Cognex (NASDAQ:CGNX) Price Target Cut to $32.00 by Analysts at DA Davidson

Cognex (NASDAQ:CGNX - Get Free Report) had its price target dropped by research analysts at DA Davidson from $35.00 to $32.00 in a report issued on Monday,Benzinga reports. The firm currently has a "neutral" rating on the scientific and technical instruments company's stock. DA Davidson's price objective points to a potential upside of 13.35% from the company's current price.

A number of other brokerages also recently issued reports on CGNX. Robert W. Baird cut their price objective on Cognex from $42.00 to $38.00 and set a "neutral" rating for the company in a research report on Tuesday, February 18th. The Goldman Sachs Group decreased their price objective on shares of Cognex from $39.00 to $35.00 and set a "sell" rating on the stock in a report on Tuesday, February 18th. Hsbc Global Res downgraded shares of Cognex from a "strong-buy" rating to a "hold" rating in a report on Friday, February 21st. Cowen upgraded Cognex from a "hold" rating to a "buy" rating in a research note on Monday, April 28th. Finally, HSBC cut Cognex from a "buy" rating to a "hold" rating and set a $33.00 price objective for the company. in a research note on Friday, February 21st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cognex presently has an average rating of "Hold" and an average target price of $39.67.

Cognex Stock Performance

Shares of NASDAQ CGNX traded up $0.40 during trading on Monday, hitting $28.23. 569,210 shares of the company were exchanged, compared to its average volume of 1,524,536. Cognex has a 12-month low of $22.67 and a 12-month high of $53.13. The company has a fifty day moving average price of $28.51 and a 200-day moving average price of $34.91. The firm has a market capitalization of $4.78 billion, a PE ratio of 46.23 and a beta of 1.45.

Cognex (NASDAQ:CGNX - Get Free Report) last posted its earnings results on Wednesday, February 12th. The scientific and technical instruments company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). Cognex had a net margin of 11.61% and a return on equity of 5.65%. Research analysts anticipate that Cognex will post 0.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Carl Gerst sold 6,803 shares of Cognex stock in a transaction on Monday, February 24th. The shares were sold at an average price of $32.73, for a total transaction of $222,662.19. Following the sale, the executive vice president now directly owns 4,566 shares in the company, valued at $149,445.18. This trade represents a 59.84 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cognex

Several hedge funds have recently made changes to their positions in CGNX. Wilmington Savings Fund Society FSB purchased a new position in Cognex during the 3rd quarter worth approximately $40,000. Tidal Investments LLC increased its holdings in shares of Cognex by 10.0% in the 3rd quarter. Tidal Investments LLC now owns 33,657 shares of the scientific and technical instruments company's stock valued at $1,363,000 after acquiring an additional 3,068 shares during the period. Clean Yield Group raised its position in Cognex by 1,686.7% in the 4th quarter. Clean Yield Group now owns 1,072 shares of the scientific and technical instruments company's stock valued at $38,000 after purchasing an additional 1,012 shares during the last quarter. FNY Investment Advisers LLC boosted its stake in Cognex by 1,818.9% during the 4th quarter. FNY Investment Advisers LLC now owns 2,840 shares of the scientific and technical instruments company's stock worth $101,000 after purchasing an additional 2,692 shares during the period. Finally, Oak Thistle LLC purchased a new position in Cognex during the 4th quarter worth $449,000. Hedge funds and other 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.

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