Dudley & Shanley Inc. Reduces Holdings in Kornit Digital Ltd. $KRNT

Key Points

• Dudley & Shanley reduced its Kornit Digital stake by 6.9%, selling 86,720 shares in the third quarter. The fund still held 1.17 million shares, worth approximately $19.4 million and representing 2.72% of KRNT.
• Institutional ownership remains high at 92.76%, although several other investment firms—including Granahan, Invenomic and Assenagon—significantly increased their positions.
• Analysts have a consensus “Hold” rating and a $21.50 price target. Kornit recently beat quarterly earnings and revenue expectations, reporting $0.04 in EPS on $55.32 million in revenue, up 11.1% year over year.

Dudley & Shanley Inc. lessened its holdings in shares of Kornit Digital Ltd. (NASDAQ:KRNT - Free Report) by 6.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,168,545 shares of the industrial products company's stock after selling 86,720 shares during the quarter. Kornit Digital makes up approximately 3.1% of Dudley & Shanley Inc.'s investment portfolio, making the stock its 16th largest position. Dudley & Shanley Inc. owned approximately 2.72% of Kornit Digital worth $19,421,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in KRNT. Granahan Investment Management LLC lifted its stake in shares of Kornit Digital by 31.4% during the 4th quarter. Granahan Investment Management LLC now owns 2,569,663 shares of the industrial products company's stock worth $36,952,000 after buying an additional 614,513 shares during the last quarter. Invenomic Capital Management LP grew its position in shares of Kornit Digital by 196.9% in the fourth quarter. Invenomic Capital Management LP now owns 1,397,950 shares of the industrial products company's stock valued at $20,103,000 after purchasing an additional 927,169 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Kornit Digital by 185.2% during the first 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 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 purchasing an additional 95,693 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted 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 during the last quarter. 92.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

KRNT has been the subject of a number of analyst reports. Weiss Ratings upgraded shares of Kornit Digital from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday. Morgan Stanley upped their target price 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. Needham & Company LLC raised their price target on Kornit Digital from $22.00 to $23.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Finally, Zacks Research raised shares of Kornit Digital from a "strong sell" rating to a "hold" rating in a research report on Monday, August 24th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Kornit Digital has a consensus rating of "Hold" and a consensus price target of $21.50.

Kornit Digital Stock Performance

Shares of NASDAQ KRNT traded up $0.14 during midday trading on Tuesday, hitting $18.37. 119,753 shares of the stock traded hands, compared to its average volume of 308,320. Kornit Digital Ltd. has a one year low of $11.93 and a one year high of $19.78. The business has a 50 day moving average price of $16.35 and a two-hundred day moving average price of $15.85. The company has a market cap of $789.30 million, a PE ratio of -38.33 and a beta of 1.85.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The industrial products company reported $0.04 EPS for the quarter, beating analysts' consensus estimates of ($0.01) by $0.05. The company had revenue of $55.32 million during the quarter, compared to the consensus estimate of $52.80 million. Kornit Digital had a negative return on equity of 1.00% and a negative net margin of 9.42%.Kornit Digital's revenue was up 11.1% on a year-over-year basis. During the same period last year, the business posted $0.03 earnings per share. As a group, equities research analysts forecast that Kornit Digital Ltd. will post -0.23 EPS for the current fiscal year.

Kornit Digital Profile

Kornit Digital Ltd. NASDAQ: KRNT develops and manufactures digital printing systems, inks, software and related solutions for the textile, apparel and other printed-product markets. Its technologies are designed to enable on-demand, short-run and customized production, helping manufacturers and brands reduce reliance on traditional screen-printing and other analog processes.

The company's product portfolio includes direct-to-garment, direct-to-fabric and digital decoration systems, as well as proprietary inks, workflow software and technical services.

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