On September 3, 2023, Cognex Corporation (NASDAQ:CGNX) received a reaffirmed “buy” rating from stock analysts at Needham & Company LLC, as reported by Benzinga. Needham & Company LLC set a target price of $55.00 for the company’s stock, implying a potential upside of 16.82% from its current price.
Cognex is a scientific and technical instruments company that specializes in providing machine vision products for automating manufacturing and distribution tasks globally. Through its innovative machine vision technology, Cognex assists in the automation of various processes such as locating, identifying, inspecting, and measuring discrete items like mobile phones, electric vehicle batteries, and e-commerce packages.
As of Friday’s opening trading session on September 3rd, CGNX shares were valued at $47.08. The firm has a market capitalization of $8.11 billion with a price-to-earnings ratio of 47.56 and a beta value of 1.54. Cognex’s fifty-day moving average price stands at $52.22, while its two-hundred-day moving average is $51.12. Over the past year, the stock has ranged between a low of $40.21 and a high of $59.51.
In terms of financial performance, Cognex last reported its quarterly earnings data on Thursday, August 3rd. The company posted earnings per share (EPS) of $0.32 for the quarter, surpassing the consensus estimate by $0.13 ($0.19 was expected). With a net margin of 19.31% and a return on equity (ROE) of 10.32%, Cognex showcased strong profitability during this period. The firm generated revenue totaling $242.51 million for the quarter compared to analyst estimates of $230.99 million.
Sell-side analysts, on average, anticipate that Cognex will achieve earnings per share (EPS) of 0.54 for the current fiscal year.
In summary, Cognex Corporation’s stock was recently reiterated with a “buy” rating by Needham & Company LLC, with a target price of $55.00. With its machine vision products and ability to automate manufacturing and distribution tasks, Cognex continues to play a pivotal role in various industries worldwide. Investors may find potential upside opportunities given the positive outlook for the company’s earnings performance and future growth prospects.
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Insights and Movements: Analyzing Cognex Corporation’s Stock with Equities Analysts and Institutional Investors
September 3, 2023 – Leading equities analysts have recently released their insights on the stock of Cognex Corporation, a renowned scientific and technical instruments company. These analysts include Credit Suisse Group, Citigroup, StockNews.com, UBS Group, and CL King.
In their research reports, Credit Suisse Group decreased their price target on Cognex shares from $47.00 to $46.00 and assigned a “neutral” rating to the stock on August 7th. Citigroup initiated coverage on Cognex with a “neutral” rating and set a price target of $52.00 on the stock. StockNews.com also conducted coverage on August 17th and issued a “hold” rating for Cognex shares. UBS Group, on the other hand, raised their price target from $48.00 to $52.00 in their report released on May 5th. Lastly, CL King commenced coverage with a “neutral” rating on June 23rd.
It is important to note that while one investment analyst has given a sell rating for the company’s stock, eight others have issued hold ratings and one has assigned a buy rating to Cognex Corporation. According to data provided by Bloomberg, there is currently a consensus among analysts that the stock should be held, with an average price target of $51.00.
Alongside these opinions from equities analysts are significant investments made by institutional investors in Cognex Corporation. BlackRock Inc., for example, has increased its stake in the company by 0.5% during the first quarter of this year. The firm now owns approximately 17,207,485 shares valued at around $852,631,000 after purchasing an additional 87,789 shares during that period.
Vanguard Group Inc., another leading institution investor increased its stake in Cognex by 1.1% during the third quarter of last year. The firm now holds about 15,895,177 shares worth approximately $658,855,000 after acquiring an additional 180,188 shares.
State Street Corp also participated in the buying spree by boosting its stake in Cognex by 0.8% during the first quarter. They currently own roughly 5,778,896 shares valued at approximately $445,842,000 after acquiring an additional 45,764 shares.
Alliancebernstein L.P., a significant institutional investor in the market also raised its Cognex holdings by 3.0% during the fourth quarter. Their ownership now consists of around 5,294,480 shares with an estimated value of $249,423,000 after purchasing an additional 151,776 shares.
Lastly, Lazard Asset Management LLC has recently demonstrated their confidence in Cognex Corporation by increasing their stake by 12.1% during the fourth quarter. With an additional investment of approximately 526,196 shares in their portfolio during that period made sure they now hold around 4,891,408 Cognex Corporation’s shares worth approximately $230,434,000.
Overall statistics show that institutional investors and hedge funds collectively own about 89.86% of the company’s stock.
These recent insights and movements within the equities market offer valuable perspectives on Cognex Corporation and provide various indicators for investors to consider when making decisions about their portfolios going forward. As always though , it is important for potential investors to conduct thorough research based on credible sources and seek professional financial advice before making any investment decisions
