Cognex (NASDAQ:CGNX) Given New $42.00 Price Target at Citigroup

Cognex (NASDAQ:CGNX - Get Free Report) had its price objective lowered by investment analysts at Citigroup from $44.00 to $42.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the scientific and technical instruments company's stock. Citigroup's price target would indicate a potential upside of 12.93% from the company's current price.

A number of other analysts have also issued reports on CGNX. Truist Financial decreased their target price on shares of Cognex from $43.00 to $42.00 and set a "hold" rating on the stock in a research report on Thursday, December 19th. Cantor Fitzgerald raised Cognex to a "strong-buy" rating in a research report on Friday, December 20th. Needham & Company LLC dropped their target price on Cognex from $50.00 to $47.00 and set a "buy" rating for the company in a research note on Friday, November 1st. Finally, Stephens reissued an "overweight" rating and issued a $55.00 price target on shares of Cognex in a research note on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Cognex currently has an average rating of "Moderate Buy" and an average target price of $47.83.

Cognex Price Performance

NASDAQ:CGNX traded up $0.20 on Monday, reaching $37.19. The stock had a trading volume of 1,210,447 shares, compared to its average volume of 1,080,435. Cognex has a 12-month low of $34.79 and a 12-month high of $53.13. The company has a market cap of $6.38 billion, a price-to-earnings ratio of 71.52 and a beta of 1.40. The firm's fifty day moving average is $38.53 and its two-hundred day moving average is $40.74.

Insider Buying and Selling at Cognex

In other Cognex news, Director Anthony Sun sold 26,000 shares of the company's stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $40.03, for a total transaction of $1,040,780.00. Following the sale, the director now owns 26,608 shares in the company, valued at $1,065,118.24. This represents a 49.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CTO Joerg Kuechen sold 2,934 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $37.75, for a total value of $110,758.50. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cognex

Large investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. boosted its holdings in shares of Cognex by 7.5% in the 2nd quarter. Federated Hermes Inc. now owns 563,252 shares of the scientific and technical instruments company's stock valued at $26,338,000 after buying an additional 39,328 shares during the period. Oppenheimer Asset Management Inc. lifted its holdings in shares of Cognex by 6.8% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 72,365 shares of the scientific and technical instruments company's stock worth $3,384,000 after purchasing an additional 4,635 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in Cognex by 2.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 492,667 shares of the scientific and technical instruments company's stock valued at $23,037,000 after purchasing an additional 11,251 shares during the period. Dimensional Fund Advisors LP grew its stake in Cognex by 33.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,621,629 shares of the scientific and technical instruments company's stock worth $75,828,000 after buying an additional 409,502 shares during the last quarter. Finally, Lmcg Investments LLC increased its position in Cognex by 5.6% in the second quarter. Lmcg Investments LLC now owns 91,757 shares of the scientific and technical instruments company's stock worth $4,291,000 after buying an additional 4,829 shares during the period. 88.12% of the stock is currently owned by institutional investors.

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.