Kornit Digital’s (KRNT) “Buy” Rating Reiterated at Needham & Company LLC

Kornit Digital (NASDAQ:KRNT)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research note issued to investors on Thursday, Benzinga reports. They currently have a $27.00 target price on the industrial products company’s stock. Needham & Company LLC’s price objective points to a potential upside of 19.21% from the stock’s previous close.

Several other equities research analysts also recently commented on KRNT. Craig Hallum upped their price objective on shares of Kornit Digital from $23.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday. StockNews.com upgraded Kornit Digital from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th.

Kornit Digital Stock Performance

Shares of NASDAQ:KRNT opened at $22.65 on Thursday. The company has a market capitalization of $1.08 billion, a P/E ratio of -18.57 and a beta of 1.90. Kornit Digital has a fifty-two week low of $13.29 and a fifty-two week high of $22.74. The company’s 50-day moving average is $17.05 and its 200 day moving average is $16.39.

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

Institutional Investors Weigh In On Kornit Digital

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Chicago Capital LLC increased its position in shares of Kornit Digital by 14.9% during the second quarter. Chicago Capital LLC now owns 2,857,604 shares of the industrial products company’s stock valued at $41,835,000 after buying an additional 370,962 shares during the period. Disciplined Growth Investors Inc. MN increased its position in shares of Kornit Digital by 5.7% in 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 purchasing an additional 111,971 shares during the last quarter. Wasatch Advisors LP increased its position in shares of Kornit Digital by 6.7% in the first quarter. Wasatch Advisors LP now owns 1,810,302 shares of the industrial products company’s stock worth $32,803,000 after purchasing an additional 114,372 shares during the last quarter. Stephens Investment Management Group LLC increased its position in shares of Kornit Digital by 23.8% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,466,159 shares of the industrial products company’s stock worth $28,092,000 after purchasing an additional 282,241 shares during the last quarter. Finally, William Blair Investment Management LLC increased its position in shares of Kornit Digital by 6.0% in the second quarter. William Blair Investment Management LLC now owns 987,863 shares of the industrial products company’s stock worth $14,462,000 after purchasing an additional 56,157 shares during the last quarter. 92.76% of the stock is currently owned by institutional investors.

Kornit Digital Company 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.