Legato Capital Management LLC Sells 126,331 Shares of Kornit Digital Ltd. (NASDAQ:KRNT)

Key Points

• Legato Capital Management LLC has significantly reduced its stake in Kornit Digital Ltd. (NASDAQ:KRNT) by 80.8%, now holding 30,027 shares valued at approximately $573,000.
• Several other hedge funds, like Russell Investments Group and Deutsche Bank, have increased their holdings in Kornit Digital, with institutional investors owning 92.76% of the stock.
• Kornit Digital currently has a consensus rating of "Moderate Buy" from analysts, with a price target of $33.20 and a recent trading price around $21.89.

Legato Capital Management LLC cut its position in shares of Kornit Digital Ltd. (NASDAQ:KRNT - Free Report) by 80.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 30,027 shares of the industrial products company's stock after selling 126,331 shares during the quarter. Legato Capital Management LLC owned 0.06% of Kornit Digital worth $573,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of KRNT. Russell Investments Group Ltd. grew its holdings in Kornit Digital by 654.5% during the fourth 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 during the period. Deutsche Bank AG grew its stake in shares of Kornit Digital by 31.5% in the 4th 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 acquired a new position in Kornit Digital in the fourth quarter worth approximately $159,000. Pictet Asset Management Holding SA acquired a new position in Kornit Digital in the fourth quarter worth approximately $203,000. Finally, HighTower Advisors LLC acquired a new position in Kornit Digital in the fourth quarter worth approximately $237,000. 92.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Needham & Company LLC restated a "buy" rating and issued a $30.00 target price on shares of Kornit Digital in a report on Thursday, June 5th. Morgan Stanley reissued an "overweight" rating on shares of Kornit Digital in a research report on Thursday, May 15th. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $33.20.

Kornit Digital Stock Performance

Shares of NASDAQ KRNT traded down $0.01 during mid-day trading on Tuesday, reaching $21.02. The company had a trading volume of 19,239 shares, compared to its average volume of 286,178. The company has a market capitalization of $999.50 million, a price-to-earnings ratio of -116.85 and a beta of 1.88. The stock has a fifty day moving average of $20.90 and a two-hundred day moving average of $22.27. Kornit Digital Ltd. has a 12-month low of $13.59 and a 12-month high of $34.28.

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.