Kornit Digital (NASDAQ:KRNT) Given New $31.00 Price Target at Needham & Company LLC

Kornit Digital (NASDAQ:KRNT) had its price objective boosted by Needham & Company LLC from $27.00 to $31.00 in a research note released on Thursday morning,Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

A number of other analysts also recently weighed in on KRNT. Barclays raised their price target on shares of Kornit Digital from $21.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 1st. StockNews.com raised Kornit Digital from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Morgan Stanley increased their target price on shares of Kornit Digital from $20.00 to $26.00 and gave the company an “overweight” rating in a research note on Friday, September 13th. Finally, Craig Hallum boosted their price objective on Kornit Digital from $23.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.00.

Kornit Digital Price Performance

NASDAQ:KRNT traded up $0.05 during trading hours on Thursday, reaching $30.47. 230,680 shares of the company traded hands, compared to its average volume of 369,860. The firm’s 50-day moving average is $23.62 and its 200-day moving average is $18.46. The stock has a market cap of $1.45 billion, a P/E ratio of -29.53 and a beta of 1.93. 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 (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.03. Kornit Digital had a negative net margin of 23.63% and a negative return on equity of 3.22%. The business had revenue of $50.73 million for the quarter, compared to the consensus estimate of $50.44 million. During the same quarter in the prior year, the firm posted ($0.17) earnings per share. The company’s quarterly revenue was down 14.3% compared to the same quarter last year. As a group, research analysts predict 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 modified their holdings of KRNT. Headlands Technologies LLC lifted its position in Kornit Digital by 97.9% in the first quarter. Headlands Technologies LLC now owns 2,076 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 1,027 shares during the period. nVerses Capital LLC bought a new position in shares of Kornit Digital during the 2nd quarter worth about $40,000. Signaturefd LLC boosted its position in shares of Kornit Digital by 29.4% during the 2nd quarter. Signaturefd LLC now owns 3,428 shares of the industrial products company’s stock valued at $50,000 after acquiring an additional 779 shares in the last quarter. Privium Fund Management B.V. bought a new stake in Kornit Digital in the second quarter valued at about $159,000. Finally, Bank of New York Mellon Corp raised its position in Kornit Digital by 8.0% in the second quarter. Bank of New York Mellon Corp now owns 16,029 shares of the industrial products company’s stock worth $235,000 after purchasing an additional 1,184 shares in the last quarter. 92.76% of the stock is owned by institutional investors.

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.