Granahan Investment Management LLC Boosts Stock Holdings in Kornit Digital Ltd. $KRNT

Key Points

• Granahan Investment Management LLC has increased its stake in Kornit Digital Ltd. by 6.2%, owning approximately 1.6% of the company’s total shares, worth around $32.3 million.
• Kornit Digital's stock currently has an average rating of "Buy" with a target price ranging from $22 to $31.40 set by various analysts.
• The company reported a slight year-over-year revenue increase of 2.5%, with earnings per share of $0.03 for the most recent quarter, surpassing analyst expectations.

Granahan Investment Management LLC lifted its position in shares of Kornit Digital Ltd. (NASDAQ:KRNT - Free Report) by 6.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,693,833 shares of the industrial products company's stock after acquiring an additional 98,284 shares during the quarter. Kornit Digital accounts for approximately 1.6% of Granahan Investment Management LLC's portfolio, making the stock its 17th largest holding. Granahan Investment Management LLC owned about 3.56% of Kornit Digital worth $32,318,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Chicago Capital LLC grew its position in Kornit Digital by 0.3% during the first quarter. Chicago Capital LLC now owns 3,105,206 shares of the industrial products company's stock worth $59,247,000 after buying an additional 10,656 shares during the period. Stephens Investment Management Group LLC grew its position in Kornit Digital by 0.8% during the first quarter. Stephens Investment Management Group LLC now owns 1,353,412 shares of the industrial products company's stock worth $25,823,000 after buying an additional 11,091 shares during the period. Pathstone Holdings LLC grew its position in Kornit Digital by 0.8% during the fourth quarter. Pathstone Holdings LLC now owns 859,668 shares of the industrial products company's stock worth $26,607,000 after buying an additional 6,503 shares during the period. Artemis Investment Management LLP grew its position in Kornit Digital by 5.0% during the first quarter. Artemis Investment Management LLP now owns 673,832 shares of the industrial products company's stock worth $12,857,000 after buying an additional 31,924 shares during the period. Finally, LHM Inc. grew its position in Kornit Digital by 17.3% during the first quarter. LHM Inc. now owns 532,545 shares of the industrial products company's stock worth $10,161,000 after buying an additional 78,581 shares during the period. 92.76% of the stock is currently owned by institutional investors and hedge funds.

Kornit Digital Stock Down 1.2%

Shares of KRNT traded down $0.18 on Wednesday, hitting $14.89. 75,934 shares of the stock traded hands, compared to its average volume of 310,374. The firm has a market capitalization of $666.70 million, a P/E ratio of -59.64 and a beta of 1.86. The stock's 50 day moving average is $17.75 and its two-hundred day moving average is $19.53. Kornit Digital Ltd. has a 1 year low of $12.78 and a 1 year high of $34.28.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.01. The business had revenue of $49.75 million for the quarter, compared to the consensus estimate of $52.07 million. Kornit Digital had a negative net margin of 5.43% and a negative return on equity of 0.74%. The company's quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.02 earnings per share. Research analysts forecast that Kornit Digital Ltd. will post -0.2 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Barclays set a $22.00 target price on shares of Kornit Digital and gave the stock an "equal weight" rating in a research report on Thursday, August 7th. Needham & Company LLC lowered their target price on shares of Kornit Digital from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Kornit Digital in a research report on Thursday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Kornit Digital presently has an average rating of "Buy" and an average price target of $31.40.

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.