Needham & Company LLC Raises Kornit Digital (NASDAQ:KRNT) Price Target to $31.00

Kornit Digital (NASDAQ:KRNT - Get Free Report) had its target price increased by equities research analysts at Needham & Company LLC from $27.00 to $31.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the industrial products company's stock. Needham & Company LLC's price objective would indicate a potential upside of 0.36% from the company's previous close.

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

Kornit Digital Stock Up 5.1 %

NASDAQ:KRNT traded up $1.49 during trading hours on Thursday, reaching $30.89. The company had a trading volume of 222,531 shares, compared to its average volume of 369,969. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of -29.50 and a beta of 1.93. Kornit Digital has a twelve month low of $13.59 and a twelve month high of $31.19. The business's 50-day simple moving average is $23.39 and its two-hundred day simple moving average is $18.38.

Kornit Digital (NASDAQ:KRNT - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The industrial products company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.08 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 $50.73 million during the quarter, compared to analyst estimates of $50.44 million. During the same quarter last year, the firm posted ($0.17) earnings per share. The company's revenue for the quarter was down 14.3% on a year-over-year basis. As a group, equities analysts predict that Kornit Digital will post -0.28 earnings per share for the current year.

Institutional Trading of Kornit Digital

Several institutional investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC increased its stake in shares of Kornit Digital by 97.9% in the 1st quarter. Headlands Technologies LLC now owns 2,076 shares of the industrial products company's stock valued at $38,000 after purchasing an additional 1,027 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of Kornit Digital during the 2nd quarter worth approximately $40,000. Signaturefd LLC grew its stake in shares of 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 buying an additional 779 shares during the period. Privium Fund Management B.V. acquired a new position in Kornit Digital during the second quarter worth $159,000. Finally, Bank of New York Mellon Corp lifted its position in shares of Kornit Digital by 8.0% during the second quarter. Bank of New York Mellon Corp now owns 16,029 shares of the industrial products company's stock valued at $235,000 after purchasing an additional 1,184 shares in the last quarter. 92.76% of the stock is currently 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.