Cognex (NASDAQ:CGNX) Price Target Lowered to $42.00 at Citigroup

Cognex (NASDAQ:CGNXGet Free Report) had its target price reduced by equities researchers at Citigroup from $44.00 to $42.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the scientific and technical instruments company’s stock. Citigroup’s price objective would suggest a potential upside of 12.93% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Truist Financial decreased their price objective on shares of Cognex from $43.00 to $42.00 and set a “hold” rating for the company in a report on Thursday, December 19th. Needham & Company LLC decreased their price target on shares of Cognex from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Stephens reissued an “overweight” rating and issued a $55.00 price objective on shares of Cognex in a research note on Thursday, January 2nd. Finally, Cantor Fitzgerald raised Cognex to a “strong-buy” rating in a research report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Cognex presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.83.

View Our Latest Analysis on CGNX

Cognex Stock Performance

CGNX stock traded up $0.20 during midday trading on Monday, reaching $37.19. The company’s stock had a trading volume of 439,189 shares, compared to its average volume of 961,431. Cognex has a 1 year low of $34.79 and a 1 year high of $53.13. The firm has a market capitalization of $6.38 billion, a price-to-earnings ratio of 71.52 and a beta of 1.40. The stock has a fifty day simple moving average of $38.53 and a two-hundred day simple moving average of $40.74.

Insiders Place Their Bets

In related news, CTO Joerg Kuechen sold 2,934 shares of Cognex stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $37.75, for a total transaction of $110,758.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anthony Sun sold 26,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $40.03, for a total transaction of $1,040,780.00. Following the transaction, the director now directly owns 26,608 shares of the company’s stock, 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. Corporate insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Cognex

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its holdings in Cognex by 5.2% during the third quarter. JPMorgan Chase & Co. now owns 1,784,239 shares of the scientific and technical instruments company’s stock worth $72,262,000 after acquiring an additional 87,790 shares during the period. Tidal Investments LLC lifted its stake in shares of Cognex by 10.0% in the 3rd quarter. Tidal Investments LLC now owns 33,657 shares of the scientific and technical instruments company’s stock valued at $1,363,000 after purchasing an additional 3,068 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Cognex during the third quarter worth $40,000. Sanctuary Advisors LLC acquired a new stake in Cognex during the third quarter valued at $463,000. Finally, Virtu Financial LLC purchased a new position in Cognex in the third quarter valued at $790,000. 88.12% of the stock is owned by institutional investors and hedge funds.

About Cognex

(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.

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Analyst Recommendations for Cognex (NASDAQ:CGNX)

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