Needham & Company LLC Increases Kornit Digital (NASDAQ:KRNT) Price Target to $23.00

Key Points

• Needham & Company raised Kornit Digital’s price target to $23 from $22 and maintained a “Buy” rating, implying approximately 30.3% upside from the prior close.
• Analyst sentiment remains mixed: Kornit has an average “Hold” rating and a consensus target price of $21.25, while Zacks Research recently downgraded the stock to “Strong Sell.”
• Kornit’s latest quarterly results exceeded expectations, with EPS of $0.04 versus a $0.01 loss estimate and revenue of $55.32 million, up 11.1% year over year; institutional investors own 92.76% of the company.

Kornit Digital (NASDAQ:KRNT - Get Free Report) had its price target increased by investment analysts at Needham & Company LLC from $22.00 to $23.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the industrial products company's stock. Needham & Company LLC's price objective would indicate a potential upside of 30.31% from the stock's previous close.

Several other analysts also recently weighed in on the company. Zacks Research downgraded Kornit Digital from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 30th. Morgan Stanley upped their price target on shares of Kornit Digital from $17.00 to $18.00 and gave the stock an "equal weight" rating in a report on Tuesday, June 23rd. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $21.25.

Kornit Digital Price Performance

Shares of KRNT traded up $0.07 during mid-day trading on Wednesday, reaching $17.65. 417,939 shares of the company's stock traded hands, compared to its average volume of 306,172. The stock's 50-day moving average is $15.86 and its two-hundred day moving average is $15.39. Kornit Digital has a 12 month low of $11.93 and a 12 month high of $19.78. The stock has a market cap of $758.42 million, a P/E ratio of -45.26 and a beta of 1.72.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The industrial products company reported $0.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.01) by $0.05. Kornit Digital had a negative return on equity of 1.15% and a negative net margin of 7.93%.The firm had revenue of $55.32 million during the quarter, compared to analyst estimates of $52.80 million. During the same period last year, the company earned $0.03 EPS. Kornit Digital's quarterly revenue was up 11.1% compared to the same quarter last year. Research analysts predict that Kornit Digital will post -0.31 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Senvest Management LLC raised its position in Kornit Digital by 4.1% during the 4th quarter. Senvest Management LLC now owns 4,141,355 shares of the industrial products company's stock valued at $59,553,000 after purchasing an additional 162,100 shares in the last quarter. Morgan Stanley grew its position in shares of Kornit Digital by 26.5% during the 4th quarter. Morgan Stanley now owns 3,998,548 shares of the industrial products company's stock worth $57,499,000 after buying an additional 838,814 shares in the last quarter. Artisan Partners Limited Partnership grew its position in shares of Kornit Digital by 32.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,647,804 shares of the industrial products company's stock worth $38,075,000 after buying an additional 650,283 shares in the last quarter. Granahan Investment Management LLC increased its stake in shares of Kornit Digital by 31.4% during the fourth quarter. Granahan Investment Management LLC now owns 2,569,663 shares of the industrial products company's stock valued at $36,952,000 after buying an additional 614,513 shares during the period. Finally, Invenomic Capital Management LP increased its stake in shares of Kornit Digital by 196.9% during the fourth quarter. Invenomic Capital Management LP now owns 1,397,950 shares of the industrial products company's stock valued at $20,103,000 after buying an additional 927,169 shares during the period. Institutional investors own 92.76% of the company's stock.

Kornit Digital Company Profile

Kornit Digital Ltd. NASDAQ: KRNT is a global technology company specializing in digital textile printing solutions. Headquartered in Rosh Ha'Ayin, Israel, Kornit develops and manufactures an integrated ecosystem of industrial inkjet printers, proprietary NeoPigment inks and pretreatment systems. Its product portfolio addresses a range of applications including direct-to-garment, direct-to-fabric, digital embellishment and hybrid manufacturing, enabling businesses to produce custom apparel, sportswear, fashion and home textiles on demand.

The company's flagship offerings include the Avalanche and Atlas series for high-volume production, as well as the Storm and Helix lines designed for mid-to-large scale operations.

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