Analysts Set Kornit Digital Ltd. (NASDAQ:KRNT) PT at $20.25

Kornit Digital Ltd. (NASDAQ:KRNT) has been assigned an average recommendation of “Hold” from the five ratings firms that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have given a buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $20.25.

Several brokerages have recently issued reports on KRNT. Wall Street Zen upgraded shares of Kornit Digital from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. Morgan Stanley reiterated a “positive” rating and issued a $17.00 price target on shares of Kornit Digital in a research report on Wednesday, February 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Kornit Digital in a research note on Friday, December 26th. Finally, Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Kornit Digital in a research report on Wednesday, February 11th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Dudley & Shanley Inc. boosted its stake in shares of Kornit Digital by 97.5% during the 3rd quarter. Dudley & Shanley Inc. now owns 1,258,895 shares of the industrial products company’s stock worth $16,995,000 after purchasing an additional 621,595 shares during the period. Arrowstreet Capital Limited Partnership raised its position in 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 worth $11,107,000 after purchasing an additional 247,763 shares during the period. Thompson Investment Management Inc. raised its position in 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 worth $10,662,000 after purchasing an additional 496,754 shares during the period. Hood River Capital Management LLC lifted its stake in Kornit Digital by 39.1% in the second 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 last quarter. Finally, Ironwood Investment Management LLC bought a new stake in Kornit Digital in the third quarter worth about $1,006,000. Institutional investors own 92.76% of the company’s stock.

Kornit Digital Stock Performance

Shares of KRNT opened at $13.74 on Wednesday. The stock has a market capitalization of $615.41 million, a PE ratio of -44.32 and a beta of 1.79. The company’s fifty day moving average is $14.68 and its 200 day moving average is $14.20. Kornit Digital has a fifty-two week low of $11.93 and a fifty-two week high of $23.48.

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

Kornit Digital announced that its board has authorized a stock buyback plan on Monday, November 17th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to reacquire up to 17.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

About Kornit Digital

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.