Kornit Digital (NASDAQ:KRNT) Price Target Raised to $27.00 at Craig Hallum

Kornit Digital (NASDAQ:KRNT) had its price objective upped by Craig Hallum from $23.00 to $27.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Craig Hallum’s price objective would indicate a potential upside of 17.96% from the stock’s current price.

A number of other research analysts have also commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $27.00 price target on shares of Kornit Digital in a research note on Thursday, August 8th. StockNews.com raised Kornit Digital from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th.

Kornit Digital Trading Up 1.1 %

Shares of NASDAQ KRNT opened at $22.89 on Wednesday. The company has a market capitalization of $1.09 billion, a P/E ratio of -18.76 and a beta of 1.90. Kornit Digital has a 12 month low of $13.29 and a 12 month high of $23.15. The stock has a 50 day moving average of $17.05 and a 200-day moving average of $16.39.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.03. Kornit Digital had a negative return on equity of 3.22% and a negative net margin of 23.63%. The business had revenue of $48.62 million during the quarter, compared to the consensus estimate of $50.24 million. During the same quarter last year, the firm posted ($0.28) EPS. The company’s quarterly revenue was down 13.5% on a year-over-year basis. Analysts predict that Kornit Digital will post -0.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Kornit Digital

Several institutional investors and hedge funds have recently modified their holdings of the business. Wasatch Advisors LP boosted its holdings in Kornit Digital by 6.7% in the 1st quarter. Wasatch Advisors LP now owns 1,810,302 shares of the industrial products company’s stock valued at $32,803,000 after purchasing an additional 114,372 shares during the period. Tidal Investments LLC bought a new stake in shares of Kornit Digital in the first quarter valued at approximately $664,000. William Blair Investment Management LLC grew its position 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 worth $16,883,000 after buying an additional 35,930 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in Kornit Digital by 217.0% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 80,466 shares of the industrial products company’s stock worth $1,178,000 after acquiring an additional 55,086 shares during the period. Finally, Inflection Point Investments LLP acquired a new position in Kornit Digital in the 4th quarter valued at $17,014,000. 92.76% of the stock is currently owned by institutional investors and hedge funds.

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.