Meitav Investment House Ltd. Sells 55,248 Shares of Kornit Digital Ltd. $KRNT

Meitav Investment House Ltd. cut its holdings in Kornit Digital Ltd. (NASDAQ:KRNT) by 5.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 878,436 shares of the industrial products company’s stock after selling 55,248 shares during the quarter. Meitav Investment House Ltd. owned 1.96% of Kornit Digital worth $11,829,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Dudley & Shanley Inc. raised its position in shares of Kornit Digital by 97.5% during the 3rd quarter. Dudley & Shanley Inc. now owns 1,258,895 shares of the industrial products company’s stock valued at $16,995,000 after buying an additional 621,595 shares in the last quarter. Hood River Capital Management LLC raised its position in Kornit Digital by 39.1% during the second quarter. Hood River Capital Management LLC now owns 2,182,569 shares of the industrial products company’s stock valued at $43,455,000 after purchasing an additional 613,070 shares during the period. Thompson Investment Management Inc. lifted its stake in shares of Kornit Digital by 169.5% in the 3rd quarter. Thompson Investment Management Inc. now owns 789,761 shares of the industrial products company’s stock valued at $10,662,000 after purchasing an additional 496,754 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Kornit Digital by 79.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 557,873 shares of the industrial products company’s stock worth $11,107,000 after purchasing an additional 247,763 shares during the period. Finally, Stephens Investment Management Group LLC increased its position in shares of Kornit Digital by 12.8% during the 2nd quarter. Stephens Investment Management Group LLC now owns 1,526,904 shares of the industrial products company’s stock valued at $30,401,000 after purchasing an additional 173,492 shares during the last quarter. Institutional investors own 92.76% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on KRNT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Kornit Digital in a research note on Friday, December 26th. Needham & Company LLC lowered their target price on shares of Kornit Digital from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, November 6th. Morgan Stanley reiterated an “equal weight” rating and set a $15.00 price target (down from $20.00) on shares of Kornit Digital in a report on Thursday, November 6th. Cantor Fitzgerald reduced their price objective on shares of Kornit Digital from $28.50 to $26.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. Finally, Barclays cut their target price on Kornit Digital from $22.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 6th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $19.75.

Kornit Digital Price Performance

Kornit Digital stock opened at $14.42 on Friday. The stock has a market cap of $645.94 million, a price-to-earnings ratio of -49.72 and a beta of 1.85. The firm has a 50-day moving average of $13.87 and a two-hundred day moving average of $15.26. Kornit Digital Ltd. has a 1 year low of $11.93 and a 1 year high of $31.24.

Kornit Digital announced that its Board of Directors has authorized a share buyback plan on Monday, November 17th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the industrial products company to purchase up to 17.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Kornit Digital 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.