Riverbridge Partners LLC Cuts Holdings in Kornit Digital Ltd. $KRNT

Key Points

• Riverbridge Partners LLC reduced its stake in Kornit Digital Ltd. by 12.5%, now holding approximately 3.23% of the company, valued at $30.6 million after selling 220,746 shares.
• Kornit Digital reported a quarterly earnings per share of $0.03, surpassing expectations, despite a revenue of $49.75 million which was under the consensus estimate of $52.07 million.
• Barclays set a price target of $22.00 for Kornit Digital, while Needham & Company lowered their target from $30.00 to $25.00, indicating mixed predictions for the stock's future performance.

Riverbridge Partners LLC decreased its position in shares of Kornit Digital Ltd. (NASDAQ:KRNT - Free Report) by 12.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,538,229 shares of the industrial products company's stock after selling 220,746 shares during the period. Riverbridge Partners LLC owned approximately 3.23% of Kornit Digital worth $30,626,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Fortitude Family Office LLC purchased a new position in shares of Kornit Digital during the second quarter valued at about $99,000. CHICAGO TRUST Co NA bought a new position in shares of Kornit Digital in the 2nd quarter valued at about $223,000. Moody National Bank Trust Division lifted its holdings in shares of Kornit Digital by 13.5% in the 2nd quarter. Moody National Bank Trust Division now owns 134,883 shares of the industrial products company's stock valued at $2,686,000 after acquiring an additional 16,000 shares during the last quarter. Silverberg Bernstein Capital Management LLC lifted its holdings in shares of Kornit Digital by 41.5% in the 2nd quarter. Silverberg Bernstein Capital Management LLC now owns 240,757 shares of the industrial products company's stock valued at $4,793,000 after acquiring an additional 70,637 shares during the last quarter. Finally, Dudley & Shanley Inc. lifted its holdings in shares of Kornit Digital by 98.4% in the 2nd quarter. Dudley & Shanley Inc. now owns 637,300 shares of the industrial products company's stock valued at $12,689,000 after acquiring an additional 316,150 shares during the last quarter. Hedge funds and other institutional investors own 92.76% of the company's stock.

Kornit Digital Price Performance

Shares of NASDAQ KRNT opened at $14.50 on Thursday. The company has a market cap of $649.46 million, a P/E ratio of -58.00 and a beta of 1.86. Kornit Digital Ltd. has a 1 year low of $12.78 and a 1 year high of $34.28. The firm has a 50-day simple moving average of $16.56 and a two-hundred day simple moving average of $18.86.

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, topping the consensus estimate of $0.02 by $0.01. The business had revenue of $49.75 million during 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 firm's quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.02 earnings per share. As a group, equities research analysts expect that Kornit Digital Ltd. will post -0.2 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on KRNT shares. Barclays set a $22.00 price target on shares of Kornit Digital and gave the company an "equal weight" rating in a report on Thursday, August 7th. Needham & Company LLC lowered their price target on shares of Kornit Digital from $30.00 to $25.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price 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.

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