Needham & Company LLC Raises Cognex (NASDAQ:CGNX) Price Target to $36.00

Cognex (NASDAQ:CGNX) had its price target upped by Needham & Company LLC from $33.00 to $36.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the scientific and technical instruments company’s stock. Needham & Company LLC’s target price suggests a potential upside of 17.65% from the company’s current price.

Several other brokerages also recently weighed in on CGNX. Cowen upgraded Cognex from a “hold” rating to a “buy” rating in a research note on Monday, April 28th. Truist Financial lowered their price objective on Cognex from $37.00 to $29.00 and set a “hold” rating for the company in a research note on Tuesday, April 8th. Robert W. Baird dropped their price objective on Cognex from $42.00 to $38.00 and set a “neutral” rating on the stock in a report on Tuesday, February 18th. DA Davidson cut their target price on Cognex from $35.00 to $32.00 and set a “neutral” rating on the stock in a research report on Monday, May 5th. Finally, UBS Group cut their price target on shares of Cognex from $56.00 to $53.00 and set a “buy” rating on the stock in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $39.67.

Cognex Trading Down 0.8%

CGNX opened at $30.60 on Wednesday. Cognex has a twelve month low of $22.67 and a twelve month high of $53.13. The firm has a market cap of $5.14 billion, a price-to-earnings ratio of 50.16 and a beta of 1.47. The company has a fifty day simple moving average of $28.11 and a 200 day simple moving average of $32.97.

Hedge Funds Weigh In On Cognex

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mackenzie Financial Corp lifted its holdings in shares of Cognex by 126.2% in the 1st quarter. Mackenzie Financial Corp now owns 4,609,802 shares of the scientific and technical instruments company’s stock worth $137,510,000 after purchasing an additional 2,571,457 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Cognex in the fourth quarter worth $79,797,000. T. Rowe Price Investment Management Inc. lifted its stake in Cognex by 32.0% in the first quarter. T. Rowe Price Investment Management Inc. now owns 6,082,319 shares of the scientific and technical instruments company’s stock valued at $181,436,000 after buying an additional 1,474,832 shares during the last quarter. Norges Bank acquired a new position in shares of Cognex during the fourth quarter valued at $46,299,000. Finally, William Blair Investment Management LLC boosted its holdings in shares of Cognex by 27.3% during the fourth quarter. William Blair Investment Management LLC now owns 5,840,117 shares of the scientific and technical instruments company’s stock valued at $209,427,000 after acquiring an additional 1,253,996 shares during the period. 88.12% of the stock is currently owned by institutional investors and hedge funds.

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.