Cognex (NASDAQ:CGNX) Stock Price Target Cut by JPMorgan Chase & Co.

Key Points

• JPMorgan cut Cognex’s price target from $75 to $65 but maintained its “overweight” rating; the new target implies about 36% upside from the share price cited in the report.
• Analyst views remain mixed: Cognex has a MarketBeat average rating of “Moderate Buy” and an average price target of $72.21, while recent target cuts also came from Needham and Truist.
• Cognex reported quarterly EPS of $0.53, slightly above estimates, while revenue of $313.39 million fell just short of expectations; revenue grew 13% year over year.

Cognex (NASDAQ:CGNX - Get Free Report) had its price target lowered by equities researchers at JPMorgan Chase & Co. from $75.00 to $65.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an "overweight" rating on the scientific and technical instruments company's stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 36.04% from the company's current price.

A number of other research analysts also recently commented on CGNX. Citigroup reiterated a "neutral" rating and issued a $74.00 price objective (up from $72.00) on shares of Cognex in a report on Friday, August 7th. Needham & Company LLC decreased their target price on Cognex from $80.00 to $70.00 and set a "buy" rating for the company in a research note on Friday. Weiss Ratings raised Cognex from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. HSBC lowered shares of Cognex from a "buy" rating to a "hold" rating and set a $65.00 price target on the stock. in a research note on Monday, August 10th. Finally, Truist Financial cut their price objective on shares of Cognex from $74.00 to $57.00 and set a "hold" rating on the stock in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, Cognex has an average rating of "Moderate Buy" and an average target price of $72.21.

Cognex Price Performance

NASDAQ:CGNX opened at $47.78 on Friday. The firm has a market capitalization of $8.04 billion, a PE ratio of 33.41 and a beta of 1.49. The business's fifty day moving average price is $59.06 and its 200 day moving average price is $58.04. Cognex has a 12 month low of $34.60 and a 12 month high of $72.88.

Cognex (NASDAQ:CGNX - Get Free Report) last posted its quarterly earnings results on Wednesday, November 4th. The scientific and technical instruments company reported $0.53 earnings per share for the quarter, beating analysts' consensus estimates of $0.52 by $0.01. The company had revenue of $313.39 million for the quarter, compared to analysts' expectations of $313.62 million. Cognex had a return on equity of 15.75% and a net margin of 21.50%. Cognex's quarterly revenue was up 13.0% on a year-over-year basis. During the same period last year, the firm earned $0.33 earnings per share. As a group, equities analysts anticipate that Cognex will post 1.70 EPS for the current year.

Institutional Trading of Cognex

A number of large investors have recently made changes to their positions in CGNX. Robinhood Asset Management LLC acquired a new stake in Cognex in the second quarter valued at $16,461,000. Bank of America Corp DE grew its stake in shares of Cognex by 51.9% during the 1st quarter. Bank of America Corp DE now owns 731,149 shares of the scientific and technical instruments company's stock worth $35,819,000 after purchasing an additional 249,877 shares during the period. Equitable Holdings Inc. acquired a new position in shares of Cognex during the 2nd quarter worth $918,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Cognex during the 2nd quarter worth $29,034,000. Finally, Rice Hall James & Associates LLC purchased a new position in shares of Cognex in the 2nd quarter valued at about $4,894,000. 88.12% of the stock is owned by institutional investors and hedge funds.

About Cognex

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