Cognex (NASDAQ:CGNX) Upgraded by KeyCorp to Overweight Rating

Key Points

• Cognex has been upgraded by KeyCorp from a "sector weight" to an "overweight" rating, with a target price of $50.00, indicating a potential upside of 22.64%.
• Other analysts have mixed ratings, with Citigroup maintaining a "neutral" rating at $37.00 and several others issuing "hold" or "buy" ratings, highlighting a consensus rating of "Moderate Buy."
• Cognex reported an EPS of $0.25 for the last quarter, exceeding expectations, with revenue of $249.09 million, marking a 4.2% increase compared to the same quarter last year.

Cognex (NASDAQ:CGNX - Get Free Report) was upgraded by analysts at KeyCorp from a "sector weight" rating to an "overweight" rating in a report issued on Friday,Briefing.com Automated Import reports. The brokerage presently has a $50.00 target price on the scientific and technical instruments company's stock. KeyCorp's target price suggests a potential upside of 22.64% from the company's current price.

Other analysts also recently issued research reports about the company. Citigroup reaffirmed a "neutral" rating and set a $37.00 price objective (up previously from $30.00) on shares of Cognex in a research note on Monday, July 14th. DA Davidson reiterated a "neutral" rating and set a $32.00 target price on shares of Cognex in a report on Monday, June 16th. Truist Financial lowered their target price on Cognex from $37.00 to $29.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. The Goldman Sachs Group increased their target price on Cognex from $29.00 to $32.00 and gave the stock a "sell" rating in a report on Thursday, June 12th. Finally, Melius upgraded Cognex from a "hold" rating to a "buy" rating and set a $60.00 target price for the company in a report on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $41.00.

Cognex Trading Up 20.8%

Shares of Cognex stock opened at $40.77 on Friday. The company has a market capitalization of $6.84 billion, a PE ratio of 57.42 and a beta of 1.47. Cognex has a 12 month low of $22.67 and a 12 month high of $50.34. The stock's fifty day simple moving average is $31.81 and its 200 day simple moving average is $31.81.

Cognex (NASDAQ:CGNX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The scientific and technical instruments company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.23 by $0.02. The business had revenue of $249.09 million for the quarter, compared to the consensus estimate of $246.70 million. Cognex had a return on equity of 6.64% and a net margin of 13.13%. The firm's revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.23 EPS. Analysts predict that Cognex will post 0.61 EPS for the current fiscal year.

Hedge Funds Weigh In On Cognex

Several hedge funds have recently modified their holdings of CGNX. LPL Financial LLC grew its holdings in shares of Cognex by 37.0% in the 4th quarter. LPL Financial LLC now owns 47,381 shares of the scientific and technical instruments company's stock valued at $1,699,000 after acquiring an additional 12,797 shares in the last quarter. Norges Bank acquired a new stake in Cognex in the 4th quarter valued at about $46,299,000. Arrowstreet Capital Limited Partnership acquired a new stake in Cognex in the 4th quarter valued at about $5,742,000. California Public Employees Retirement System lifted its stake in Cognex by 10.8% in the 4th quarter. California Public Employees Retirement System now owns 243,098 shares of the scientific and technical instruments company's stock valued at $8,717,000 after purchasing an additional 23,662 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Cognex in the 4th quarter valued at about $1,230,000. Institutional investors own 88.12% of the company's stock.

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.

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