UBS Group Lowers Cognex (NASDAQ:CGNX) Price Target to $56.00

Cognex (NASDAQ:CGNX) had its price objective decreased by equities researchers at UBS Group from $58.00 to $56.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the scientific and technical instruments company’s stock. UBS Group’s price target indicates a potential upside of 68.67% from the stock’s previous close.

A number of other equities analysts also recently commented on the stock. Citigroup lowered their target price on shares of Cognex from $44.00 to $42.00 and set a “neutral” rating for the company in a research note on Monday, January 13th. Robert W. Baird dropped their price target on shares of Cognex from $42.00 to $38.00 and set a “neutral” rating on the stock in a research note on Tuesday. Truist Financial reissued a “hold” rating and issued a $37.00 target price (down from $43.00) on shares of Cognex in a research report on Friday. Cantor Fitzgerald raised Cognex to a “strong-buy” rating in a research note on Friday, December 20th. Finally, Needham & Company LLC decreased their price objective on Cognex from $47.00 to $41.00 and set a “buy” rating for the company in a research report on Friday. One 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 given a strong buy rating to the company. According to MarketBeat, Cognex has a consensus rating of “Moderate Buy” and a consensus price target of $46.75.

Cognex Trading Down 2.1 %

Shares of CGNX opened at $33.20 on Tuesday. The firm has a 50-day moving average price of $37.69 and a 200 day moving average price of $38.88. Cognex has a 12-month low of $32.41 and a 12-month high of $53.13. The firm has a market capitalization of $5.69 billion, a P/E ratio of 63.85 and a beta of 1.40.

Cognex (NASDAQ:CGNX) last announced its quarterly earnings results on Wednesday, February 12th. The scientific and technical instruments company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.01). Cognex had a net margin of 10.10% and a return on equity of 5.28%. Equities research analysts predict that Cognex will post 0.38 earnings per share for the current fiscal year.

Insider Transactions at Cognex

In other Cognex news, CTO Joerg Kuechen sold 2,934 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $37.75, for a total transaction of $110,758.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Anthony Sun sold 26,000 shares of Cognex stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $40.03, for a total transaction of $1,040,780.00. Following the sale, the director now owns 26,608 shares of the company’s stock, valued at approximately $1,065,118.24. The trade was 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 Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CGNX. Creative Planning increased its holdings in Cognex by 2.4% during the 3rd quarter. Creative Planning now owns 21,919 shares of the scientific and technical instruments company’s stock valued at $888,000 after acquiring an additional 512 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Cognex by 5.9% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 19,929 shares of the scientific and technical instruments company’s stock worth $807,000 after purchasing an additional 1,110 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Cognex by 719.2% during the 3rd quarter. Blue Trust Inc. now owns 2,171 shares of the scientific and technical instruments company’s stock worth $88,000 after purchasing an additional 1,906 shares in the last quarter. Raymond James & Associates lifted its stake in Cognex by 25.1% in the 3rd quarter. Raymond James & Associates now owns 474,163 shares of the scientific and technical instruments company’s stock valued at $19,204,000 after buying an additional 95,063 shares in the last quarter. Finally, Copeland Capital Management LLC grew its holdings in Cognex by 10.2% during the 3rd quarter. Copeland Capital Management LLC now owns 1,767,426 shares of the scientific and technical instruments company’s stock valued at $71,581,000 after buying an additional 162,965 shares during the last quarter. Hedge funds and other institutional investors own 88.12% of the company’s stock.

About Cognex

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.