Citigroup Issues Pessimistic Forecast for Cognex (NASDAQ:CGNX) Stock Price

Cognex (NASDAQ:CGNX) had its price target decreased by analysts at Citigroup from $44.00 to $42.00 in a report released on Monday,Benzinga reports. The firm presently has a “neutral” rating on the scientific and technical instruments company’s stock. Citigroup’s price objective indicates a potential upside of 8.89% from the company’s current price.

Several other analysts also recently weighed in on CGNX. Needham & Company LLC decreased their price objective on Cognex from $50.00 to $47.00 and set a “buy” rating for the company in a report on Friday, November 1st. Cantor Fitzgerald upgraded shares of Cognex to a “strong-buy” rating in a report on Friday, December 20th. Truist Financial lowered their price target on shares of Cognex from $43.00 to $42.00 and set a “hold” rating for the company in a research report on Thursday, December 19th. Finally, Stephens reissued an “overweight” rating and set a $55.00 price objective on shares of Cognex in a report on Thursday, January 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.83.

Cognex Stock Up 3.7 %

CGNX opened at $38.57 on Monday. The stock’s fifty day moving average is $38.43 and its two-hundred day moving average is $40.61. The company has a market capitalization of $6.62 billion, a P/E ratio of 74.17 and a beta of 1.40. Cognex has a 52 week low of $34.79 and a 52 week high of $53.13.

Insider Activity

In other news, CTO Joerg Kuechen sold 2,934 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $37.75, for a total transaction of $110,758.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Anthony Sun sold 26,000 shares of Cognex stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $40.03, for a total transaction of $1,040,780.00. Following the completion of the sale, the director now owns 26,608 shares of the company’s stock, valued at $1,065,118.24. This trade represents a 49.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Cognex

A number of large investors have recently made changes to their positions in the stock. Point72 Asia Singapore Pte. Ltd. lifted its position in Cognex by 9.4% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,055 shares of the scientific and technical instruments company’s stock worth $164,000 after acquiring an additional 349 shares during the period. Advisors Asset Management Inc. raised its stake in shares of Cognex by 123.1% in the third quarter. Advisors Asset Management Inc. now owns 714 shares of the scientific and technical instruments company’s stock worth $29,000 after purchasing an additional 394 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of Cognex by 20.1% during the third quarter. First Horizon Advisors Inc. now owns 2,732 shares of the scientific and technical instruments company’s stock worth $111,000 after purchasing an additional 457 shares during the period. Fiduciary Trust Co lifted its holdings in shares of Cognex by 9.6% during the third quarter. Fiduciary Trust Co now owns 5,443 shares of the scientific and technical instruments company’s stock worth $220,000 after purchasing an additional 475 shares during the period. Finally, MML Investors Services LLC boosted its position in Cognex by 4.0% in the third quarter. MML Investors Services LLC now owns 12,491 shares of the scientific and technical instruments company’s stock valued at $506,000 after buying an additional 478 shares during the last quarter. 88.12% of the stock is owned by hedge funds and other institutional investors.

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.