Cognex (NASDAQ:CGNX) Given New $55.00 Price Target at Truist Financial

Cognex (NASDAQ:CGNX) had its price target lifted by Truist Financial from $50.00 to $55.00 in a research report released on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the scientific and technical instruments company’s stock.

CGNX has been the subject of a number of other reports. UBS Group raised Cognex from a neutral rating to a buy rating and lifted their target price for the company from $42.00 to $54.00 in a research report on Tuesday, March 19th. The Goldman Sachs Group upped their price objective on shares of Cognex from $36.00 to $41.00 and gave the stock a sell rating in a research note on Monday, May 6th. Citigroup raised their target price on shares of Cognex from $41.00 to $43.00 and gave the company a neutral rating in a research report on Monday, April 8th. Needham & Company LLC upped their price target on shares of Cognex from $46.00 to $48.00 and gave the stock a buy rating in a research report on Friday, May 3rd. Finally, Sanford C. Bernstein lifted their price objective on shares of Cognex from $52.00 to $55.00 and gave the company an outperform rating in a report on Friday, May 3rd. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $49.54.

Cognex Trading Up 1.7 %

NASDAQ:CGNX opened at $47.19 on Tuesday. The stock has a fifty day simple moving average of $45.47 and a 200-day simple moving average of $41.65. The company has a market cap of $8.10 billion, a price-to-earnings ratio of 81.36 and a beta of 1.42. Cognex has a twelve month low of $34.28 and a twelve month high of $59.51.

Cognex (NASDAQ:CGNX) last released its quarterly earnings data on Thursday, May 2nd. The scientific and technical instruments company reported $0.05 earnings per share (EPS) for the quarter. The company had revenue of $210.80 million during the quarter, compared to analysts’ expectations of $198.14 million. Cognex had a net margin of 11.76% and a return on equity of 6.81%. As a group, equities research analysts predict that Cognex will post 0.48 EPS for the current fiscal year.

Cognex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Thursday, May 16th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.64%. The ex-dividend date was Wednesday, May 15th. Cognex’s dividend payout ratio is presently 51.72%.

Institutional Trading of Cognex

Large investors have recently bought and sold shares of the stock. Massmutual Trust Co. FSB ADV increased its holdings in shares of Cognex by 94.4% in the first quarter. Massmutual Trust Co. FSB ADV now owns 589 shares of the scientific and technical instruments company’s stock valued at $25,000 after purchasing an additional 286 shares during the period. Altfest L J & Co. Inc. increased its holdings in Cognex by 4.8% in the 1st quarter. Altfest L J & Co. Inc. now owns 6,279 shares of the scientific and technical instruments company’s stock worth $266,000 after buying an additional 287 shares during the period. Parkside Financial Bank & Trust raised its position in Cognex by 11.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,760 shares of the scientific and technical instruments company’s stock worth $115,000 after buying an additional 294 shares during the last quarter. Treasurer of the State of North Carolina lifted its stake in Cognex by 0.4% during the 3rd quarter. Treasurer of the State of North Carolina now owns 78,043 shares of the scientific and technical instruments company’s stock valued at $3,312,000 after acquiring an additional 300 shares during the period. Finally, Quadrant Capital Group LLC boosted its holdings in shares of Cognex by 19.3% in the 4th quarter. Quadrant Capital Group LLC now owns 2,199 shares of the scientific and technical instruments company’s stock valued at $92,000 after acquiring an additional 355 shares during the last quarter. Hedge funds and other institutional investors own 88.12% of the company’s stock.

About Cognex

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.