Schroder Investment Management Group Grows Holdings in Kornit Digital Ltd. $KRNT

Schroder Investment Management Group raised its stake in Kornit Digital Ltd. (NASDAQ:KRNT) by 18.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,046,889 shares of the industrial products company’s stock after buying an additional 160,374 shares during the period. Schroder Investment Management Group owned about 2.34% of Kornit Digital worth $20,844,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Fortitude Family Office LLC purchased a new position in Kornit Digital in the second quarter worth $99,000. Headlands Technologies LLC purchased a new stake in Kornit Digital during the first quarter valued at about $101,000. CHICAGO TRUST Co NA bought a new stake in Kornit Digital during the second quarter worth about $223,000. Bank of New York Mellon Corp lifted its stake in Kornit Digital by 9.2% during the first quarter. Bank of New York Mellon Corp now owns 13,539 shares of the industrial products company’s stock worth $258,000 after purchasing an additional 1,141 shares during the last quarter. Finally, Fox Run Management L.L.C. boosted its holdings in shares of Kornit Digital by 111.7% in the 1st quarter. Fox Run Management L.L.C. now owns 20,370 shares of the industrial products company’s stock worth $389,000 after purchasing an additional 10,748 shares in the last quarter. Hedge funds and other institutional investors own 92.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Kornit Digital in a research report on Wednesday, October 8th. Cantor Fitzgerald lowered their price objective on shares of Kornit Digital from $28.50 to $26.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. Needham & Company LLC reduced their target price on shares of Kornit Digital from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Morgan Stanley reiterated an “equal weight” rating and issued a $15.00 target price (down previously from $20.00) on shares of Kornit Digital in a research report on Thursday, November 6th. Finally, Barclays cut their price target on shares of Kornit Digital from $22.00 to $18.00 and set an “equal weight” rating for the company in a research report on Thursday, November 6th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $19.75.

Kornit Digital Stock Performance

Shares of Kornit Digital stock opened at $13.54 on Wednesday. Kornit Digital Ltd. has a 52-week low of $11.93 and a 52-week high of $34.28. The company’s 50 day moving average price is $13.51 and its 200-day moving average price is $16.80. The stock has a market capitalization of $606.52 million, a price-to-earnings ratio of -54.16 and a beta of 1.94.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings results on Wednesday, November 5th. The industrial products company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.05. The business had revenue of $53.13 million during the quarter, compared to analysts’ expectations of $51.79 million. Kornit Digital had a negative net margin of 5.43% and a negative return on equity of 0.74%. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.11 EPS. As a group, equities research analysts forecast that Kornit Digital Ltd. will post -0.2 earnings per share for the current fiscal year.

Kornit Digital declared that its board has approved a share repurchase plan on Monday, November 17th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the industrial products company to reacquire up to 17.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Kornit Digital Profile

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.