The Goldman Sachs Group Boosts Cognex (NASDAQ:CGNX) Price Target to $32.00

Cognex (NASDAQ:CGNX - Get Free Report) had its price objective boosted by research analysts at The Goldman Sachs Group from $29.00 to $32.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a "sell" rating on the scientific and technical instruments company's stock. The Goldman Sachs Group's price objective would suggest a potential upside of 7.06% from the stock's previous close.

A number of other brokerages have also commented on CGNX. Truist Financial decreased their price objective on Cognex from $37.00 to $29.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. TD Cowen upgraded shares of Cognex from a "hold" rating to a "buy" rating and set a $35.00 price objective for the company in a research note on Monday, April 28th. DA Davidson dropped their target price on shares of Cognex from $35.00 to $32.00 and set a "neutral" rating on the stock in a research report on Monday, May 5th. Stephens reaffirmed an "overweight" rating and issued a $55.00 target price on shares of Cognex in a report on Wednesday, March 12th. Finally, Hsbc Global Res downgraded Cognex from a "strong-buy" rating to a "hold" rating in a research report on Friday, February 21st. 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. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $39.67.

Cognex Stock Performance

Shares of NASDAQ CGNX traded down $0.71 during midday trading on Thursday, hitting $29.89. 155,744 shares of the stock traded hands, compared to its average volume of 1,598,885. Cognex has a one year low of $22.67 and a one year high of $53.13. The business has a 50 day moving average price of $28.11 and a two-hundred day moving average price of $32.97. The company has a market cap of $5.02 billion, a PE ratio of 49.09 and a beta of 1.47.

Hedge Funds Weigh In On Cognex

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Cognex by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 18,479,828 shares of the scientific and technical instruments company's stock valued at $662,687,000 after acquiring an additional 296,251 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in shares of Cognex by 32.0% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 6,082,319 shares of the scientific and technical instruments company's stock worth $181,436,000 after buying an additional 1,474,832 shares during the last quarter. William Blair Investment Management LLC increased its holdings in shares of Cognex by 27.3% in the 4th quarter. William Blair Investment Management LLC now owns 5,840,117 shares of the scientific and technical instruments company's stock worth $209,427,000 after buying an additional 1,253,996 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Cognex by 126.2% during the 1st quarter. Mackenzie Financial Corp now owns 4,609,802 shares of the scientific and technical instruments company's stock worth $137,510,000 after acquiring an additional 2,571,457 shares during the last quarter. Finally, Pictet Asset Management Holding SA grew its position in Cognex by 13.7% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,820,394 shares of the scientific and technical instruments company's stock worth $136,999,000 after acquiring an additional 461,724 shares in the last quarter. 88.12% of the stock is currently owned by hedge funds and other 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.