Needham & Company LLC Forecasts Strong Price Appreciation for Kornit Digital (NASDAQ:KRNT) Stock

Kornit Digital (NASDAQ:KRNT) had its price target lifted by investment analysts at Needham & Company LLC from $31.00 to $34.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Needham & Company LLC’s target price suggests a potential upside of 16.60% from the stock’s previous close.

Several other analysts have also commented on the company. Craig Hallum increased their price objective on Kornit Digital from $27.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Cantor Fitzgerald began coverage on Kornit Digital in a research report on Tuesday, November 26th. They set an “overweight” rating and a $39.00 target price on the stock. Finally, Morgan Stanley raised their price target on Kornit Digital from $33.00 to $38.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Kornit Digital currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.00.

Kornit Digital Stock Performance

Shares of Kornit Digital stock opened at $29.16 on Wednesday. The company has a market capitalization of $1.39 billion, a PE ratio of -33.14 and a beta of 2.02. The company has a 50-day simple moving average of $30.67 and a two-hundred day simple moving average of $26.06. Kornit Digital has a one year low of $13.59 and a one year high of $34.28.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings data on Wednesday, February 12th. The industrial products company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.14). Kornit Digital had a negative return on equity of 2.17% and a negative net margin of 21.00%. On average, equities analysts predict that Kornit Digital will post -0.22 earnings per share for the current fiscal year.

Institutional Trading of Kornit Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Loomis Sayles & Co. L P raised its stake in shares of Kornit Digital by 259.7% in the fourth quarter. Loomis Sayles & Co. L P now owns 1,237,453 shares of the industrial products company’s stock worth $38,300,000 after purchasing an additional 893,463 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in Kornit Digital by 421.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 470,674 shares of the industrial products company’s stock worth $14,567,000 after buying an additional 380,392 shares during the period. Artemis Investment Management LLP raised its position in Kornit Digital by 138.2% during the 4th quarter. Artemis Investment Management LLP now owns 641,908 shares of the industrial products company’s stock worth $19,867,000 after buying an additional 372,443 shares during the last quarter. Riverbridge Partners LLC lifted its stake in Kornit Digital by 21.1% during the 4th quarter. Riverbridge Partners LLC now owns 1,927,091 shares of the industrial products company’s stock valued at $59,643,000 after acquiring an additional 335,713 shares during the period. Finally, Chicago Capital LLC lifted its stake in Kornit Digital by 8.1% during the 3rd quarter. Chicago Capital LLC now owns 3,089,263 shares of the industrial products company’s stock valued at $79,811,000 after acquiring an additional 231,659 shares during the period. Institutional investors and hedge funds own 92.76% of the company’s stock.

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.