Truist Financial Cuts Cognex (NASDAQ:CGNX) Price Target to $46.00

Cognex (NASDAQ:CGNX) had its price objective reduced by research analysts at Truist Financial from $55.00 to $46.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the scientific and technical instruments company’s stock. Truist Financial’s price target suggests a potential upside of 20.36% from the company’s previous close.

Other analysts have also issued research reports about the company. HSBC raised Cognex from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a report on Tuesday, May 7th. Robert W. Baird boosted their target price on shares of Cognex from $40.00 to $44.00 and gave the stock a “neutral” rating in a research report on Friday, May 3rd. The Goldman Sachs Group increased their price target on shares of Cognex from $36.00 to $41.00 and gave the company a “sell” rating in a report on Monday, May 6th. Citigroup boosted their price objective on shares of Cognex from $41.00 to $43.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, Sanford C. Bernstein lifted their target price on Cognex from $52.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $50.00.

Cognex Trading Down 2.2 %

Shares of Cognex stock opened at $38.22 on Friday. The firm has a fifty day simple moving average of $47.12 and a 200-day simple moving average of $42.98. The stock has a market capitalization of $6.56 billion, a price-to-earnings ratio of 65.90 and a beta of 1.42. Cognex has a 1-year low of $34.28 and a 1-year high of $53.13.

Cognex (NASDAQ:CGNX) last released its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.03. The firm had revenue of $239.00 million during the quarter, compared to analyst estimates of $240.33 million. Cognex had a net margin of 9.29% and a return on equity of 4.97%. The business’s revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.32 EPS. As a group, research analysts predict that Cognex will post 0.46 earnings per share for the current year.

Hedge Funds Weigh In On Cognex

Institutional investors have recently added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV increased its holdings in shares of Cognex by 94.4% during the first quarter. Massmutual Trust Co. FSB ADV now owns 589 shares of the scientific and technical instruments company’s stock worth $25,000 after buying an additional 286 shares in the last quarter. Altfest L J & Co. Inc. increased its holdings in Cognex by 4.8% during the 1st quarter. Altfest L J & Co. Inc. now owns 6,279 shares of the scientific and technical instruments company’s stock valued at $266,000 after purchasing an additional 287 shares in the last quarter. Parkside Financial Bank & Trust raised its position in Cognex by 11.9% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,760 shares of the scientific and technical instruments company’s stock valued at $115,000 after purchasing an additional 294 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in Cognex by 19.3% in the fourth quarter. Quadrant Capital Group LLC now owns 2,199 shares of the scientific and technical instruments company’s stock worth $92,000 after purchasing an additional 355 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in shares of Cognex by 11.3% during the second quarter. Fifth Third Bancorp now owns 3,829 shares of the scientific and technical instruments company’s stock worth $179,000 after purchasing an additional 390 shares during the last quarter. 88.12% of the stock is 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.