Kornit Digital (NASDAQ:KRNT) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Kornit Digital (NASDAQ:KRNT) from a sell rating to a hold rating in a report issued on Wednesday morning, Zacks.com reports.

According to Zacks, “Kornit Digital, Ltd. is engaged in developing, manufacturing and marketing industrial and commercial printing solutions. The company offers a portfolio of direct to garment printers from entry level to mass production; NeoPigment ink solutions; roll to roll printers and pretereatment systems and software for the garment and textile printing industry. Kornit Digital, Ltd. is headquartered in Rosh-Ha`Ayin, Israel. “

Other equities analysts have also recently issued reports about the company. TheStreet upgraded Kornit Digital from a c rating to a b- rating in a research note on Wednesday, August 11th. Craig Hallum raised their price objective on Kornit Digital from $105.00 to $140.00 and gave the stock a buy rating in a research note on Thursday, July 22nd. Needham & Company LLC restated a buy rating and set a $147.00 price objective on shares of Kornit Digital in a research note on Thursday, September 9th. Berenberg Bank started coverage on Kornit Digital in a research note on Thursday, July 8th. They issued a buy rating and a $147.00 target price on the stock. Finally, Barclays raised their target price on Kornit Digital from $145.00 to $180.00 and gave the company an overweight rating in a research note on Wednesday, October 6th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Buy and a consensus target price of $131.90.

Shares of KRNT opened at $150.29 on Wednesday. The business’s fifty day moving average price is $138.18 and its 200 day moving average price is $120.00. Kornit Digital has a 12-month low of $63.52 and a 12-month high of $164.22. The stock has a market capitalization of $6.91 billion, a PE ratio of 341.58 and a beta of 1.83.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings data on Monday, August 9th. The industrial products company reported $0.22 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.22. Kornit Digital had a return on equity of 5.02% and a net margin of 7.40%. The firm had revenue of $88.30 million for the quarter, compared to analysts’ expectations of $77.44 million. During the same period last year, the business posted ($0.05) earnings per share. The firm’s revenue for the quarter was up 131.2% on a year-over-year basis. Sell-side analysts predict that Kornit Digital will post 0.52 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Artisan Partners Limited Partnership raised its stake in shares of Kornit Digital by 9.3% during the second quarter. Artisan Partners Limited Partnership now owns 1,944,243 shares of the industrial products company’s stock valued at $241,728,000 after purchasing an additional 165,366 shares in the last quarter. Gilder Gagnon Howe & Co. LLC raised its stake in shares of Kornit Digital by 10.4% during the first quarter. Gilder Gagnon Howe & Co. LLC now owns 1,759,235 shares of the industrial products company’s stock valued at $174,375,000 after purchasing an additional 165,708 shares in the last quarter. abrdn plc raised its stake in shares of Kornit Digital by 1.5% during the second quarter. abrdn plc now owns 1,235,439 shares of the industrial products company’s stock valued at $153,603,000 after purchasing an additional 18,623 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Kornit Digital by 39.8% during the first quarter. Nuveen Asset Management LLC now owns 1,070,795 shares of the industrial products company’s stock valued at $106,137,000 after purchasing an additional 304,774 shares in the last quarter. Finally, BlackRock Inc. raised its stake in shares of Kornit Digital by 2.7% during the first quarter. BlackRock Inc. now owns 1,009,507 shares of the industrial products company’s stock valued at $100,063,000 after purchasing an additional 26,294 shares in the last quarter. Institutional investors and hedge funds own 91.43% of the company’s stock.

About Kornit Digital

Kornit Digital Ltd. engages in the development, manufacture, and marketing of industrial and commercial printing solutions for the garment, apparel and textile industries. It offers printing solutions for apparel, polyester, sportswear, beachwear, accessories, paradigm shirt, textiles, curtains, cushions and couches.

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