Cognex (NASDAQ:CGNX) Stock Rating Upgraded by Stephens

Cognex (NASDAQ:CGNX - Get Free Report) was upgraded by equities research analysts at Stephens from an "equal weight" rating to an "overweight" rating in a research report issued on Wednesday, MarketBeat reports. The firm currently has a $55.00 price objective on the scientific and technical instruments company's stock, up from their prior price objective of $45.00. Stephens' price target points to a potential upside of 36.88% from the stock's current price.

Other equities analysts have also issued research reports about the stock. The Goldman Sachs Group reduced their target price on shares of Cognex from $45.00 to $39.00 and set a "sell" rating on the stock in a report on Friday, August 2nd. Truist Financial reduced their target price on shares of Cognex from $55.00 to $46.00 and set a "buy" rating on the stock in a report on Friday, August 2nd. StockNews.com upgraded shares of Cognex from a "sell" rating to a "hold" rating in a report on Friday, August 9th. Needham & Company LLC lifted their target price on shares of Cognex from $48.00 to $57.00 and gave the company a "buy" rating in a report on Monday, July 29th. Finally, DA Davidson dropped their price target on shares of Cognex from $41.00 to $39.00 and set a "neutral" rating on the stock in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Cognex currently has an average rating of "Moderate Buy" and a consensus price target of $50.00.

Cognex Stock Up 1.2 %

Shares of CGNX stock traded up $0.49 during trading hours on Wednesday, hitting $40.18. 1,255,567 shares of the company were exchanged, compared to its average volume of 1,277,703. The firm has a market cap of $6.90 billion, a PE ratio of 68.43 and a beta of 1.41. Cognex has a 1 year low of $34.28 and a 1 year high of $53.13. The firm has a fifty day moving average of $39.19 and a 200 day moving average of $43.04.

Cognex (NASDAQ:CGNX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.14 by $0.03. Cognex had a net margin of 9.29% and a return on equity of 4.97%. The firm had revenue of $239.00 million for the quarter, compared to analyst estimates of $240.33 million. During the same quarter last year, the firm posted $0.32 earnings per share. Cognex's revenue for the quarter was down 1.6% compared to the same quarter last year. Analysts expect that Cognex will post 0.44 earnings per share for the current year.

Insider Activity

In other Cognex news, CFO Dennis Fehr purchased 6,570 shares of the firm's stock in a transaction dated Wednesday, September 4th. The stock was acquired at an average cost of $38.04 per share, with a total value of $249,922.80. Following the acquisition, the chief financial officer now owns 6,570 shares of the company's stock, valued at approximately $249,922.80. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In other Cognex news, CFO Dennis Fehr purchased 6,570 shares of the firm's stock in a transaction dated Wednesday, September 4th. The stock was acquired at an average cost of $38.04 per share, with a total value of $249,922.80. Following the acquisition, the chief financial officer now owns 6,570 shares of the company's stock, valued at approximately $249,922.80. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Dianne M. Parrotte purchased 2,000 shares of the firm's stock in a transaction dated Wednesday, August 7th. The stock was acquired at an average cost of $38.62 per share, with a total value of $77,240.00. Following the completion of the acquisition, the director now directly owns 11,340 shares in the company, valued at approximately $437,950.80. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.10% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CGNX. Price T Rowe Associates Inc. MD boosted its stake in Cognex by 986.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,619,007 shares of the scientific and technical instruments company's stock valued at $68,679,000 after purchasing an additional 1,469,961 shares during the period. Swedbank AB acquired a new position in Cognex during the 1st quarter valued at about $58,502,000. Impax Asset Management Group plc boosted its stake in Cognex by 32.8% during the 2nd quarter. Impax Asset Management Group plc now owns 5,098,711 shares of the scientific and technical instruments company's stock valued at $237,812,000 after purchasing an additional 1,259,116 shares during the period. William Blair Investment Management LLC boosted its stake in Cognex by 41.4% during the 1st quarter. William Blair Investment Management LLC now owns 3,716,623 shares of the scientific and technical instruments company's stock valued at $157,659,000 after purchasing an additional 1,088,095 shares during the period. Finally, Point72 Asset Management L.P. boosted its stake in Cognex by 132.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,272,640 shares of the scientific and technical instruments company's stock valued at $59,509,000 after purchasing an additional 723,976 shares during the period. 88.12% of the stock is owned by institutional investors and hedge funds.

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.