Cognex (NASDAQ:CGNX) Price Target Cut to $75.00 by Analysts at Raymond James

Cognex (NASDAQ:CGNXGet Rating) had its target price dropped by investment analysts at Raymond James from $80.00 to $75.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “strong-buy” rating on the scientific and technical instruments company’s stock. Raymond James’ target price indicates a potential upside of 56.41% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the stock. Stephens cut shares of Cognex from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $80.00 to $45.00 in a research report on Wednesday. Cowen decreased their price objective on shares of Cognex from $75.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday. Morgan Stanley decreased their price objective on shares of Cognex from $52.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Thursday. TheStreet cut shares of Cognex from a “b-” rating to a “c+” rating in a research report on Tuesday, May 24th. Finally, Sanford C. Bernstein upgraded shares of Cognex from a “market perform” rating to an “outperform” rating and set a $65.00 price objective on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cognex has an average rating of “Hold” and a consensus target price of $62.00.

Cognex Stock Up 3.2 %

Shares of NASDAQ:CGNX opened at $47.95 on Wednesday. The stock has a market cap of $8.33 billion, a PE ratio of 32.84 and a beta of 1.66. The company’s fifty day moving average is $46.07 and its 200 day moving average is $58.71. Cognex has a 52 week low of $41.69 and a 52 week high of $92.17.

Cognex (NASDAQ:CGNXGet Rating) last issued its earnings results on Tuesday, August 2nd. The scientific and technical instruments company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. Cognex had a net margin of 23.82% and a return on equity of 19.06%. During the same period in the previous year, the firm posted $0.43 EPS. Sell-side analysts anticipate that Cognex will post 1.52 EPS for the current year.

Insider Buying and Selling

In other news, Director Dianne M. Parrotte bought 3,000 shares of the company’s stock in a transaction dated Thursday, May 12th. The shares were purchased at an average price of $46.00 per share, for a total transaction of $138,000.00. Following the completion of the purchase, the director now owns 3,608 shares in the company, valued at approximately $165,968. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 4.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CGNX. National Bank of Canada FI bought a new position in shares of Cognex in the fourth quarter worth approximately $93,000. CWM LLC purchased a new position in shares of Cognex during the fourth quarter valued at approximately $131,000. Raymond James Trust N.A. raised its holdings in shares of Cognex by 4.3% during the fourth quarter. Raymond James Trust N.A. now owns 4,342 shares of the scientific and technical instruments company’s stock valued at $338,000 after purchasing an additional 178 shares during the last quarter. Centaurus Financial Inc. raised its holdings in shares of Cognex by 72.4% during the fourth quarter. Centaurus Financial Inc. now owns 8,325 shares of the scientific and technical instruments company’s stock valued at $647,000 after purchasing an additional 3,496 shares during the last quarter. Finally, AGF Investments Inc. purchased a new position in shares of Cognex during the fourth quarter valued at approximately $219,000. Institutional investors own 88.85% of the company’s stock.

About Cognex

(Get Rating)

Cognex Corporation provides machine vision products that capture and analyze visual information in order 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, aspirin bottles, and automobile tires 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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