Kornit Digital Ltd. $KRNT Shares Sold by Artisan Partners Limited Partnership

Artisan Partners Limited Partnership decreased its position in shares of Kornit Digital Ltd. (NASDAQ:KRNT) by 28.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,997,521 shares of the industrial products company’s stock after selling 780,901 shares during the quarter. Artisan Partners Limited Partnership owned about 4.46% of Kornit Digital worth $26,967,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Dudley & Shanley Inc. raised its holdings in shares of Kornit Digital by 97.5% during the third quarter. Dudley & Shanley Inc. now owns 1,258,895 shares of the industrial products company’s stock valued at $16,995,000 after buying an additional 621,595 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Kornit Digital by 79.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 557,873 shares of the industrial products company’s stock worth $11,107,000 after buying an additional 247,763 shares in the last quarter. Thompson Investment Management Inc. increased its position in Kornit Digital by 169.5% in the 3rd quarter. Thompson Investment Management Inc. now owns 789,761 shares of the industrial products company’s stock valued at $10,662,000 after acquiring an additional 496,754 shares during the period. Hood River Capital Management LLC raised its stake in Kornit Digital by 39.1% during the 2nd quarter. Hood River Capital Management LLC now owns 2,182,569 shares of the industrial products company’s stock valued at $43,455,000 after acquiring an additional 613,070 shares in the last quarter. Finally, Magnetar Financial LLC acquired a new position in Kornit Digital during the 2nd quarter worth $439,000. Institutional investors own 92.76% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on KRNT. Cantor Fitzgerald lowered their price target on Kornit Digital from $28.50 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Kornit Digital in a research report on Friday, December 26th. Barclays dropped their price target 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. Morgan Stanley reaffirmed a “positive” rating and issued a $17.00 price target on shares of Kornit Digital in a research note on Wednesday, February 11th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Kornit Digital in a research note on Wednesday, February 11th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Kornit Digital has a consensus rating of “Hold” and a consensus target price of $20.25.

Kornit Digital Trading Down 2.0%

Shares of NASDAQ KRNT opened at $15.29 on Friday. Kornit Digital Ltd. has a twelve month low of $11.93 and a twelve month high of $25.18. The firm has a 50-day moving average of $14.60 and a two-hundred day moving average of $14.24. The company has a market capitalization of $684.84 million, a price-to-earnings ratio of -49.32 and a beta of 1.87.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings data on Wednesday, February 11th. The industrial products company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $58.86 million for the quarter, compared to analysts’ expectations of $58.16 million. During the same quarter in the previous year, the company posted $0.18 EPS. The business’s revenue was down 3.0% compared to the same quarter last year. As a group, research analysts predict that Kornit Digital Ltd. will post -0.2 earnings per share for the current year.

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

Kornit Digital 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.