Kornit Digital (NASDAQ:KRNT) CTO Yaaqov Mann Sells 1,665 Shares of Company Stock

Kornit Digital Ltd. (NASDAQ:KRNT) CTO Yaaqov Mann sold 1,665 shares of the firm’s stock in a transaction dated Friday, October 16th. The shares were sold at an average price of $17.03, for a total value of $28,354.95. Following the transaction, the chief technology officer directly owned 46,722 shares in the company, valued at $795,675.66. This trade represents a 3.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Yaaqov Mann also recently made the following trade(s):

• On Monday, October 5th, Yaaqov Mann sold 39,958 shares of Kornit Digital stock. The stock was sold at an average price of $17.66, for a total value of $705,658.28.
• On Friday, October 2nd, Yaaqov Mann sold 57,108 shares of Kornit Digital stock. The shares were sold at an average price of $17.27, for a total value of $986,255.16.

Kornit Digital Trading Up 0.4%

NASDAQ KRNT opened at $17.55 on Wednesday. Kornit Digital Ltd. has a 1-year low of $11.93 and a 1-year high of $19.78. The stock has a 50-day moving average of $16.69 and a 200-day moving average of $16.09. The firm has a market cap of $754.07 million, a PE ratio of -36.56 and a beta of 1.85.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings results on Wednesday, August 12th. The industrial products company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.05. The business had revenue of $55.32 million for the quarter, compared to analyst estimates of $52.80 million. Kornit Digital had a negative return on equity of 1.00% and a negative net margin of 9.42%. Kornit Digital’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period last year, the company earned $0.03 EPS. As a group, equities research analysts forecast that Kornit Digital Ltd. will post -0.23 earnings per share for the current fiscal year.

Institutional Trading of Kornit Digital

A number of institutional investors have recently modified their holdings of KRNT. Amundi purchased a new position in Kornit Digital during the 1st quarter valued at about $214,000. Public Employees Retirement System of Ohio bought a new position in Kornit Digital during the 2nd quarter valued at approximately $224,000. Engineers Gate Manager LP bought a new position in Kornit Digital during the 2nd quarter valued at approximately $300,000. Lone Peak Global Investors LLC lifted its holdings in Kornit Digital by 2.6% in the 2nd quarter. Lone Peak Global Investors LLC now owns 36,069 shares of the industrial products company’s stock worth $586,000 after buying an additional 908 shares during the period. Finally, Tidal Investments LLC lifted its holdings in Kornit Digital by 78.3% in the 2nd quarter. Tidal Investments LLC now owns 68,838 shares of the industrial products company’s stock worth $1,119,000 after buying an additional 30,233 shares during the period. 92.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Morgan Stanley increased their price objective on Kornit Digital from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Thursday, August 13th. Zacks Research raised shares of Kornit Digital from a “strong sell” rating to a “hold” rating in a research note on Monday, August 24th. Needham & Company LLC lifted their target price on shares of Kornit Digital from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Finally, Weiss Ratings upgraded shares of Kornit Digital from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $21.50.

About Kornit Digital

Kornit Digital Ltd. (NASDAQ: KRNT) develops and manufactures digital printing systems, inks, software and related solutions for the textile, apparel and other printed-product markets. Its technologies are designed to enable on-demand, short-run and customized production, helping manufacturers and brands reduce reliance on traditional screen-printing and other analog processes.

The company’s product portfolio includes direct-to-garment, direct-to-fabric and digital decoration systems, as well as proprietary inks, workflow software and technical services.