Artisan Partners Limited Partnership Has $26.97 Million Stock Position in Kornit Digital Ltd. $KRNT

Artisan Partners Limited Partnership lowered its stake in Kornit Digital Ltd. (NASDAQ:KRNT) by 28.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,997,521 shares of the industrial products company’s stock after selling 780,901 shares during the quarter. Artisan Partners Limited Partnership’s holdings in Kornit Digital were worth $26,967,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Dudley & Shanley Inc. boosted its holdings in shares of Kornit Digital by 97.5% in the third quarter. Dudley & Shanley Inc. now owns 1,258,895 shares of the industrial products company’s stock worth $16,995,000 after buying an additional 621,595 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Kornit Digital by 79.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 557,873 shares of the industrial products company’s stock valued at $11,107,000 after acquiring an additional 247,763 shares in the last quarter. Thompson Investment Management Inc. lifted its position in shares of Kornit Digital by 169.5% in the 3rd quarter. Thompson Investment Management Inc. now owns 789,761 shares of the industrial products company’s stock valued at $10,662,000 after acquiring an additional 496,754 shares in the last quarter. Hood River Capital Management LLC boosted its stake in Kornit Digital by 39.1% in the 2nd quarter. Hood River Capital Management LLC now owns 2,182,569 shares of the industrial products company’s stock worth $43,455,000 after purchasing an additional 613,070 shares during the period. Finally, Magnetar Financial LLC purchased a new position in Kornit Digital during the 2nd quarter worth approximately $439,000. 92.76% of the stock is owned by hedge funds and other institutional investors.

Kornit Digital Trading Down 2.0%

KRNT opened at $15.29 on Friday. The stock has a fifty day moving average price of $14.60 and a 200 day moving average price of $14.24. Kornit Digital Ltd. has a 1 year low of $11.93 and a 1 year high of $25.18. The stock has a market cap of $684.84 million, a price-to-earnings ratio of -49.32 and a beta of 1.87.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings results on Wednesday, February 11th. The industrial products company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.04. The company had revenue of $58.86 million during the quarter, compared to the consensus estimate of $58.16 million. Kornit Digital had a negative return on equity of 1.07% and a negative net margin of 6.49%.The business’s quarterly revenue was down 3.0% on a year-over-year basis. During the same period last year, the business earned $0.18 EPS. As a group, sell-side analysts forecast that Kornit Digital Ltd. will post -0.2 earnings per share for the current fiscal year.

Kornit Digital announced that its board has approved a stock buyback program on Monday, November 17th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the industrial products company to purchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have recently issued reports on KRNT shares. Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Kornit Digital in a report on Wednesday, February 11th. Barclays dropped their price target on Kornit Digital from $22.00 to $18.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Kornit Digital in a research note on Friday, December 26th. Morgan Stanley reaffirmed a “positive” rating and set a $17.00 target price on shares of Kornit Digital in a research note on Wednesday, February 11th. Finally, Wall Street Zen lowered shares of Kornit Digital from a “hold” rating to a “sell” rating in a research report on Saturday, February 14th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $20.25.

Kornit Digital 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.