Kornit Digital (NASDAQ:KRNT) Price Target Raised to $31.00

Kornit Digital (NASDAQ:KRNT) had its price target increased by Needham & Company LLC from $27.00 to $31.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 5.44% from the company’s current price.

KRNT has been the topic of several other reports. Barclays boosted their target price on shares of Kornit Digital from $21.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 1st. StockNews.com upgraded Kornit Digital from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Craig Hallum raised their price objective on Kornit Digital from $23.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Finally, Morgan Stanley boosted their target price on Kornit Digital from $20.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday, September 13th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $27.50.

Kornit Digital Price Performance

NASDAQ:KRNT opened at $29.40 on Thursday. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of -28.54 and a beta of 1.93. The firm’s fifty day moving average price is $23.39 and its 200 day moving average price is $18.38. Kornit Digital has a 1-year low of $13.59 and a 1-year high of $29.89.

Kornit Digital (NASDAQ:KRNT) last released its earnings results on Wednesday, August 7th. The industrial products company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.03. The company had revenue of $48.62 million for the quarter, compared to analysts’ expectations of $50.24 million. Kornit Digital had a negative return on equity of 3.22% and a negative net margin of 23.63%. The firm’s quarterly revenue was down 13.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.28) EPS. As a group, analysts expect that Kornit Digital will post -0.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Kornit Digital

A number of large investors have recently bought and sold shares of KRNT. Chicago Capital LLC raised its holdings in shares of Kornit Digital by 8.1% in the third quarter. Chicago Capital LLC now owns 3,089,263 shares of the industrial products company’s stock worth $79,811,000 after acquiring an additional 231,659 shares during the last quarter. Disciplined Growth Investors Inc. MN boosted its position in Kornit Digital by 5.7% during the second quarter. Disciplined Growth Investors Inc. MN now owns 2,060,575 shares of the industrial products company’s stock worth $30,167,000 after acquiring an additional 111,971 shares during the last quarter. William Blair Investment Management LLC grew its stake in Kornit Digital by 6.0% in the 2nd quarter. William Blair Investment Management LLC now owns 987,863 shares of the industrial products company’s stock worth $14,462,000 after acquiring an additional 56,157 shares during the period. LHM Inc. acquired a new position in Kornit Digital in the 2nd quarter valued at $12,042,000. Finally, Thompson Investment Management Inc. lifted its stake in shares of Kornit Digital by 11.9% during the 2nd quarter. Thompson Investment Management Inc. now owns 585,332 shares of the industrial products company’s stock worth $8,569,000 after purchasing an additional 62,045 shares during the period. Institutional investors and hedge funds own 92.76% of the company’s stock.

About Kornit Digital

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.