Kornit Digital (NASDAQ:KRNT) PT Raised to $26.00

Kornit Digital (NASDAQ:KRNT) had its price target upped by research analysts at Morgan Stanley from $20.00 to $26.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. Morgan Stanley’s price target would suggest a potential upside of 13.59% from the company’s current price.

A number of other equities analysts also recently issued reports on KRNT. Craig Hallum lifted their price objective on shares of Kornit Digital from $23.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday. StockNews.com raised shares of Kornit Digital from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Finally, Needham & Company LLC reissued a “buy” rating and set a $27.00 target price on shares of Kornit Digital in a research report on Thursday.

Kornit Digital Stock Performance

Shares of NASDAQ KRNT opened at $22.89 on Friday. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of -18.76 and a beta of 1.90. Kornit Digital has a fifty-two week low of $13.29 and a fifty-two week high of $23.15. The firm’s 50-day simple moving average is $17.21 and its 200 day simple moving average is $16.43.

Kornit Digital (NASDAQ:KRNT) last posted its earnings results on Wednesday, August 7th. The industrial products company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. The company had revenue of $48.62 million for the quarter, compared to analyst estimates of $50.24 million. Kornit Digital had a negative return on equity of 3.22% and a negative net margin of 23.63%. The company’s revenue for the quarter was down 13.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.28) earnings per share. On average, sell-side analysts predict that Kornit Digital will post -0.28 EPS for the current year.

Hedge Funds Weigh In On Kornit Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in KRNT. Signaturefd LLC increased its holdings in Kornit Digital by 29.4% during the second quarter. Signaturefd LLC now owns 3,428 shares of the industrial products company’s stock worth $50,000 after buying an additional 779 shares during the last quarter. Headlands Technologies LLC grew its position in shares of Kornit Digital by 97.9% during the 1st quarter. Headlands Technologies LLC now owns 2,076 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 1,027 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Kornit Digital by 8.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 16,029 shares of the industrial products company’s stock worth $235,000 after purchasing an additional 1,184 shares during the last quarter. Sei Investments Co. raised its holdings in shares of Kornit Digital by 0.6% in the 2nd quarter. Sei Investments Co. now owns 206,464 shares of the industrial products company’s stock worth $3,023,000 after purchasing an additional 1,214 shares during the period. Finally, Silverberg Bernstein Capital Management LLC lifted its stake in Kornit Digital by 1.3% in the first quarter. Silverberg Bernstein Capital Management LLC now owns 117,250 shares of the industrial products company’s stock valued at $2,125,000 after purchasing an additional 1,550 shares during the last quarter. 92.76% of the stock is owned by hedge funds and other institutional investors.

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.