Kornit Digital (NASDAQ:KRNT) Receives “Buy” Rating from Needham & Company LLC

Kornit Digital (NASDAQ:KRNT)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They presently have a $20.00 price objective on the industrial products company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 15.86% from the company’s previous close.

A number of other analysts also recently weighed in on the stock. Cantor Fitzgerald reduced their target price on shares of Kornit Digital from $28.50 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. Barclays dropped their price target on Kornit Digital from $22.00 to $18.00 and set an “equal weight” rating for the company in a research report on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Kornit Digital in a research note on Friday, December 26th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $15.00 price objective (down from $20.00) on shares of Kornit Digital in a research note on Thursday, November 6th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $19.75.

Kornit Digital Trading Up 21.2%

Shares of KRNT stock traded up $3.02 on Wednesday, reaching $17.26. The company’s stock had a trading volume of 476,004 shares, compared to its average volume of 336,242. The stock’s fifty day simple moving average is $14.14 and its 200-day simple moving average is $14.40. Kornit Digital has a 1 year low of $11.93 and a 1 year high of $30.03. The company has a market capitalization of $773.16 million, a price-to-earnings ratio of -59.52 and a beta of 1.87.

Kornit Digital declared that its Board of Directors has approved a stock buyback plan on Monday, November 17th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the industrial products company to buy up to 17.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. CIBC Private Wealth Group LLC increased its stake in Kornit Digital by 1,359.8% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,927 shares of the industrial products company’s stock worth $26,000 after buying an additional 1,795 shares during the period. Johnson Financial Group Inc. bought a new position in Kornit Digital in the 3rd quarter worth about $27,000. Raymond James Financial Inc. purchased a new position in shares of Kornit Digital during the second quarter worth approximately $31,000. State of Tennessee Department of Treasury bought a new stake in shares of Kornit Digital during the second quarter valued at approximately $35,000. Finally, Fortitude Family Office LLC boosted its holdings in shares of Kornit Digital by 64.2% in the third quarter. Fortitude Family Office LLC now owns 8,164 shares of the industrial products company’s stock valued at $110,000 after purchasing an additional 3,191 shares during the period. 92.76% of the stock is currently owned by institutional investors.

Kornit Digital Company Profile

Kornit Digital Ltd. (NASDAQ: KRNT) is a global technology company specializing in digital textile printing solutions. Headquartered in Rosh Ha’Ayin, Israel, Kornit develops and manufactures an integrated ecosystem of industrial inkjet printers, proprietary NeoPigment inks and pretreatment systems. Its product portfolio addresses a range of applications including direct-to-garment, direct-to-fabric, digital embellishment and hybrid manufacturing, enabling businesses to produce custom apparel, sportswear, fashion and home textiles on demand.

The company’s flagship offerings include the Avalanche and Atlas series for high-volume production, as well as the Storm and Helix lines designed for mid-to-large scale operations.