Needham & Company LLC Boosts Kornit Digital (NASDAQ:KRNT) Price Target to $34.00

Kornit Digital (NASDAQ:KRNT) had its price objective raised by analysts at Needham & Company LLC from $31.00 to $34.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 16.64% from the stock’s current price.

A number of other brokerages also recently commented on KRNT. Cantor Fitzgerald started coverage on shares of Kornit Digital in a report on Tuesday, November 26th. They issued an “overweight” rating and a $39.00 price target for the company. Craig Hallum increased their price target on Kornit Digital from $27.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Morgan Stanley increased their target price on Kornit Digital from $33.00 to $38.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $34.00.

Kornit Digital Price Performance

Shares of KRNT stock opened at $29.15 on Wednesday. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of -33.13 and a beta of 2.02. Kornit Digital has a one year low of $13.59 and a one year high of $34.28. The company’s fifty day moving average price is $30.62 and its 200-day moving average price is $26.08.

Kornit Digital (NASDAQ:KRNT) last posted its earnings results on Wednesday, February 12th. The industrial products company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.14). Kornit Digital had a negative net margin of 21.00% and a negative return on equity of 2.17%. Equities research analysts expect that Kornit Digital will post -0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kornit Digital

A number of large investors have recently added to or reduced their stakes in KRNT. Icon Advisers Inc. Co. acquired a new position in shares of Kornit Digital during the fourth quarter valued at about $6,190,000. Next Century Growth Investors LLC increased its holdings in Kornit Digital by 86.5% in the 4th quarter. Next Century Growth Investors LLC now owns 303,497 shares of the industrial products company’s stock worth $9,393,000 after buying an additional 140,723 shares during the period. Russell Investments Group Ltd. increased its holdings in Kornit Digital by 654.5% in the 4th quarter. Russell Investments Group Ltd. now owns 2,075 shares of the industrial products company’s stock worth $64,000 after buying an additional 1,800 shares during the period. Envestnet Asset Management Inc. increased its holdings in Kornit Digital by 29.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 110,465 shares of the industrial products company’s stock worth $3,419,000 after buying an additional 25,446 shares during the period. Finally, ExodusPoint Capital Management LP acquired a new position in Kornit Digital in the 4th quarter worth approximately $942,000. 92.76% of the stock is currently owned by institutional investors.

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.