Kornit Digital Ltd. (NASDAQ:KRNT) Stock Has Average Price Target of $21.50

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) have received an average rating of “Hold” from the six ratings firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $21.50.

Several research analysts recently commented on the company. Weiss Ratings raised Kornit Digital from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. Morgan Stanley lifted their target price on shares of Kornit Digital from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 13th. Zacks Research raised shares of Kornit Digital from a “strong sell” rating to a “hold” rating in a report on Monday, August 24th. Finally, Needham & Company LLC upped their target price on shares of Kornit Digital from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th.

Kornit Digital Trading Up 2.4%

Shares of Kornit Digital stock opened at $17.69 on Thursday. Kornit Digital has a 12-month low of $11.93 and a 12-month high of $19.78. The firm has a market capitalization of $760.14 million, a price-to-earnings ratio of -36.85 and a beta of 1.85. The firm’s 50 day simple moving average is $16.67 and its two-hundred day simple moving average is $16.14.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings data on Wednesday, August 12th. The industrial products company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.05. Kornit Digital had a negative return on equity of 1.00% and a negative net margin of 9.42%. The firm had revenue of $55.32 million during the quarter, compared to analysts’ expectations of $52.80 million. During the same period last year, the business posted $0.03 earnings per share. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, sell-side analysts predict that Kornit Digital will post -0.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other Kornit Digital news, CTO Yaaqov Mann sold 57,108 shares of Kornit Digital stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $17.27, for a total value of $986,255.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 98,731 shares of company stock worth $1,720,268 over the last ninety days. Company insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On Kornit Digital

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

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.