Cognex (NASDAQ:CGNX) Price Target Increased to $41.00 by Analysts at The Goldman Sachs Group

Cognex (NASDAQ:CGNX) had its price target increased by The Goldman Sachs Group from $36.00 to $41.00 in a research report sent to investors on Monday morning, Benzinga reports. The Goldman Sachs Group currently has a sell rating on the scientific and technical instruments company’s stock.

Several other research firms have also recently weighed in on CGNX. StockNews.com cut shares of Cognex from a hold rating to a sell rating in a research note on Monday, February 19th. Citigroup lifted their price objective on Cognex from $41.00 to $43.00 and gave the stock a neutral rating in a report on Monday, April 8th. Robert W. Baird boosted their price objective on Cognex from $40.00 to $44.00 and gave the company a neutral rating in a research report on Friday. Needham & Company LLC raised their target price on Cognex from $46.00 to $48.00 and gave the stock a buy rating in a research report on Friday. Finally, Truist Financial initiated coverage on shares of Cognex in a report on Thursday, March 14th. They issued a buy rating and a $47.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Hold and a consensus target price of $48.67.

Cognex Stock Performance

NASDAQ:CGNX opened at $44.49 on Monday. The company has a market capitalization of $7.64 billion, a P/E ratio of 76.71 and a beta of 1.48. Cognex has a 52 week low of $34.28 and a 52 week high of $59.51. The stock’s 50 day moving average price is $40.79 and its 200 day moving average price is $38.96.

Cognex (NASDAQ:CGNX) last announced its quarterly earnings data on Thursday, February 15th. The scientific and technical instruments company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.04. Cognex had a net margin of 11.76% and a return on equity of 6.81%. The business had revenue of $196.70 million for the quarter, compared to the consensus estimate of $189.16 million. During the same quarter last year, the company posted $0.27 earnings per share. Cognex’s quarterly revenue was down 17.8% on a year-over-year basis. As a group, sell-side analysts forecast that Cognex will post 0.44 earnings per share for the current fiscal year.

Cognex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Thursday, May 16th will be given a $0.075 dividend. The ex-dividend date is Wednesday, May 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.67%. Cognex’s dividend payout ratio (DPR) is presently 51.72%.

Insiders Place Their Bets

In other news, EVP Carl Gerst sold 6,782 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $40.54, for a total value of $274,942.28. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 1.30% of the company’s stock.

Institutional Trading of Cognex

Hedge funds and other institutional investors have recently made changes to their positions in the business. Massmutual Trust Co. FSB ADV increased its position in Cognex by 94.4% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 589 shares of the scientific and technical instruments company’s stock valued at $25,000 after acquiring an additional 286 shares in the last quarter. Neo Ivy Capital Management bought a new stake in shares of Cognex during the third quarter valued at approximately $30,000. BI Asset Management Fondsmaeglerselskab A S increased its holdings in shares of Cognex by 303.1% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 770 shares of the scientific and technical instruments company’s stock valued at $33,000 after purchasing an additional 579 shares in the last quarter. Rise Advisors LLC raised its position in Cognex by 1,239.7% in the 1st quarter. Rise Advisors LLC now owns 777 shares of the scientific and technical instruments company’s stock worth $33,000 after purchasing an additional 719 shares during the last quarter. Finally, Itau Unibanco Holding S.A. lifted its holdings in Cognex by 71.1% during the 3rd quarter. Itau Unibanco Holding S.A. now owns 804 shares of the scientific and technical instruments company’s stock worth $34,000 after buying an additional 334 shares in the last quarter. 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.