Robert W. Baird Boosts Cognex Corporation (CGNX) Price Target to $124.00

Cognex Corporation (NASDAQ:CGNX) had its price objective raised by investment analysts at Robert W. Baird from $100.00 to $124.00 in a research report issued to clients and investors on Tuesday. The brokerage currently has a “neutral” rating on the scientific and technical instruments company’s stock. Robert W. Baird’s price target would indicate a potential upside of 0.27% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. Cowen and Company reissued a “buy” rating and issued a $100.00 target price on shares of Cognex Corporation in a research note on Tuesday, July 11th. Zacks Investment Research raised Cognex Corporation from a “hold” rating to a “buy” rating and set a $95.00 target price for the company in a research note on Tuesday, July 4th. Wolfe Research raised Cognex Corporation from a “market perform” rating to an “outperform” rating in a research note on Monday, August 14th. Finally, BidaskClub raised Cognex Corporation from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 4th. Six analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Cognex Corporation presently has a consensus rating of “Buy” and an average target price of $92.00.

Cognex Corporation (NASDAQ CGNX) traded down 2.43% during trading on Tuesday, reaching $120.65. The company’s stock had a trading volume of 744,247 shares. The company has a market cap of $10.44 billion, a PE ratio of 55.12 and a beta of 1.42. Cognex Corporation has a 52-week low of $49.68 and a 52-week high of $129.89. The stock has a 50-day moving average price of $116.20 and a 200 day moving average price of $99.67.

Cognex Corporation (NASDAQ:CGNX) last posted its quarterly earnings data on Monday, October 30th. The scientific and technical instruments company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. Cognex Corporation had a return on equity of 19.51% and a net margin of 33.10%. The firm had revenue of $259.74 million during the quarter, compared to analysts’ expectations of $255.95 million. During the same period in the prior year, the business earned $0.61 EPS. The company’s revenue for the quarter was up 75.6% compared to the same quarter last year. On average, analysts expect that Cognex Corporation will post $2.56 EPS for the current year.

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In related news, Director Bruce Robinson J sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $106.50, for a total value of $745,500.00. Following the sale, the director now owns 5,625 shares in the company, valued at approximately $599,062.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jerry A. Schneider sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $102.67, for a total value of $513,350.00. Following the completion of the sale, the director now owns 6,000 shares in the company, valued at approximately $616,020. The disclosure for this sale can be found here. Insiders sold a total of 126,750 shares of company stock valued at $13,242,726 in the last three months. Corporate insiders own 5.60% of the company’s stock.

Several institutional investors have recently bought and sold shares of the stock. BlackRock Inc. grew its stake in shares of Cognex Corporation by 3.5% in the 2nd quarter. BlackRock Inc. now owns 6,887,038 shares of the scientific and technical instruments company’s stock worth $584,711,000 after buying an additional 231,014 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Cognex Corporation by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 6,734,216 shares of the scientific and technical instruments company’s stock worth $571,735,000 after buying an additional 159,355 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Cognex Corporation by 126.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,342,312 shares of the scientific and technical instruments company’s stock worth $198,864,000 after buying an additional 1,309,047 shares during the last quarter. State Street Corp grew its stake in shares of Cognex Corporation by 2.2% in the 2nd quarter. State Street Corp now owns 2,169,073 shares of the scientific and technical instruments company’s stock worth $184,153,000 after buying an additional 45,840 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Cognex Corporation by 21.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,261,312 shares of the scientific and technical instruments company’s stock worth $107,085,000 after buying an additional 221,545 shares during the last quarter. Institutional investors own 86.45% of the company’s stock.

Cognex Corporation Company Profile

Cognex Corporation (Cognex) is a provider of machine vision products that capture and analyze visual information in order to automate tasks, primarily in manufacturing processes, where vision is required. The Company operates through the machine vision technology segment. The Company’s machine vision products are used to automate the manufacture and tracking of discrete items, such as mobile phones, aspirin bottles and automobile tires, by locating, identifying, inspecting and measuring them during the manufacturing or distribution process.

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