Cognex (NASDAQ:CGNX) Price Target Lowered to $43.00 at Morgan Stanley

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

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

Shares of CGNX stock opened at $42.42 on Wednesday. The business’s fifty day simple moving average is $44.24. The firm has a market capitalization of $7.19 billion, a price-to-earnings ratio of 34.21, a PEG ratio of 2.81 and a beta of 2.05. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.31 and a quick ratio of 7.46. Cognex has a 1-year low of $34.88 and a 1-year high of $59.18.

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

In other news, insider John J. Curran sold 50,000 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $49.01, for a total transaction of $2,450,500.00. Following the transaction, the insider now directly owns 12,500 shares in the company, valued at approximately $612,625. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 5.60% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Riverhead Capital Management LLC raised its holdings in shares of Cognex by 1.6% in the 1st quarter. Riverhead Capital Management LLC now owns 55,859 shares of the scientific and technical instruments company’s stock worth $2,841,000 after purchasing an additional 900 shares during the period. Lazard Asset Management LLC increased its position in Cognex by 26.1% during 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 purchasing an additional 329,400 shares in the last quarter. Geode Capital Management LLC raised its holdings in Cognex by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 1,982,117 shares of the scientific and technical instruments company’s stock valued at $76,607,000 after buying an additional 102,876 shares during the period. SG Americas Securities LLC raised its holdings in Cognex by 52.6% in the first quarter. SG Americas Securities LLC now owns 13,253 shares of the scientific and technical instruments company’s stock valued at $674,000 after buying an additional 4,566 shares during the period. Finally, Marsico Capital Management LLC raised its holdings in Cognex by 32.8% in the fourth 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 buying an additional 20,704 shares during the period. Hedge funds and other 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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Analyst Recommendations for Cognex (NASDAQ:CGNX)

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