio of 75.50 and a beta of 1.48.

Cognex (NASDAQ:CGNXGet Free Report) last released its earnings results on Thursday, February 15th. The scientific and technical instruments company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.07 by $0.04. The company had revenue of $196.70 million during the quarter, compared to analysts’ expectations of $189.16 million. Cognex had a return on equity of 6.81% and a net margin of 11.76%. The business’s revenue was down 17.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.27 EPS. As a group, equities research analysts forecast that Cognex will post 0.44 earnings per share for the current fiscal year.

Insider Buying and Selling at Cognex

In other news, EVP Carl Gerst sold 6,782 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $40.54, for a total value of $274,942.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CGNX. Vanguard Group Inc. raised its holdings in Cognex by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 17,334,064 shares of the scientific and technical instruments company’s stock worth $723,524,000 after purchasing an additional 203,149 shares in the last quarter. Lazard Asset Management LLC increased its position in shares of Cognex by 17.8% during the 3rd quarter. Lazard Asset Management LLC now owns 5,536,355 shares of the scientific and technical instruments company’s stock valued at $234,962,000 after purchasing an additional 837,487 shares during the period. Brown Capital Management LLC raised its stake in shares of Cognex by 5.1% in the 4th quarter. Brown Capital Management LLC now owns 5,419,313 shares of the scientific and technical instruments company’s stock worth $226,202,000 after buying an additional 262,003 shares in the last quarter. Impax Asset Management Group plc lifted its holdings in shares of Cognex by 1.1% in the fourth quarter. Impax Asset Management Group plc now owns 2,842,978 shares of the scientific and technical instruments company’s stock valued at $118,666,000 after buying an additional 31,483 shares during the period. Finally, Nordea Investment Management AB boosted its stake in Cognex by 29.0% during the first quarter. Nordea Investment Management AB now owns 2,663,900 shares of the scientific and technical instruments company’s stock valued at $113,722,000 after buying an additional 598,207 shares in the last quarter. 88.12% of the stock is currently owned by institutional investors.

Cognex Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Cognex (NASDAQ:CGNX)

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