Principal Financial Group Inc. Acquires New Position in Kornit Digital Ltd. (NASDAQ:KRNT)

Principal Financial Group Inc. bought a new position in Kornit Digital Ltd. (NASDAQ:KRNT) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm bought 36,168 shares of the industrial products company’s stock, valued at approximately $934,000. Principal Financial Group Inc. owned approximately 0.08% of Kornit Digital at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Kennedy Capital Management LLC boosted its stake in Kornit Digital by 26.6% during the first quarter. Kennedy Capital Management LLC now owns 95,581 shares of the industrial products company’s stock worth $1,732,000 after buying an additional 20,067 shares during the last quarter. California State Teachers Retirement System boosted its position in shares of Kornit Digital by 9.9% during the 1st quarter. California State Teachers Retirement System now owns 55,682 shares of the industrial products company’s stock valued at $1,009,000 after acquiring an additional 5,005 shares during the last quarter. Tidal Investments LLC acquired a new stake in Kornit Digital during the first quarter worth about $664,000. Moody National Bank Trust Division raised its stake in Kornit Digital by 19.6% during the second quarter. Moody National Bank Trust Division now owns 51,386 shares of the industrial products company’s stock worth $752,000 after purchasing an additional 8,405 shares during the period. Finally, Thompson Investment Management Inc. boosted its holdings in Kornit Digital by 11.9% in the 2nd quarter. Thompson Investment Management Inc. now owns 585,332 shares of the industrial products company’s stock valued at $8,569,000 after purchasing an additional 62,045 shares during the last quarter. 92.76% of the stock is currently owned by institutional investors and hedge funds.

Kornit Digital Price Performance

Shares of Kornit Digital stock opened at $31.34 on Friday. The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of -35.61 and a beta of 1.93. The business has a 50-day moving average of $26.16 and a 200 day moving average of $19.65. Kornit Digital Ltd. has a 12 month low of $13.59 and a 12 month high of $33.00.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings data on Wednesday, November 6th. The industrial products company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.07 by $0.04. Kornit Digital had a negative net margin of 21.00% and a negative return on equity of 2.17%. The business had revenue of $50.73 million during the quarter, compared to analyst estimates of $50.44 million. During the same quarter last year, the firm posted ($0.17) earnings per share. The business’s revenue for the quarter was down 14.3% compared to the same quarter last year. Equities research analysts anticipate that Kornit Digital Ltd. will post -0.2 earnings per share for the current year.

Wall Street Analyst Weigh In

KRNT has been the topic of several analyst reports. Morgan Stanley lifted their price target on shares of Kornit Digital from $20.00 to $26.00 and gave the company an “overweight” rating in a research report on Friday, September 13th. Craig Hallum upped their price target on Kornit Digital from $27.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Barclays boosted their price objective on shares of Kornit Digital from $21.00 to $26.00 and gave the company an “equal weight” rating in a report on Tuesday, October 1st. StockNews.com raised shares of Kornit Digital from a “sell” rating to a “hold” rating in a research note on Thursday, August 8th. Finally, Needham & Company LLC boosted their price target on shares of Kornit Digital from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Kornit Digital currently has a consensus rating of “Moderate Buy” and an average target price of $29.00.

Kornit Digital Company Profile

Kornit Digital Ltd. develops, designs, and markets digital printing solutions for the fashion, apparel, and home decor segments of printed textile industry in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. Its solutions include digital printing systems, ink and other consumables, associated software, and value-added services.