Kornit Digital Ltd. (KRNT) Earns “Buy” Rating from Needham & Company LLC
Kornit Digital Ltd. (NASDAQ:KRNT)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a report issued on Tuesday. They currently have a $15.00 target price on the stock. Needham & Company LLC’s target price points to a potential upside of 33.33% from the company’s current price.
KRNT has been the subject of a number of other reports. Zacks Investment Research cut shares of Kornit Digital from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 4th. Stifel Nicolaus dropped their price target on shares of Kornit Digital from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 3rd. Finally, TheStreet upgraded shares of Kornit Digital from a “sell” rating to a “hold” rating in a research report on Monday, August 8th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Kornit Digital currently has an average rating of “Buy” and a consensus target price of $15.40.
Kornit Digital (NASDAQ:KRNT) traded down 1.75% during midday trading on Tuesday, reaching $11.25. 31,032 shares of the company were exchanged. The firm has a 50-day moving average price of $10.61 and a 200-day moving average price of $10.10. The company has a market capitalization of $344.07 million, a PE ratio of 173.08 and a beta of -0.23. Kornit Digital has a 52 week low of $8.10 and a 52 week high of $12.30.
Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings results on Wednesday, November 9th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.03. Kornit Digital had a net margin of 2.03% and a return on equity of 5.14%. The business earned $30.90 million during the quarter, compared to analysts’ expectations of $28.79 million. During the same period last year, the business earned $0.09 earnings per share. The business’s revenue for the quarter was up 40.5% on a year-over-year basis. Equities research analysts anticipate that Kornit Digital will post $0.28 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in KRNT. Blair William & Co. IL acquired a new position in shares of Kornit Digital during the second quarter worth $10,284,000. Schroder Investment Management Group increased its position in shares of Kornit Digital by 12.8% in the second quarter. Schroder Investment Management Group now owns 1,017,767 shares of the company’s stock worth $9,933,000 after buying an additional 115,800 shares in the last quarter. Swiss National Bank increased its position in shares of Kornit Digital by 72.3% in the second quarter. Swiss National Bank now owns 14,300 shares of the company’s stock worth $140,000 after buying an additional 6,000 shares in the last quarter. Kornitzer Capital Management Inc. KS purchased a new position in shares of Kornit Digital during the second quarter worth about $344,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Kornit Digital during the second quarter worth about $5,124,000. Hedge funds and other institutional investors own 26.02% of the company’s stock.
Kornit Digital Company Profile
Kornit Digital Ltd. develops, designs and markets digital printing solutions for the global printed textile industry. The Company’s solutions include its digital printing systems, ink and other consumables, associated software and value added services. Its customers include custom decorators, online businesses, brand owners and contract printers.
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