Analysts Set Kornit Digital Ltd. (NASDAQ:KRNT) Price Target at $33.40

Shares of Kornit Digital Ltd. (NASDAQ:KRNT) have been assigned a consensus recommendation of “Moderate Buy” from the five brokerages that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $33.40.

Several equities research analysts recently issued reports on KRNT shares. Craig Hallum upped their price target on Kornit Digital from $27.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Morgan Stanley increased their target price on shares of Kornit Digital from $33.00 to $38.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. Barclays lifted their price target 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. Needham & Company LLC increased their price objective on shares of Kornit Digital from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Cantor Fitzgerald began coverage on Kornit Digital in a research note on Tuesday, November 26th. They issued an “overweight” rating and a $39.00 target price for the company.

Kornit Digital Stock Performance

KRNT opened at $31.78 on Friday. The company has a market capitalization of $1.51 billion, a P/E ratio of -36.11 and a beta of 2.01. The company has a 50-day moving average of $29.34 and a 200-day moving average of $22.35. Kornit Digital has a 1-year low of $13.59 and a 1-year high of $34.28.

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 $0.07 by $0.04. Kornit Digital had a negative return on equity of 2.17% and a negative net margin of 21.00%. The firm had revenue of $50.73 million during the quarter, compared to analyst estimates of $50.44 million. During the same period in the previous year, the company earned ($0.17) earnings per share. Kornit Digital’s quarterly revenue was down 14.3% on a year-over-year basis. As a group, sell-side analysts expect that Kornit Digital will post -0.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of KRNT. nVerses Capital LLC acquired a new stake in shares of Kornit Digital in the second quarter valued at approximately $40,000. Signaturefd LLC increased its position in Kornit Digital by 29.4% in 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 during the period. Privium Fund Management B.V. bought a new stake in Kornit Digital during the 2nd quarter valued at $159,000. Bank of New York Mellon Corp boosted its position in Kornit Digital by 8.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 16,029 shares of the industrial products company’s stock worth $235,000 after acquiring an additional 1,184 shares during the period. Finally, B. Riley Wealth Advisors Inc. grew its stake in shares of Kornit Digital by 26.2% in the second quarter. B. Riley Wealth Advisors Inc. now owns 17,486 shares of the industrial products company’s stock worth $256,000 after purchasing an additional 3,633 shares in the last quarter. 92.76% of the stock is owned by institutional investors and hedge funds.

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.