Granahan Investment Management LLC Increases Position in Kornit Digital Ltd. $KRNT

Granahan Investment Management LLC increased its stake in shares of Kornit Digital Ltd. (NASDAQ:KRNT) by 31.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,569,663 shares of the industrial products company’s stock after buying an additional 614,513 shares during the quarter. Kornit Digital comprises approximately 1.6% of Granahan Investment Management LLC’s investment portfolio, making the stock its 19th biggest holding. Granahan Investment Management LLC owned 5.74% of Kornit Digital worth $36,952,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Van ECK Associates Corp boosted its holdings in Kornit Digital by 6.9% in the fourth quarter. Van ECK Associates Corp now owns 12,742 shares of the industrial products company’s stock valued at $183,000 after purchasing an additional 820 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Kornit Digital in the second quarter valued at $31,000. State of Tennessee Department of Treasury purchased a new stake in Kornit Digital in the second quarter valued at $35,000. CIBC Private Wealth Group LLC boosted its holdings in Kornit Digital by 1,359.8% in the third quarter. CIBC Private Wealth Group LLC now owns 1,927 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 1,795 shares during the last quarter. Finally, Johnson Financial Group Inc. purchased a new stake in Kornit Digital in the third quarter valued at $27,000. 92.76% of the stock is owned by hedge funds and other institutional investors.

Kornit Digital Stock Down 0.3%

Shares of KRNT stock opened at $15.97 on Wednesday. Kornit Digital Ltd. has a 52 week low of $11.93 and a 52 week high of $22.06. The stock has a market capitalization of $715.38 million, a PE ratio of -40.95 and a beta of 1.76. The firm has a 50 day moving average of $15.72 and a two-hundred day moving average of $14.92.

Kornit Digital (NASDAQ:KRNT) last issued its quarterly earnings results on Wednesday, May 13th. The industrial products company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). The company had revenue of $48.54 million during the quarter, compared to analysts’ expectations of $46.67 million. Kornit Digital had a negative net margin of 7.93% and a negative return on equity of 1.15%. The firm’s revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.01 EPS. Analysts expect that Kornit Digital Ltd. will post -0.17 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on KRNT. Needham & Company LLC increased their target price on shares of Kornit Digital from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Kornit Digital in a research note on Wednesday, March 25th. Finally, Wall Street Zen raised shares of Kornit Digital from a “sell” rating to a “hold” rating in a research note on Sunday, April 12th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $20.75.

About Kornit Digital

Kornit Digital Ltd. (NASDAQ: KRNT) is a global technology company specializing in digital textile printing solutions. Headquartered in Rosh Ha’Ayin, Israel, Kornit develops and manufactures an integrated ecosystem of industrial inkjet printers, proprietary NeoPigment inks and pretreatment systems. Its product portfolio addresses a range of applications including direct-to-garment, direct-to-fabric, digital embellishment and hybrid manufacturing, enabling businesses to produce custom apparel, sportswear, fashion and home textiles on demand.

The company’s flagship offerings include the Avalanche and Atlas series for high-volume production, as well as the Storm and Helix lines designed for mid-to-large scale operations.