Needham & Company LLC Reiterates Buy Rating for Kornit Digital (NASDAQ:KRNT)

Kornit Digital (NASDAQ:KRNT - Get Free Report)'s stock had its "buy" rating reiterated by analysts at Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They presently have a $30.00 target price on the industrial products company's stock. Needham & Company LLC's target price would indicate a potential upside of 33.10% from the company's current price.

Several other analysts also recently issued reports on the stock. Cantor Fitzgerald raised shares of Kornit Digital to a "strong-buy" rating in a report on Thursday, February 27th. Morgan Stanley reaffirmed an "overweight" rating on shares of Kornit Digital in a report on Thursday, May 15th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $33.20.

Kornit Digital Price Performance

Shares of NASDAQ KRNT traded up $0.21 on Thursday, hitting $22.54. The company's stock had a trading volume of 200,104 shares, compared to its average volume of 300,917. Kornit Digital has a 12-month low of $13.59 and a 12-month high of $34.29. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of -64.40 and a beta of 1.93. The stock has a 50 day moving average of $19.80 and a 200-day moving average of $25.09.

Institutional Trading of Kornit Digital

A number of institutional investors have recently added to or reduced their stakes in KRNT. Stephens Investment Management Group LLC lifted its stake in shares of Kornit Digital by 4.4% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,342,321 shares of the industrial products company's stock worth $41,545,000 after buying an additional 57,068 shares during the last quarter. Legato Capital Management LLC lifted its stake in shares of Kornit Digital by 307.7% in the fourth quarter. Legato Capital Management LLC now owns 156,358 shares of the industrial products company's stock worth $4,839,000 after buying an additional 118,010 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Kornit Digital by 64.7% in the fourth quarter. Principal Financial Group Inc. now owns 59,584 shares of the industrial products company's stock worth $1,844,000 after buying an additional 23,416 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in shares of Kornit Digital by 6.0% in the fourth quarter. Handelsbanken Fonder AB now owns 17,657 shares of the industrial products company's stock worth $546,000 after buying an additional 1,000 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its stake in shares of Kornit Digital by 33.1% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 51,307 shares of the industrial products company's stock worth $1,588,000 after buying an additional 12,770 shares during the last quarter. 92.76% of the stock is currently owned by institutional investors and hedge funds.

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.