Cognex (CGNX) Given a $52.00 Price Target at Morgan Stanley

Cognex (NASDAQ:CGNX) received a $52.00 price target from Morgan Stanley in a report issued on Thursday. The firm currently has a “hold” rating on the scientific and technical instruments company’s stock. Morgan Stanley’s price target indicates a potential upside of 16.28% from the company’s current price.

CGNX has been the topic of several other research reports. Zacks Investment Research upgraded shares of Cognex from a “sell” rating to a “hold” rating in a research report on Tuesday, July 3rd. BidaskClub upgraded shares of Cognex from a “hold” rating to a “buy” rating in a research report on Wednesday, September 26th. Northcoast Research set a $56.00 price target on shares of Cognex and gave the stock a “buy” rating in a research report on Tuesday, July 31st. ValuEngine upgraded shares of Cognex from a “strong sell” rating to a “sell” rating in a research report on Tuesday, July 31st. Finally, Sanford C. Bernstein upgraded shares of Cognex from a “market perform” rating to an “outperform” rating and set a $40.10 price target on the stock in a research report on Wednesday, August 1st. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $54.51.

NASDAQ CGNX opened at $44.72 on Thursday. The company has a market cap of $9.60 billion, a P/E ratio of 30.84 and a beta of 1.64. Cognex has a 1 year low of $39.90 and a 1 year high of $72.99.

Cognex (NASDAQ:CGNX) last posted its quarterly earnings results on Monday, July 30th. The scientific and technical instruments company reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.02. The business had revenue of $211.26 million for the quarter, compared to analyst estimates of $204.87 million. Cognex had a net margin of 20.57% and a return on equity of 22.95%. The firm’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same quarter last year, the business posted $0.63 EPS. Analysts forecast that Cognex will post 1.19 earnings per share for the current fiscal year.

In other Cognex news, Director Jerry A. Schneider sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 11th. The shares were sold at an average price of $54.29, for a total value of $271,450.00. Following the sale, the director now owns 7,000 shares in the company, valued at $380,030. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Anthony Sun sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $53.01, for a total transaction of $530,100.00. Following the completion of the sale, the director now owns 284,262 shares in the company, valued at approximately $15,068,728.62. The disclosure for this sale can be found here. Insiders sold 27,500 shares of company stock worth $1,493,200 in the last 90 days. Company insiders own 5.40% of the company’s stock.

Institutional investors have recently modified their holdings of the business. BlackRock Inc. lifted its holdings in shares of Cognex by 6.3% during the second quarter. BlackRock Inc. now owns 17,769,276 shares of the scientific and technical instruments company’s stock worth $792,687,000 after purchasing an additional 1,060,494 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Cognex by 15.8% during the second quarter. Bank of New York Mellon Corp now owns 8,260,702 shares of the scientific and technical instruments company’s stock worth $368,509,000 after purchasing an additional 1,124,420 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Cognex by 103.1% during the second quarter. Janus Henderson Group PLC now owns 4,797,355 shares of the scientific and technical instruments company’s stock worth $214,025,000 after purchasing an additional 2,435,314 shares during the period. Eagle Asset Management Inc. lifted its holdings in shares of Cognex by 41.4% during the second quarter. Eagle Asset Management Inc. now owns 3,345,230 shares of the scientific and technical instruments company’s stock worth $149,230,000 after purchasing an additional 980,194 shares during the period. Finally, Joho Capital LLC lifted its holdings in shares of Cognex by 24.1% during the second quarter. Joho Capital LLC now owns 3,069,024 shares of the scientific and technical instruments company’s stock worth $136,909,000 after purchasing an additional 595,358 shares during the period. Hedge funds and other institutional investors own 90.28% of the company’s stock.

Cognex Company Profile

Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes worldwide. The company offers machine vision products, which are used to automate the manufacturing 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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