Cognex (NASDAQ:CGNX) Price Target Lowered to $83.00 at Morgan Stanley

Cognex (NASDAQ:CGNX) had its price target cut by Morgan Stanley from $85.00 to $83.00 in a research report sent to investors on Friday, Price Targets.com reports. They currently have an equal weight rating on the scientific and technical instruments company’s stock.

Other equities research analysts also recently issued research reports about the company. Raymond James dropped their price objective on Cognex from $120.00 to $110.00 and set a strong-buy rating for the company in a report on Monday, November 8th. Cowen lowered their price target on Cognex from $100.00 to $95.00 in a report on Friday. Zacks Investment Research downgraded Cognex from a hold rating to a sell rating in a report on Thursday, November 11th. Northcoast Research upgraded Cognex from a neutral rating to a buy rating in a report on Monday, November 8th. Finally, Needham & Company LLC upgraded Cognex from a hold rating to a buy rating and set a $95.00 price target for the company in a report on Monday, November 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Cognex currently has a consensus rating of Buy and an average target price of $95.00.

CGNX stock opened at $70.66 on Friday. The company has a market cap of $12.49 billion, a P/E ratio of 42.82 and a beta of 1.64. Cognex has a twelve month low of $69.35 and a twelve month high of $101.82. The business has a fifty day moving average of $77.20 and a 200-day moving average of $82.64.

Cognex (NASDAQ:CGNX) last released its earnings results on Thursday, November 4th. The scientific and technical instruments company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.01). The firm had revenue of $284.85 million for the quarter, compared to the consensus estimate of $288.32 million. Cognex had a return on equity of 20.91% and a net margin of 29.08%. The company’s revenue was up 13.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.49 EPS. On average, analysts predict that Cognex will post 1.22 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 3rd. Stockholders of record on Friday, November 19th were given a $0.065 dividend. The ex-dividend date of this dividend was Thursday, November 18th. This is a positive change from Cognex’s previous quarterly dividend of $0.06. This represents a $0.26 annualized dividend and a dividend yield of 0.37%. Cognex’s dividend payout ratio (DPR) is 15.76%.

In related news, CFO Paul Todgham sold 3,000 shares of the business’s stock in a transaction dated Friday, November 12th. The stock was sold at an average price of $82.99, for a total value of $248,970.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.90% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Nordea Investment Management AB increased its position in Cognex by 112.5% in the 3rd quarter. Nordea Investment Management AB now owns 6,529,376 shares of the scientific and technical instruments company’s stock valued at $524,178,000 after buying an additional 3,457,345 shares in the last quarter. State Street Corp increased its position in Cognex by 6.5% in the 2nd quarter. State Street Corp now owns 5,593,120 shares of the scientific and technical instruments company’s stock valued at $470,102,000 after buying an additional 343,364 shares in the last quarter. Alliancebernstein L.P. increased its position in Cognex by 5.8% in the 3rd quarter. Alliancebernstein L.P. now owns 5,312,543 shares of the scientific and technical instruments company’s stock valued at $426,172,000 after buying an additional 288,907 shares in the last quarter. Neuberger Berman Group LLC increased its position in Cognex by 5.2% in the 3rd quarter. Neuberger Berman Group LLC now owns 2,909,031 shares of the scientific and technical instruments company’s stock valued at $231,305,000 after buying an additional 143,491 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its holdings in Cognex by 24.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 2,347,221 shares of the scientific and technical instruments company’s stock worth $197,284,000 after purchasing an additional 460,267 shares in the last quarter. 88.26% of the stock is owned by institutional investors and hedge funds.

Cognex Company Profile

Cognex Corp. engages in the provision of machine vision products that capture and analyze visual information in order to automate tasks in processes, where vision is required. The company was founded by Robert J. Shillman, William Silver and Marilyn Matz in 1981 and is headquartered in Natick, MA.

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Analyst Recommendations for Cognex (NASDAQ:CGNX)

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