Envestnet Asset Management Inc. Decreases Stock Holdings in Kornit Digital Ltd. (NASDAQ:KRNT)

Key Points

• Envestnet Asset Management Inc. reduced its stake in Kornit Digital Ltd. by 21.4%, selling 23,667 shares during the first quarter, decreasing its ownership to 86,798 shares valued at approximately $1.66 million.
• Despite Envestnet's sell-off, other institutional investors like Bank of New York Mellon Corp and Teacher Retirement System of Texas increased their holdings, indicating continued interest in the company.
• Kornit Digital has an average rating of "Moderate Buy" from analysts with a target price of $33.20, suggesting potential growth ahead for investors interested in the stock.

Envestnet Asset Management Inc. reduced its position in shares of Kornit Digital Ltd. (NASDAQ:KRNT - Free Report) by 21.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,798 shares of the industrial products company's stock after selling 23,667 shares during the quarter. Envestnet Asset Management Inc. owned 0.18% of Kornit Digital worth $1,656,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of KRNT. Russell Investments Group Ltd. boosted its stake in shares of Kornit Digital by 654.5% during the 4th quarter. Russell Investments Group Ltd. now owns 2,075 shares of the industrial products company's stock worth $64,000 after acquiring an additional 1,800 shares in the last quarter. Deutsche Bank AG lifted its stake in Kornit Digital by 31.5% in the 4th quarter. Deutsche Bank AG now owns 4,770 shares of the industrial products company's stock valued at $148,000 after buying an additional 1,143 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Kornit Digital in the 4th quarter valued at about $159,000. Pictet Asset Management Holding SA purchased a new position in Kornit Digital in the 4th quarter valued at about $203,000. Finally, HighTower Advisors LLC purchased a new position in Kornit Digital in the 4th quarter valued at about $237,000. 92.76% of the stock is owned by hedge funds and other institutional investors.

Kornit Digital Stock Down 6.8%

KRNT traded down $1.37 during trading on Friday, reaching $18.65. The company's stock had a trading volume of 250,032 shares, compared to its average volume of 285,934. The firm has a fifty day simple moving average of $20.78 and a two-hundred day simple moving average of $22.18. Kornit Digital Ltd. has a 1 year low of $13.59 and a 1 year high of $34.28. The company has a market cap of $886.81 million, a price-to-earnings ratio of -103.61 and a beta of 1.88.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on KRNT. Morgan Stanley reaffirmed an "overweight" rating on shares of Kornit Digital in a research note on Thursday, May 15th. Needham & Company LLC reaffirmed a "buy" rating and issued a $30.00 price target on shares of Kornit Digital in a research note on Thursday, June 5th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Kornit Digital currently has an average rating of "Moderate Buy" and an average price target of $33.20.

Kornit Digital Company Profile

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.