Kornit Digital Ltd. (NASDAQ:KRNT) Shares Sold by Envestnet Asset Management Inc.

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 stake in Kornit Digital Ltd. (NASDAQ:KRNT - Free Report) by 21.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 86,798 shares of the industrial products company's stock after selling 23,667 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.18% of Kornit Digital worth $1,656,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Russell Investments Group Ltd. increased its holdings in shares of Kornit Digital by 654.5% in the fourth quarter. Russell Investments Group Ltd. now owns 2,075 shares of the industrial products company's stock worth $64,000 after purchasing an additional 1,800 shares during the last quarter. Deutsche Bank AG increased its holdings in shares of Kornit Digital by 31.5% in the fourth quarter. Deutsche Bank AG now owns 4,770 shares of the industrial products company's stock worth $148,000 after purchasing an additional 1,143 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Kornit Digital in the fourth quarter worth about $159,000. Pictet Asset Management Holding SA purchased a new position in Kornit Digital in the fourth quarter worth about $203,000. Finally, HighTower Advisors LLC purchased a new position in Kornit Digital in the fourth quarter worth about $237,000. 92.76% of the stock is owned by institutional investors.

Kornit Digital Price Performance

NASDAQ:KRNT traded down $1.37 during mid-day trading on Friday, hitting $18.65. The company's stock had a trading volume of 250,032 shares, compared to its average volume of 203,060. Kornit Digital Ltd. has a 1 year low of $13.59 and a 1 year high of $34.28. The stock has a market cap of $886.81 million, a price-to-earnings ratio of -103.61 and a beta of 1.90. The business's fifty day moving average is $20.71 and its two-hundred day moving average is $22.05.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Morgan Stanley reiterated an "overweight" rating on shares of Kornit Digital in a research report on Thursday, May 15th. Needham & Company LLC reiterated a "buy" rating and issued a $30.00 price target on shares of Kornit Digital in a research report on Thursday, June 5th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price 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.