Kornit Digital (NASDAQ:KRNT) Price Target Raised to $23.00

Kornit Digital (NASDAQ:KRNT) had its price target upped by Needham & Company LLC from $22.00 to $23.00 in a research note released on Wednesday,Benzinga reports. Needham & Company LLC currently has a buy rating on the industrial products company’s stock.

A number of other equities analysts also recently commented on the stock. Morgan Stanley lifted their target price on shares of Kornit Digital from $17.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 23rd. Zacks Research lowered shares of Kornit Digital from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $21.50.

Kornit Digital Stock Performance

Kornit Digital stock opened at $18.04 on Wednesday. The business’s 50-day simple moving average is $15.98 and its two-hundred day simple moving average is $15.46. The company has a market cap of $775.18 million, a PE ratio of -37.58 and a beta of 1.72. Kornit Digital has a fifty-two week low of $11.93 and a fifty-two week high of $19.78.

Kornit Digital (NASDAQ:KRNT) last issued its quarterly earnings data on Wednesday, August 12th. The industrial products company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.05. Kornit Digital had a negative net margin of 9.42% and a negative return on equity of 1.00%. The business had revenue of $55.32 million for the quarter, compared to analysts’ expectations of $52.80 million. During the same quarter last year, the company earned $0.03 EPS. The business’s revenue was up 11.1% on a year-over-year basis. As a group, analysts predict that Kornit Digital will post -0.31 EPS for the current fiscal year.

Institutional Trading of Kornit Digital

Large investors have recently bought and sold shares of the business. Invenomic Capital Management LP grew its holdings in Kornit Digital by 196.9% in the fourth quarter. Invenomic Capital Management LP now owns 1,397,950 shares of the industrial products company’s stock valued at $20,103,000 after purchasing an additional 927,169 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Kornit Digital by 185.2% during the first quarter. Assenagon Asset Management S.A. now owns 1,292,586 shares of the industrial products company’s stock worth $18,949,000 after acquiring an additional 839,336 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Kornit Digital by 26.5% in the fourth quarter. Morgan Stanley now owns 3,998,548 shares of the industrial products company’s stock valued at $57,499,000 after purchasing an additional 838,814 shares in the last quarter. Artisan Partners Limited Partnership grew its holdings in Kornit Digital by 32.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,647,804 shares of the industrial products company’s stock valued at $38,075,000 after buying an additional 650,283 shares during the last quarter. Finally, Granahan Investment Management LLC boosted its stake in Kornit Digital by 31.4% in the 4th quarter. Granahan Investment Management LLC now owns 2,569,663 shares of the industrial products company’s stock worth $36,952,000 after buying an additional 614,513 shares during the last quarter. Institutional investors and hedge funds own 92.76% of the company’s stock.

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.