Cognex (NASDAQ:CGNX) Stock Price Target Cut by JPMorgan Chase & Co.

Cognex (NASDAQ:CGNX) had its target price cut by investment analysts at JPMorgan Chase & Co. from $75.00 to $65.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the scientific and technical instruments company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 36.04% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on CGNX. Weiss Ratings upgraded shares of Cognex from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. The Goldman Sachs Group reiterated a “buy” rating and issued a $91.00 target price on shares of Cognex in a research report on Friday, August 7th. Stephens cut their target price on shares of Cognex from $85.00 to $70.00 and set an “overweight” rating for the company in a research note on Friday. Zacks Research downgraded shares of Cognex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 6th. Finally, Citigroup restated a “neutral” rating and set a $74.00 price target (up from $72.00) on shares of Cognex in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $72.21.

Cognex Price Performance

Cognex stock opened at $47.78 on Friday. The stock has a market capitalization of $8.04 billion, a PE ratio of 33.41 and a beta of 1.49. The business has a 50 day simple moving average of $59.06 and a 200-day simple moving average of $58.04. Cognex has a 12 month low of $34.60 and a 12 month high of $72.88.

Cognex (NASDAQ:CGNX) last announced its earnings results on Wednesday, November 4th. The scientific and technical instruments company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Cognex had a return on equity of 15.75% and a net margin of 21.50%. The firm had revenue of $313.39 million for the quarter, compared to analyst estimates of $313.62 million. During the same quarter last year, the firm posted $0.33 EPS. The business’s revenue was up 13.0% on a year-over-year basis. On average, equities research analysts anticipate that Cognex will post 1.70 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CGNX. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Cognex during the 2nd quarter worth about $26,000. Mather Group LLC. lifted its position in Cognex by 81.3% in the third quarter. Mather Group LLC. now owns 446 shares of the scientific and technical instruments company’s stock valued at $27,000 after buying an additional 200 shares during the last quarter. Rakuten Securities Inc. purchased a new position in Cognex during the second quarter worth about $32,000. Transamerica Financial Advisors LLC purchased a new position in Cognex during the second quarter worth about $32,000. Finally, Elevation Wealth Partners LLC boosted its stake in Cognex by 635.4% during the second quarter. Elevation Wealth Partners LLC now owns 478 shares of the scientific and technical instruments company’s stock worth $35,000 after buying an additional 413 shares during the period. 88.12% of the stock is currently owned by institutional investors and hedge funds.

About Cognex