Kornit Digital (NASDAQ:KRNT) Upgraded by Wall Street Zen to “Hold” Rating

Kornit Digital (NASDAQ:KRNT) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

Other analysts have also recently issued reports about the stock. Morgan Stanley restated a “positive” rating and set a $17.00 price target on shares of Kornit Digital in a report on Wednesday, February 11th. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Kornit Digital in a research report on Wednesday, February 11th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Kornit Digital in a research note on Friday, December 26th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Kornit Digital presently has a consensus rating of “Hold” and a consensus target price of $20.25.

Kornit Digital Trading Down 7.3%

NASDAQ:KRNT opened at $14.54 on Friday. The firm has a market capitalization of $651.25 million, a price-to-earnings ratio of -46.90 and a beta of 1.79. Kornit Digital has a 1-year low of $11.93 and a 1-year high of $23.48. The business’s fifty day moving average price is $14.69 and its 200 day moving average price is $14.25.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings data 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 return on equity of 1.07% and a negative net margin of 6.49%.The firm had revenue of $58.86 million during the quarter, compared to analyst estimates of $58.16 million. During the same period last year, the company posted $0.18 EPS. The business’s quarterly revenue was down 3.0% compared to the same quarter last year. Equities analysts forecast that Kornit Digital will post -0.2 earnings per share for the current year.

Kornit Digital declared that its Board of Directors has authorized a share buyback plan 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 purchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Kornit Digital

A number of large investors have recently added to or reduced their stakes in the stock. Medina Value Partners LLC acquired a new position in Kornit Digital during the third quarter valued at approximately $12,732,000. Invenomic Capital Management LP lifted its stake in shares of Kornit Digital by 196.9% in the fourth quarter. Invenomic Capital Management LP now owns 1,397,950 shares of the industrial products company’s stock worth $20,103,000 after buying an additional 927,169 shares during the last quarter. Morgan Stanley lifted its stake in shares of Kornit Digital by 26.5% in the fourth quarter. Morgan Stanley now owns 3,998,548 shares of the industrial products company’s stock worth $57,499,000 after buying an additional 838,814 shares during the last quarter. Artisan Partners Limited Partnership boosted its holdings in shares of Kornit Digital by 32.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,647,804 shares of the industrial products company’s stock worth $38,075,000 after buying an additional 650,283 shares during the period. Finally, Dudley & Shanley Inc. boosted its holdings in shares of Kornit Digital by 97.5% during the 3rd quarter. Dudley & Shanley Inc. now owns 1,258,895 shares of the industrial products company’s stock worth $16,995,000 after buying an additional 621,595 shares during the period. Institutional investors own 92.76% of the company’s stock.

About Kornit Digital

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.