Needham & Company LLC Forecasts Strong Price Appreciation for Kornit Digital (NASDAQ:KRNT) Stock

Kornit Digital (NASDAQ:KRNT) had its price objective upped by investment analysts at Needham & Company LLC from $20.00 to $22.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 46.18% from the company’s previous close.

KRNT has been the topic of several other reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Kornit Digital in a research note on Wednesday, March 25th. Wall Street Zen raised shares of Kornit Digital from a “sell” rating to a “hold” rating in a research note on Sunday, April 12th. Finally, Morgan Stanley reissued a “positive” rating and set a $17.00 target price on shares of Kornit Digital in a research note on Wednesday, February 11th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $20.75.

Kornit Digital Stock Performance

Kornit Digital stock opened at $15.05 on Thursday. The company has a 50 day moving average price of $15.30 and a 200 day moving average price of $14.56. Kornit Digital has a 52 week low of $11.93 and a 52 week high of $23.48. The firm has a market capitalization of $674.09 million, a price-to-earnings ratio of -38.59 and a beta of 1.76.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings data on Wednesday, May 13th. The industrial products company reported ($0.01) EPS for the quarter, hitting analysts’ consensus estimates of ($0.01). Kornit Digital had a negative net margin of 7.93% and a negative return on equity of 1.13%. The firm had revenue of $48.54 million during the quarter, compared to analyst estimates of $46.67 million. During the same quarter last year, the business posted $0.01 EPS. The company’s revenue was up 4.4% on a year-over-year basis. Equities analysts forecast that Kornit Digital will post -0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kornit Digital

Hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. acquired a new position in shares of Kornit Digital in the second quarter worth $31,000. State of Tennessee Department of Treasury acquired a new position in shares of Kornit Digital in the second quarter worth $35,000. CIBC Private Wealth Group LLC increased its stake in shares of 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 worth $26,000 after acquiring an additional 1,795 shares during the last quarter. Johnson Financial Group Inc. acquired a new position in shares of Kornit Digital in the third quarter worth $27,000. Finally, Headlands Technologies LLC increased its stake in shares of Kornit Digital by 84.5% in the second quarter. Headlands Technologies LLC now owns 9,807 shares of the industrial products company’s stock worth $195,000 after acquiring an additional 4,491 shares during the last quarter. 92.76% of the stock is owned by institutional investors and hedge funds.

Kornit Digital Company Profile

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.