Insider Selling: Kornit Digital (NASDAQ:KRNT) CTO Sells $28,354.95 in Stock

Kornit Digital Ltd. (NASDAQ:KRNT) CTO Yaaqov Mann sold 1,665 shares of the firm’s stock in a transaction dated Friday, October 16th. The stock was sold at an average price of $17.03, for a total value of $28,354.95. Following the transaction, the chief technology officer owned 46,722 shares in the company, valued at approximately $795,675.66. This trade represents a 3.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Yaaqov Mann also recently made the following trade(s):

• On Monday, October 5th, Yaaqov Mann sold 39,958 shares of Kornit Digital stock. The stock was sold at an average price of $17.66, for a total value of $705,658.28.
• On Friday, October 2nd, Yaaqov Mann sold 57,108 shares of Kornit Digital stock. The shares were sold at an average price of $17.27, for a total value of $986,255.16.

Kornit Digital Trading Down 2.6%

Shares of NASDAQ:KRNT opened at $17.27 on Friday. The firm’s 50 day simple moving average is $16.68 and its 200 day simple moving average is $16.13. Kornit Digital Ltd. 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 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $55.32 million during the quarter, compared to analysts’ expectations of $52.80 million. During the same quarter in the previous year, the company earned $0.03 earnings per share. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. Sell-side analysts predict that Kornit Digital Ltd. will post -0.23 EPS for the current year.

Institutional Investors Weigh In On Kornit Digital

Institutional investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. boosted its stake in Kornit Digital by 185.2% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,292,586 shares of the industrial products company’s stock worth $18,949,000 after purchasing an additional 839,336 shares during the period. Janus Henderson Group PLC increased its holdings in Kornit Digital by 13.7% during the 1st quarter. Janus Henderson Group PLC now owns 793,194 shares of the industrial products company’s stock worth $11,628,000 after purchasing an additional 95,693 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Kornit Digital by 97.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 470,962 shares of the industrial products company’s stock worth $6,904,000 after purchasing an additional 232,808 shares in the last quarter. Wasatch Advisors LP raised its stake in shares of Kornit Digital by 145.9% in the 2nd quarter. Wasatch Advisors LP now owns 433,968 shares of the industrial products company’s stock valued at $7,052,000 after purchasing an additional 257,478 shares during the period. Finally, American Capital Management Inc. acquired a new stake in shares of Kornit Digital in the 2nd quarter valued at about $4,598,000. 92.76% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on KRNT. Zacks Research raised Kornit Digital from a “strong sell” rating to a “hold” rating in a research report on Monday, August 24th. Weiss Ratings upgraded Kornit Digital from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. Morgan Stanley boosted their price objective on Kornit Digital from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Thursday, August 13th. Finally, Needham & Company LLC increased their target price on Kornit Digital from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $21.50.

About Kornit Digital

Kornit Digital Ltd. (NASDAQ: KRNT) develops, manufactures and sells digital printing technologies for the textile, apparel and related industries. Its solutions are designed to support on-demand, short-run and mass-customized production while reducing the need for traditional screen-printing processes.

The company’s product portfolio includes direct-to-garment printers for cotton and other finished apparel, direct-to-fabric systems for textiles, and digital printing solutions for home décor and related applications.