Needham & Company LLC Cuts Kornit Digital (NASDAQ:KRNT) Price Target to $28.00

Kornit Digital (NASDAQ:KRNT) had its target price dropped by analysts at Needham & Company LLC from $34.00 to $28.00 in a note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Needham & Company LLC’s price target points to a potential upside of 46.06% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Cantor Fitzgerald raised shares of Kornit Digital to a “strong-buy” rating in a report on Thursday, February 27th. Morgan Stanley lifted their target price on shares of Kornit Digital from $33.00 to $38.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Kornit Digital presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.80.

Kornit Digital Trading Up 21.3 %

Shares of KRNT opened at $19.17 on Tuesday. The stock has a market cap of $911.57 million, a PE ratio of -54.77 and a beta of 2.08. Kornit Digital has a 1 year low of $13.59 and a 1 year high of $34.29. The stock has a 50 day simple moving average of $23.07 and a 200-day simple moving average of $26.87.

Kornit Digital (NASDAQ:KRNT) last released its quarterly earnings data on Wednesday, February 12th. The industrial products company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.14). Kornit Digital had a negative return on equity of 1.51% and a negative net margin of 8.24%. On average, sell-side analysts forecast that Kornit Digital will post -0.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Kornit Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Loomis Sayles & Co. L P grew its stake in shares of Kornit Digital by 259.7% during the fourth quarter. Loomis Sayles & Co. L P now owns 1,237,453 shares of the industrial products company’s stock valued at $38,300,000 after purchasing an additional 893,463 shares during the last quarter. AQR Capital Management LLC bought a new position in Kornit Digital in the 4th quarter valued at $14,769,000. Assenagon Asset Management S.A. boosted its position in Kornit Digital by 421.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 470,674 shares of the industrial products company’s stock valued at $14,567,000 after buying an additional 380,392 shares during the last quarter. Artemis Investment Management LLP increased its stake in shares of Kornit Digital by 138.2% in the 4th quarter. Artemis Investment Management LLP now owns 641,908 shares of the industrial products company’s stock valued at $19,867,000 after buying an additional 372,443 shares during the period. Finally, Hood River Capital Management LLC raised its position in shares of Kornit Digital by 47.2% during the fourth quarter. Hood River Capital Management LLC now owns 1,099,725 shares of the industrial products company’s stock worth $34,036,000 after acquiring an additional 352,648 shares during the last quarter. Institutional investors and hedge funds 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.