Cantor Fitzgerald Begins Coverage on Cognex (NASDAQ:CGNX)

Stock analysts at Cantor Fitzgerald assumed coverage on shares of Cognex (NASDAQ:CGNX) in a report released on Thursday,Benzinga reports. The brokerage set an “overweight” rating and a $49.00 price target on the scientific and technical instruments company’s stock. Cantor Fitzgerald’s price target points to a potential upside of 35.32% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Truist Financial cut their price objective on Cognex from $43.00 to $42.00 and set a “hold” rating for the company in a research report on Thursday. Stephens raised Cognex from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $45.00 to $55.00 in a report on Wednesday, October 16th. Finally, 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 research note on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $47.92.

Cognex Stock Performance

Shares of NASDAQ CGNX traded up $0.60 during mid-day trading on Thursday, hitting $36.21. 466,604 shares of the stock were exchanged, compared to its average volume of 1,255,203. The company has a market cap of $6.21 billion, a P/E ratio of 69.64 and a beta of 1.39. Cognex has a twelve month low of $34.79 and a twelve month high of $53.13. The stock’s fifty day simple moving average is $39.63 and its two-hundred day simple moving average is $41.83.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CGNX. Riverview Trust Co bought a new stake in Cognex during the third quarter worth about $25,000. Advisors Asset Management Inc. boosted its holdings in shares of Cognex by 123.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 714 shares of the scientific and technical instruments company’s stock valued at $29,000 after buying an additional 394 shares during the last quarter. Truvestments Capital LLC bought a new position in shares of Cognex in the third quarter valued at $36,000. Wilmington Savings Fund Society FSB acquired a new position in Cognex during the third quarter worth $40,000. Finally, Point72 Hong Kong Ltd bought a new stake in Cognex during the second quarter worth $55,000. Institutional investors and hedge funds own 88.12% of the company’s stock.

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.