Kornit Digital (NASDAQ:KRNT) Given New $23.00 Price Target at Needham & Company LLC

Kornit Digital (NASDAQ:KRNT) had its price target hoisted by investment analysts at Needham & Company LLC from $22.00 to $23.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 30.31% from the company’s previous close.

A number of other brokerages have also recently weighed in on KRNT. Zacks Research cut Kornit Digital from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 30th. Morgan Stanley lifted their target price on Kornit Digital from $17.00 to $18.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 23rd. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Kornit Digital presently has a consensus rating of “Hold” and a consensus target price of $21.25.

Kornit Digital Stock Up 0.4%

Shares of NASDAQ KRNT traded up $0.07 during midday trading on Wednesday, reaching $17.65. 417,939 shares of the company’s stock traded hands, compared to its average volume of 306,172. The stock’s 50 day simple moving average is $15.86 and its 200-day simple moving average is $15.39. Kornit Digital has a one year low of $11.93 and a one year high of $19.78. The company has a market cap of $758.42 million, a price-to-earnings ratio of -45.26 and a beta of 1.72.

Kornit Digital (NASDAQ:KRNT) last issued its quarterly earnings data on Wednesday, August 12th. The industrial products company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.05. The company had revenue of $55.32 million during the quarter, compared to the consensus estimate of $52.80 million. Kornit Digital had a negative net margin of 7.93% and a negative return on equity of 1.15%. Kornit Digital’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.03 earnings per share. Equities analysts predict that Kornit Digital will post -0.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Kornit Digital

A number of large investors have recently made changes to their positions in the business. Wasatch Advisors LP lifted its holdings in shares of Kornit Digital by 145.9% during the 2nd quarter. Wasatch Advisors LP now owns 433,968 shares of the industrial products company’s stock valued at $7,052,000 after purchasing an additional 257,478 shares during the last quarter. Janus Henderson Group PLC grew its stake in Kornit Digital by 13.7% during the 1st quarter. Janus Henderson Group PLC now owns 793,194 shares of the industrial products company’s stock worth $11,628,000 after buying an additional 95,693 shares during the last quarter. Amundi acquired a new position in Kornit Digital during the 1st quarter valued at about $214,000. Renaissance Technologies LLC increased its position in Kornit Digital by 44.5% during the 1st quarter. Renaissance Technologies LLC now owns 91,500 shares of the industrial products company’s stock valued at $1,341,000 after buying an additional 28,200 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in Kornit Digital by 97.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 470,962 shares of the industrial products company’s stock valued at $6,904,000 after buying an additional 232,808 shares during the last quarter. 92.76% of the stock is owned by institutional investors and hedge funds.

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.