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

Needham & Company LLC restated their buy rating on shares of Kornit Digital (NASDAQ:KRNT) in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a $20.00 target price on the industrial products company’s stock.

A number of other analysts have also weighed in on the stock. Barclays cut their target price on shares of Kornit Digital from $22.00 to $18.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 6th. Cantor Fitzgerald dropped their price target on Kornit Digital from $28.50 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Kornit Digital in a report on Friday, December 26th. Finally, Morgan Stanley restated an “equal weight” rating and set a $15.00 price target (down from $20.00) on shares of Kornit Digital in a report on Thursday, November 6th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $20.25.

Kornit Digital Stock Down 1.7%

Kornit Digital stock opened at $15.97 on Wednesday. Kornit Digital has a 12-month low of $11.93 and a 12-month high of $29.12. The business’s 50-day moving average price is $14.29 and its two-hundred day moving average price is $14.40. The stock has a market cap of $715.30 million, a PE ratio of -51.51 and a beta of 1.87.

Kornit Digital (NASDAQ:KRNT) last posted its earnings results on Wednesday, February 11th. The industrial products company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.04. Kornit Digital had a negative net margin of 6.49% and a negative return on equity of 1.07%. The firm had revenue of $58.86 million during the quarter, compared to analysts’ expectations of $58.16 million. During the same quarter in the prior year, the business earned $0.18 earnings per share. The business’s revenue for the quarter was down 3.0% compared to the same quarter last year. As a group, analysts expect that Kornit Digital will post -0.2 earnings per share for the current year.

Kornit Digital declared that its board has initiated a stock repurchase program on Monday, November 17th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the industrial products company to reacquire up to 17.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Kornit Digital

A number of institutional investors have recently modified their holdings of the company. Stifel Financial Corp raised its stake in Kornit Digital by 24.5% during the fourth quarter. Stifel Financial Corp now owns 13,038 shares of the industrial products company’s stock worth $187,000 after buying an additional 2,568 shares during the last quarter. Morgan Stanley grew its holdings in Kornit Digital by 26.5% during the 4th quarter. Morgan Stanley now owns 3,998,548 shares of the industrial products company’s stock worth $57,499,000 after acquiring an additional 838,814 shares during the period. Schroder Investment Management Group grew its holdings in Kornit Digital by 6.2% during the 4th quarter. Schroder Investment Management Group now owns 1,148,895 shares of the industrial products company’s stock worth $16,464,000 after acquiring an additional 66,658 shares during the period. State Street Corp raised its position in shares of Kornit Digital by 5.7% in the 4th quarter. State Street Corp now owns 652,594 shares of the industrial products company’s stock worth $9,384,000 after acquiring an additional 34,998 shares in the last quarter. Finally, Van ECK Associates Corp lifted its stake in shares of Kornit Digital by 6.9% in the 4th quarter. Van ECK Associates Corp now owns 12,742 shares of the industrial products company’s stock valued at $183,000 after purchasing an additional 820 shares during the period. 92.76% of the stock is 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.