Kornit Digital Ltd. (NASDAQ:KRNT) Receives $33.40 Consensus Price Target from Brokerages

Kornit Digital Ltd. (NASDAQ:KRNT) has been assigned a consensus recommendation of “Moderate Buy” from the five ratings firms that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $33.40.

A number of brokerages recently weighed in on KRNT. Cantor Fitzgerald assumed coverage on shares of Kornit Digital in a research report on Tuesday, November 26th. They set an “overweight” rating and a $39.00 price objective for the company. Barclays lifted their target price on Kornit Digital from $21.00 to $26.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 1st. Craig Hallum increased their price target on Kornit Digital from $27.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC raised their price target on Kornit Digital from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Morgan Stanley upped their price objective on Kornit Digital from $33.00 to $38.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th.

Kornit Digital Stock Down 0.4 %

NASDAQ:KRNT opened at $29.70 on Wednesday. The company has a market cap of $1.41 billion, a PE ratio of -33.75 and a beta of 2.01. The business’s 50 day moving average is $31.34 and its two-hundred day moving average is $24.22. Kornit Digital has a 52 week low of $13.59 and a 52 week high of $34.28.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings data on Wednesday, November 6th. The industrial products company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.04. Kornit Digital had a negative return on equity of 2.17% and a negative net margin of 21.00%. The firm had revenue of $50.73 million for the quarter, compared to analysts’ expectations of $50.44 million. During the same period last year, the business posted ($0.17) earnings per share. The firm’s revenue for the quarter was down 14.3% on a year-over-year basis. As a group, sell-side analysts expect that Kornit Digital will post -0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Kornit Digital

A number of hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. acquired a new stake in Kornit Digital in the 3rd quarter valued at approximately $934,000. Tectonic Advisors LLC bought a new position in shares of Kornit Digital in the third quarter worth $705,000. Loomis Sayles & Co. L P bought a new position in shares of Kornit Digital in the third quarter worth $8,887,000. Telemark Asset Management LLC acquired a new position in shares of Kornit Digital during the third quarter valued at $1,033,000. Finally, Dudley & Shanley Inc. raised its stake in shares of Kornit Digital by 25.3% during the third quarter. Dudley & Shanley Inc. now owns 259,525 shares of the industrial products company’s stock valued at $6,705,000 after purchasing an additional 52,425 shares in the last quarter. Institutional investors own 92.76% of the company’s stock.

About Kornit Digital

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.