Kornit Digital (NASDAQ:KRNT) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Kornit Digital (NASDAQ:KRNT) had its price target lifted by Needham & Company LLC from $27.00 to $31.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 1.74% from the stock’s current price.

Several other equities analysts have also weighed in on the stock. Barclays upped 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. Morgan Stanley upped their price objective on shares of Kornit Digital from $20.00 to $26.00 and gave the company an “overweight” rating in a report on Friday, September 13th. Craig Hallum boosted their target price on shares of Kornit Digital from $23.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Finally, StockNews.com raised shares of Kornit Digital from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $29.00.

Kornit Digital Price Performance

KRNT stock traded up $0.05 during midday trading on Thursday, hitting $30.47. The stock had a trading volume of 230,680 shares, compared to its average volume of 277,628. The business has a fifty day moving average price of $23.86 and a two-hundred day moving average price of $18.56. Kornit Digital has a 1-year low of $13.59 and a 1-year high of $31.19.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings data on Wednesday, November 6th. The industrial products company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.03. Kornit Digital had a negative net margin of 21.00% and a negative return on equity of 2.17%. The firm had revenue of $50.73 million for the quarter, compared to analyst estimates of $50.44 million. During the same quarter in the prior year, the business earned ($0.17) earnings per share. The business’s quarterly revenue was down 14.3% compared to the same quarter last year. On average, analysts expect that Kornit Digital will post -0.28 earnings per share for the current year.

Institutional Investors Weigh In On Kornit Digital

Several hedge funds have recently bought and sold shares of KRNT. Tidal Investments LLC purchased a new stake in Kornit Digital during the first quarter valued at approximately $664,000. William Blair Investment Management LLC increased its holdings in Kornit Digital by 4.0% during the first quarter. William Blair Investment Management LLC now owns 931,706 shares of the industrial products company’s stock valued at $16,883,000 after buying an additional 35,930 shares during the last quarter. Harbor Capital Advisors Inc. increased its holdings in Kornit Digital by 217.0% during the second quarter. Harbor Capital Advisors Inc. now owns 80,466 shares of the industrial products company’s stock valued at $1,178,000 after buying an additional 55,086 shares during the last quarter. Tectonic Advisors LLC purchased a new stake in Kornit Digital during the third quarter valued at approximately $705,000. Finally, Disciplined Growth Investors Inc. MN increased its holdings in Kornit Digital by 5.7% during the second quarter. Disciplined Growth Investors Inc. MN now owns 2,060,575 shares of the industrial products company’s stock valued at $30,167,000 after buying an additional 111,971 shares during the last quarter. Institutional investors own 92.76% of the company’s stock.

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.