DA Davidson Has Lowered Expectations for Cognex (NASDAQ:CGNX) Stock Price

Cognex (NASDAQ:CGNX) had its target price cut by DA Davidson from $65.00 to $55.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the scientific and technical instruments company’s stock. DA Davidson‘s price target suggests a potential upside of 8.51% from the company’s previous close.

CGNX has been the topic of several other reports. Cantor Fitzgerald raised their price objective on Cognex from $76.00 to $84.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Truist Financial reduced their target price on shares of Cognex from $74.00 to $57.00 and set a “hold” rating for the company in a research note on Friday. Robert W. Baird lowered their target price on shares of Cognex from $78.00 to $70.00 and set a “neutral” rating for the company in a report on Wednesday, September 23rd. Needham & Company LLC dropped their price target on shares of Cognex from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Friday. Finally, JPMorgan Chase & Co. cut their price target on shares of Cognex from $75.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $71.50.

Cognex Stock Up 6.1%

CGNX traded up $2.91 during trading on Monday, hitting $50.69. The company’s stock had a trading volume of 1,105,932 shares, compared to its average volume of 2,132,095. Cognex has a twelve month low of $34.60 and a twelve month high of $72.88. The stock’s fifty day moving average price is $59.06 and its 200-day moving average price is $58.04. The firm has a market capitalization of $8.53 billion, a P/E ratio of 35.24 and a beta of 1.49.

Cognex (NASDAQ:CGNX) last released its quarterly earnings data on Wednesday, November 4th. The scientific and technical instruments company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The company had revenue of $313.39 million for the quarter, compared to analysts’ expectations of $313.62 million. Cognex had a net margin of 21.50% and a return on equity of 15.75%. The business’s revenue was up 13.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.33 EPS. Equities research analysts expect that Cognex will post 1.70 EPS for the current fiscal year.

Institutional Investors Weigh In On Cognex

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

Cognex Company Profile