Citigroup Reiterates "Neutral" Rating for Cognex (NASDAQ:CGNX)

Cognex (NASDAQ:CGNX - Get Free Report)'s stock had its "neutral" rating reiterated by analysts at Citigroup in a report released on Monday, Marketbeat reports. They presently have a $37.00 target price on the scientific and technical instruments company's stock, up from their previous target price of $30.00. Citigroup's price objective suggests a potential upside of 9.44% from the stock's current price.

A number of other analysts also recently weighed in on the stock. Truist Financial cut their price target on shares of Cognex from $37.00 to $29.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. Needham & Company LLC raised their target price on Cognex from $33.00 to $36.00 and gave the company a "buy" rating in a report on Wednesday, June 11th. Melius upgraded Cognex from a "hold" rating to a "buy" rating and set a $60.00 price target on the stock in a research note on Thursday, July 10th. UBS Group dropped their price objective on Cognex from $56.00 to $53.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Finally, Robert W. Baird lifted their target price on Cognex from $30.00 to $32.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $41.62.

Cognex Price Performance

CGNX stock traded up $0.49 during midday trading on Monday, reaching $33.81. The company had a trading volume of 1,090,288 shares, compared to its average volume of 2,076,494. Cognex has a 1-year low of $22.67 and a 1-year high of $51.78. The stock has a 50 day moving average price of $31.17 and a 200-day moving average price of $31.98. The company has a market capitalization of $5.68 billion, a price-to-earnings ratio of 49.72 and a beta of 1.47.

Institutional Trading of Cognex

Several institutional investors have recently modified their holdings of CGNX. Mackenzie Financial Corp raised its position in shares of Cognex by 126.2% during the first 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. T. Rowe Price Investment Management Inc. raised its holdings in Cognex by 32.0% during 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 purchasing an additional 1,474,832 shares during the last quarter. Norges Bank bought a new stake in shares of Cognex in the 4th quarter valued at $46,299,000. William Blair Investment Management LLC boosted its stake 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 valued at $209,427,000 after purchasing an additional 1,253,996 shares during the last quarter. Finally, SG Americas Securities LLC raised its stake in Cognex by 16,472.8% during the first quarter. SG Americas Securities LLC now owns 819,028 shares of the scientific and technical instruments company's stock worth $24,432,000 after buying an additional 814,086 shares during the last quarter. 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.