Cognex (NASDAQ:CGNX) Rating Increased to Outperform at Sanford C. Bernstein

Cognex (NASDAQ:CGNXGet Rating) was upgraded by analysts at Sanford C. Bernstein from a “market perform” rating to an “outperform” rating in a report released on Wednesday, Marketbeat Ratings reports. The firm currently has a $65.00 target price on the scientific and technical instruments company’s stock. Sanford C. Bernstein’s price target indicates a potential upside of 35.56% from the company’s previous close.

Several other research firms have also recently weighed in on CGNX. Cowen decreased their price target on Cognex from $95.00 to $75.00 in a research note on Tuesday, May 10th. UBS Group reduced their price objective on Cognex from $80.00 to $50.00 and set a “neutral” rating for the company in a research report on Thursday, May 26th. TheStreet cut Cognex from a “b-” rating to a “c+” rating in a research report on Tuesday, May 24th. Needham & Company LLC cut their price target on Cognex from $80.00 to $60.00 and set a “buy” rating for the company in a report on Monday. Finally, Raymond James cut their price target on Cognex from $90.00 to $80.00 in a report on Thursday, June 9th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $62.00.

Cognex Price Performance

CGNX stock opened at $47.95 on Wednesday. Cognex has a 1-year low of $41.69 and a 1-year high of $92.17. The business has a fifty day moving average price of $46.07 and a 200-day moving average price of $58.71. The stock has a market capitalization of $8.33 billion, a P/E ratio of 32.84 and a beta of 1.66.

Cognex (NASDAQ:CGNXGet Rating) last posted its quarterly earnings results on Tuesday, August 2nd. The scientific and technical instruments company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.05. Cognex had a return on equity of 19.06% and a net margin of 23.82%. During the same period in the previous year, the company earned $0.43 earnings per share. As a group, analysts anticipate that Cognex will post 1.52 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Dianne M. Parrotte bought 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 12th. The shares were bought at an average cost of $46.00 per share, for a total transaction of $138,000.00. Following the completion of the transaction, the director now owns 3,608 shares of the company’s stock, valued at $165,968. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cognex

A number of hedge funds have recently made changes to their positions in the company. Steward Partners Investment Advisory LLC lifted its position in shares of Cognex by 22.4% in the second quarter. Steward Partners Investment Advisory LLC now owns 4,316 shares of the scientific and technical instruments company’s stock worth $184,000 after buying an additional 791 shares in the last quarter. Royce & Associates LP raised its position in Cognex by 2.9% during the second quarter. Royce & Associates LP now owns 693,034 shares of the scientific and technical instruments company’s stock valued at $29,468,000 after purchasing an additional 19,846 shares during the period. GW Henssler & Associates Ltd. purchased a new stake in Cognex during the second quarter valued at approximately $245,000. Independent Advisor Alliance raised its position in Cognex by 6.5% during the second quarter. Independent Advisor Alliance now owns 7,554 shares of the scientific and technical instruments company’s stock valued at $321,000 after purchasing an additional 463 shares during the period. Finally, Aviva PLC raised its position in Cognex by 58.1% during the second quarter. Aviva PLC now owns 52,349 shares of the scientific and technical instruments company’s stock valued at $2,226,000 after purchasing an additional 19,238 shares during the period. 88.85% of the stock is currently 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.

Further Reading

Analyst Recommendations for Cognex (NASDAQ:CGNX)

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