Cowen Cuts Cognex (NASDAQ:CGNX) Price Target to $55.00

Cognex (NASDAQ:CGNXGet Rating) had its price objective cut by Cowen from $75.00 to $55.00 in a research note issued to investors on Wednesday, Stock Target Advisor reports. They currently have an outperform rating on the scientific and technical instruments company’s stock.

Several other research firms also recently commented on CGNX. Raymond James decreased their target price on shares of Cognex from $90.00 to $80.00 in a research report on Thursday, June 9th. The Goldman Sachs Group lowered their price objective on Cognex from $59.00 to $41.00 and set a sell rating for the company in a research note on Thursday, June 23rd. Cowen cut their target price on Cognex from $95.00 to $75.00 in a research report on Tuesday, May 10th. Sanford C. Bernstein raised Cognex from a market perform rating to an outperform rating and set a $65.00 price target for the company in a research report on Wednesday. Finally, Morgan Stanley dropped their price objective on Cognex from $68.00 to $52.00 and set an equal weight rating on the stock in a research note on Tuesday, May 31st. One analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Cognex currently has a consensus rating of Hold and a consensus target price of $62.00.

Cognex Stock Performance

Shares of NASDAQ:CGNX opened at $47.94 on Wednesday. The firm has a market cap of $8.31 billion, a P/E ratio of 32.84 and a beta of 1.66. Cognex has a 52-week low of $41.69 and a 52-week high of $92.17. The business’s 50 day simple moving average is $46.04 and its two-hundred day simple moving average is $58.56.

Cognex (NASDAQ:CGNXGet Rating) last issued its earnings results on Tuesday, August 2nd. The scientific and technical instruments company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. Cognex had a return on equity of 19.19% and a net margin of 23.82%. During the same period in the previous year, the company posted $0.43 EPS. On average, equities analysts forecast that Cognex will post 1.48 earnings per share for the current fiscal year.

Cognex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 2nd. Shareholders of record on Friday, August 19th will be paid a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date is Thursday, August 18th. Cognex’s payout ratio is 17.81%.

Insider Activity

In related news, Director Dianne M. Parrotte purchased 3,000 shares of the stock in a transaction that occurred on Thursday, May 12th. The shares were bought at an average price of $46.00 per share, with a total value of $138,000.00. Following the acquisition, the director now owns 3,608 shares of the company’s stock, valued at approximately $165,968. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 4.10% of the company’s stock.

Institutional Trading of Cognex

A number of large investors have recently bought and sold shares of CGNX. BlackRock Inc. grew its stake in shares of Cognex by 1.2% during the 1st quarter. BlackRock Inc. now owns 19,443,442 shares of the scientific and technical instruments company’s stock worth $1,500,064,000 after acquiring an additional 229,114 shares during the period. American Century Companies Inc. lifted its holdings in Cognex by 31.5% during the first quarter. American Century Companies Inc. now owns 5,938,568 shares of the scientific and technical instruments company’s stock valued at $458,160,000 after purchasing an additional 1,422,175 shares during the last quarter. Alliancebernstein L.P. boosted its position in Cognex by 11.7% during the fourth quarter. Alliancebernstein L.P. now owns 5,931,739 shares of the scientific and technical instruments company’s stock worth $461,252,000 after purchasing an additional 619,196 shares during the period. State Street Corp increased its stake in shares of Cognex by 0.8% in the first quarter. State Street Corp now owns 5,778,896 shares of the scientific and technical instruments company’s stock worth $445,842,000 after purchasing an additional 45,764 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Cognex by 16.4% in the fourth quarter. Geode Capital Management LLC now owns 2,621,724 shares of the scientific and technical instruments company’s stock valued at $203,596,000 after purchasing an additional 369,689 shares during the period. 88.85% of the stock is owned by hedge funds and other institutional investors.

Cognex Company Profile

(Get Rating)

Cognex Corporation provides machine vision products that capture and analyze visual information in order 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, aspirin bottles, and automobile tires by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process.

See Also

Analyst Recommendations for Cognex (NASDAQ:CGNX)

Receive News & Ratings for Cognex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cognex and related companies with MarketBeat.com's FREE daily email newsletter.