Cognex (NASDAQ:CGNX) Price Target Cut to $43.00

Cognex (NASDAQ:CGNX) had its target price trimmed by Morgan Stanley from $47.00 to $43.00 in a research note published on Wednesday, Stock Target Advisor reports. The firm currently has an equal weight rating on the scientific and technical instruments company’s stock.

Other analysts have also issued research reports about the stock. BidaskClub lowered shares of Vertex Pharmaceuticals from a buy rating to a hold rating in a research note on Tuesday, July 9th. Gordon Haskett initiated coverage on shares of Cognex in a research report on Wednesday, April 17th. They issued a hold rating and a $54.00 price target on the stock. ValuEngine downgraded shares of Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Sanford C. Bernstein lowered shares of Encana from an outperform rating to a market perform rating in a report on Tuesday, April 30th. Finally, Zacks Investment Research downgraded shares of ExlService from a hold rating to a sell rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $51.80.

Shares of CGNX opened at $42.42 on Wednesday. The firm has a market cap of $7.19 billion, a price-to-earnings ratio of 34.21, a price-to-earnings-growth ratio of 2.81 and a beta of 2.05. The business has a 50 day moving average price of $44.24. The company has a current ratio of 8.31, a quick ratio of 7.46 and a debt-to-equity ratio of 0.01. Cognex has a 52 week low of $34.88 and a 52 week high of $59.18.

Cognex (NASDAQ:CGNX) last issued its quarterly earnings results on Monday, April 29th. The scientific and technical instruments company reported $0.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.03. The business had revenue of $173.50 million during the quarter, compared to the consensus estimate of $172.16 million. Cognex had a return on equity of 18.90% and a net margin of 26.55%. The business’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.21 EPS. As a group, sell-side analysts forecast that Cognex will post 1 EPS for the current year.

In related news, insider John J. Curran sold 50,000 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $49.01, for a total transaction of $2,450,500.00. Following the completion of the transaction, the insider now directly owns 12,500 shares in the company, valued at approximately $612,625. The sale was disclosed in a document filed with the SEC, which is available through this link. 5.60% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the business. Riverhead Capital Management LLC grew its position in shares of Cognex by 1.6% during the first quarter. Riverhead Capital Management LLC now owns 55,859 shares of the scientific and technical instruments company’s stock worth $2,841,000 after acquiring an additional 900 shares during the last quarter. Lazard Asset Management LLC increased its holdings in shares of Cognex by 26.1% in the 1st quarter. Lazard Asset Management LLC now owns 1,592,100 shares of the scientific and technical instruments company’s stock worth $80,974,000 after acquiring an additional 329,400 shares during the period. Geode Capital Management LLC increased its holdings in shares of Cognex by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 1,982,117 shares of the scientific and technical instruments company’s stock worth $76,607,000 after acquiring an additional 102,876 shares during the period. SG Americas Securities LLC lifted its position in Cognex by 52.6% in the 1st quarter. SG Americas Securities LLC now owns 13,253 shares of the scientific and technical instruments company’s stock valued at $674,000 after purchasing an additional 4,566 shares during the last quarter. Finally, Marsico Capital Management LLC lifted its position in Cognex by 32.8% in the 4th quarter. Marsico Capital Management LLC now owns 83,921 shares of the scientific and technical instruments company’s stock valued at $3,245,000 after purchasing an additional 20,704 shares during the last quarter. Institutional investors own 94.49% of the company’s stock.

About Cognex

Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes worldwide. It provides machine vision products, which are used to automate the manufacture 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.

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