Kornit Digital Ltd. (NASDAQ:KRNT) Receives $20.25 Consensus Target Price from Analysts

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) have received a consensus recommendation of “Hold” from the five brokerages that are presently 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 twelve-month target price among brokers that have covered the stock in the last year is $20.25.

Several equities analysts recently commented on KRNT shares. Wall Street Zen lowered Kornit Digital from a “hold” rating to a “sell” rating in a report on Saturday. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price objective on shares of Kornit Digital in a research report on Wednesday, February 11th. Cantor Fitzgerald dropped their price objective on Kornit Digital from $28.50 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. Barclays cut their target price 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. Finally, Morgan Stanley reaffirmed a “positive” rating and issued a $17.00 price target on shares of Kornit Digital in a report on Wednesday, February 11th.

Kornit Digital Stock Down 1.7%

Shares of NASDAQ:KRNT opened at $15.97 on Friday. Kornit Digital has a fifty-two week low of $11.93 and a fifty-two week high of $29.12. The firm’s 50 day moving average price is $14.33 and its 200 day moving average price is $14.28. The stock has a market cap of $715.30 million, a price-to-earnings ratio of -51.51 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 EPS for the quarter, topping 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 company had revenue of $58.86 million during the quarter, compared to analysts’ expectations of $58.16 million. During the same quarter in the previous year, the business posted $0.18 EPS. The firm’s revenue was down 3.0% on a year-over-year basis. On average, equities analysts anticipate that Kornit Digital will post -0.2 EPS for the current year.

Kornit Digital announced that its Board of Directors has authorized a stock repurchase program on Monday, November 17th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the industrial products company to buy up to 17.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. purchased a new stake in Kornit Digital in the second quarter valued at $31,000. State of Tennessee Department of Treasury acquired a new stake in shares of Kornit Digital during the second quarter worth about $35,000. CIBC Private Wealth Group LLC lifted its holdings in shares of Kornit Digital by 1,359.8% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,927 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 1,795 shares during the last quarter. Johnson Financial Group Inc. acquired a new stake in shares of Kornit Digital in the 3rd quarter valued at about $27,000. Finally, Fortitude Family Office LLC boosted its position in shares of Kornit Digital by 64.2% in the 3rd quarter. Fortitude Family Office LLC now owns 8,164 shares of the industrial products company’s stock valued at $110,000 after purchasing an additional 3,191 shares during the period. 92.76% of the stock is owned by hedge funds and other institutional investors.

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.