Envestnet Asset Management Inc. Buys 25,446 Shares of Kornit Digital Ltd. (NASDAQ:KRNT)

Envestnet Asset Management Inc. lifted its holdings in Kornit Digital Ltd. (NASDAQ:KRNT - Free Report) by 29.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 110,465 shares of the industrial products company's stock after acquiring an additional 25,446 shares during the period. Envestnet Asset Management Inc. owned 0.23% of Kornit Digital worth $3,419,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Fifth Third Bancorp boosted its stake in Kornit Digital by 23.4% during the fourth quarter. Fifth Third Bancorp now owns 2,069 shares of the industrial products company's stock valued at $64,000 after buying an additional 393 shares during the last quarter. Parkside Financial Bank & Trust boosted its position in shares of Kornit Digital by 35.5% during the 4th quarter. Parkside Financial Bank & Trust now owns 3,773 shares of the industrial products company's stock valued at $117,000 after acquiring an additional 988 shares during the last quarter. Pictet Asset Management Holding SA purchased a new position in shares of Kornit Digital in the fourth quarter valued at $203,000. HighTower Advisors LLC bought a new stake in Kornit Digital in the fourth quarter worth $237,000. Finally, US Bancorp DE increased its position in Kornit Digital by 7.4% in the fourth quarter. US Bancorp DE now owns 8,294 shares of the industrial products company's stock worth $257,000 after purchasing an additional 572 shares during the last quarter. Hedge funds and other institutional investors own 92.76% of the company's stock.

Kornit Digital Price Performance

Shares of KRNT traded up $0.26 during midday trading on Wednesday, hitting $18.88. The stock had a trading volume of 134,178 shares, compared to its average volume of 293,423. The stock's 50 day moving average is $20.32 and its 200 day moving average is $26.22. The firm has a market cap of $897.78 million, a PE ratio of -53.94 and a beta of 2.08. Kornit Digital Ltd. has a 1 year low of $13.59 and a 1 year high of $34.29.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The industrial products company reported $0.07 earnings per share for the quarter, missing analysts' consensus estimates of $0.21 by ($0.14). Kornit Digital had a negative return on equity of 1.51% and a negative net margin of 8.24%. As a group, equities research analysts expect that Kornit Digital Ltd. will post -0.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on KRNT. Needham & Company LLC dropped their price objective on shares of Kornit Digital from $34.00 to $28.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Cantor Fitzgerald upgraded Kornit Digital to a "strong-buy" rating in a research report on Thursday, February 27th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $32.80.

About Kornit Digital

Kornit Digital Ltd. develops, designs, and markets digital printing solutions for the fashion, apparel, and home decor segments of printed textile industry in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. Its solutions include digital printing systems, ink and other consumables, associated software, and value-added services.