Principal Financial Group Inc. Invests $934,000 in Kornit Digital Ltd. (NASDAQ:KRNT)

Principal Financial Group Inc. bought a new stake in Kornit Digital Ltd. (NASDAQ:KRNT) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 36,168 shares of the industrial products company’s stock, valued at approximately $934,000.

Several other hedge funds have also recently added to or reduced their stakes in KRNT. nVerses Capital LLC acquired a new stake in shares of Kornit Digital in the 2nd quarter valued at $40,000. Signaturefd LLC lifted its holdings in Kornit Digital by 29.4% during the 2nd quarter. Signaturefd LLC now owns 3,428 shares of the industrial products company’s stock worth $50,000 after buying an additional 779 shares during the last quarter. Privium Fund Management B.V. acquired a new position in shares of Kornit Digital during the 2nd quarter worth about $159,000. Bank of New York Mellon Corp increased its holdings in shares of Kornit Digital by 8.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 16,029 shares of the industrial products company’s stock valued at $235,000 after acquiring an additional 1,184 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. lifted its stake in Kornit Digital by 26.2% during 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 during the last quarter. Institutional investors and hedge funds own 92.76% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on KRNT. Barclays raised their price objective on shares of Kornit Digital from $21.00 to $26.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Needham & Company LLC boosted their price target on shares of Kornit Digital from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. StockNews.com upgraded shares of Kornit Digital from a “sell” rating to a “hold” rating in a research note on Thursday, August 8th. Craig Hallum lifted their target price on Kornit Digital from $27.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Morgan Stanley raised their price target on Kornit Digital from $20.00 to $26.00 and gave the stock an “overweight” rating in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $29.00.

Kornit Digital Trading Up 0.1 %

NASDAQ KRNT opened at $31.34 on Friday. Kornit Digital Ltd. has a 12-month low of $13.59 and a 12-month high of $33.00. The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of -35.61 and a beta of 1.93. The business’s 50 day moving average is $26.16 and its two-hundred day moving average is $19.65.

Kornit Digital (NASDAQ:KRNT) last released its earnings results on Wednesday, November 6th. The industrial products company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.04. The company had revenue of $50.73 million during the quarter, compared to the consensus estimate of $50.44 million. Kornit Digital had a negative return on equity of 2.17% and a negative net margin of 21.00%. Kornit Digital’s quarterly revenue was down 14.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.17) earnings per share. Equities analysts forecast that Kornit Digital Ltd. will post -0.2 earnings per share for the current fiscal year.

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.