Truist Financial Cuts Cognex (NASDAQ:CGNX) Price Target to $42.00

Cognex (NASDAQ:CGNX) had its price objective reduced by Truist Financial from $43.00 to $42.00 in a research note released on Thursday,Benzinga reports. Truist Financial currently has a hold rating on the scientific and technical instruments company’s stock.

CGNX has been the topic of a number of other reports. Needham & Company LLC dropped their target price on shares of Cognex from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Stephens raised shares of Cognex from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $45.00 to $55.00 in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Cognex currently has an average rating of “Hold” and a consensus price target of $47.92.

Cognex Price Performance

Shares of Cognex stock opened at $35.77 on Thursday. The stock has a fifty day moving average price of $39.51 and a 200-day moving average price of $41.72. The firm has a market cap of $6.14 billion, a PE ratio of 68.79 and a beta of 1.39. Cognex has a 1 year low of $34.79 and a 1 year high of $53.13.

Cognex Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Thursday, November 14th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.89%. This is an increase from Cognex’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Thursday, November 14th. Cognex’s dividend payout ratio is presently 61.54%.

Insider Activity at Cognex

In other Cognex news, Director Anthony Sun sold 26,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $40.03, for a total value of $1,040,780.00. Following 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Joerg Kuechen sold 2,934 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $37.75, for a total value of $110,758.50. The disclosure for this sale can be found here. 1.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cognex

Several hedge funds have recently bought and sold shares of CGNX. Impax Asset Management Group plc raised its position in shares of Cognex by 2.6% during the 3rd quarter. Impax Asset Management Group plc now owns 5,230,271 shares of the scientific and technical instruments company’s stock valued at $211,303,000 after buying an additional 131,560 shares in the last quarter. State Street Corp raised its position in Cognex by 0.8% during the third quarter. State Street Corp now owns 5,190,365 shares of the scientific and technical instruments company’s stock valued at $210,210,000 after purchasing an additional 42,882 shares in the last quarter. William Blair Investment Management LLC lifted its stake in Cognex by 8.1% during the second quarter. William Blair Investment Management LLC now owns 4,018,539 shares of the scientific and technical instruments company’s stock worth $187,907,000 after purchasing an additional 301,916 shares during the last quarter. Disciplined Growth Investors Inc. MN boosted its holdings in shares of Cognex by 8.9% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 3,751,807 shares of the scientific and technical instruments company’s stock worth $151,948,000 after purchasing an additional 305,913 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Cognex by 5.1% during the 3rd quarter. Geode Capital Management LLC now owns 3,608,028 shares of the scientific and technical instruments company’s stock valued at $146,157,000 after purchasing an additional 175,423 shares during the last quarter. 88.12% of the stock is currently owned by institutional investors.

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.