Kornit Digital (NASDAQ:KRNT) Hits New 1-Year High After Analyst Upgrade

Kornit Digital Ltd. (NASDAQ:KRNT)’s stock price reached a new 52-week high on Tuesday after Morgan Stanley raised their price target on the stock from $33.00 to $38.00. Morgan Stanley currently has an overweight rating on the stock. Kornit Digital traded as high as $33.99 and last traded at $33.37, with a volume of 53910 shares trading hands. The stock had previously closed at $32.91.

A number of other research firms have also recently weighed in on KRNT. Needham & Company LLC upped their price target on Kornit Digital from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Barclays upped their target price on shares of Kornit Digital from $21.00 to $26.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 1st. Craig Hallum lifted their price target on shares of Kornit Digital from $27.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Cantor Fitzgerald assumed coverage on shares of Kornit Digital in a research report on Tuesday, November 26th. They issued an “overweight” rating and a $39.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $33.40.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of KRNT. Tectonic Advisors LLC acquired a new stake in shares of Kornit Digital during the 3rd quarter valued at approximately $705,000. Loomis Sayles & Co. L P bought a new position in shares of Kornit Digital in the 3rd quarter worth about $8,887,000. Principal Financial Group Inc. acquired a new position in shares of Kornit Digital in the 3rd quarter valued at about $934,000. Telemark Asset Management LLC bought a new stake in shares of Kornit Digital during the 3rd quarter valued at about $1,033,000. Finally, Disciplined Growth Investors Inc. MN raised its stake in Kornit Digital by 5.7% during the second quarter. Disciplined Growth Investors Inc. MN now owns 2,060,575 shares of the industrial products company’s stock worth $30,167,000 after acquiring an additional 111,971 shares during the period. Institutional investors own 92.76% of the company’s stock.

Kornit Digital Stock Up 0.8 %

The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of -37.40 and a beta of 2.01. The stock has a 50 day simple moving average of $28.24 and a 200 day simple moving average of $21.48.

Kornit Digital (NASDAQ:KRNT) last released its quarterly earnings data on Wednesday, November 6th. The industrial products company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $50.73 million during the quarter, compared to analyst estimates of $50.44 million. During the same quarter in the previous year, the firm posted ($0.17) EPS. The business’s revenue for the quarter was down 14.3% compared to the same quarter last year. As a group, analysts forecast that Kornit Digital Ltd. will post -0.22 EPS for the current 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.