Kornit Digital (NASDAQ:KRNT) Earns “Buy” Rating from Needham & Company LLC

Kornit Digital (NASDAQ:KRNT)‘s stock had its “buy” rating restated by Needham & Company LLC in a research note issued on Wednesday,Benzinga reports. They currently have a $20.00 price target on the industrial products company’s stock. Needham & Company LLC’s price target would suggest a potential upside of 15.86% from the stock’s previous close.

Other analysts have also issued research reports about the company. Cantor Fitzgerald reduced their target price on Kornit Digital from $28.50 to $26.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. Barclays dropped their price objective on Kornit Digital from $22.00 to $18.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Kornit Digital in a research report on Friday, December 26th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $15.00 price target (down previously from $20.00) on shares of Kornit Digital in a report on Thursday, November 6th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $19.75.

Kornit Digital Trading Up 21.2%

NASDAQ:KRNT traded up $3.02 on Wednesday, reaching $17.26. 476,004 shares of the stock traded hands, compared to its average volume of 336,242. The company has a market capitalization of $773.16 million, a price-to-earnings ratio of -59.52 and a beta of 1.87. Kornit Digital has a 12 month low of $11.93 and a 12 month high of $30.03. The company’s fifty day simple moving average is $14.14 and its 200 day simple moving average is $14.40.

Kornit Digital declared that its Board of Directors has approved a share buyback program on Monday, November 17th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Institutional Trading of Kornit Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of KRNT. CIBC Private Wealth Group LLC lifted its holdings in shares of Kornit Digital by 1,359.8% in the third quarter. CIBC Private Wealth Group LLC now owns 1,927 shares of the industrial products company’s stock worth $26,000 after buying an additional 1,795 shares in the last quarter. Johnson Financial Group Inc. purchased a new stake in Kornit Digital in the 3rd quarter worth $27,000. Raymond James Financial Inc. bought a new position in shares of Kornit Digital during the 2nd quarter valued at about $31,000. State of Tennessee Department of Treasury bought a new position in shares of Kornit Digital during the 2nd quarter valued at about $35,000. Finally, Fortitude Family Office LLC grew its position in shares of Kornit Digital by 64.2% during the third quarter. Fortitude Family Office LLC now owns 8,164 shares of the industrial products company’s stock valued at $110,000 after purchasing an additional 3,191 shares in the last quarter. Hedge funds and other institutional investors own 92.76% of the company’s stock.

Kornit Digital Company Profile

Kornit Digital Ltd. (NASDAQ: KRNT) is a global technology company specializing in digital textile printing solutions. Headquartered in Rosh Ha’Ayin, Israel, Kornit develops and manufactures an integrated ecosystem of industrial inkjet printers, proprietary NeoPigment inks and pretreatment systems. Its product portfolio addresses a range of applications including direct-to-garment, direct-to-fabric, digital embellishment and hybrid manufacturing, enabling businesses to produce custom apparel, sportswear, fashion and home textiles on demand.

The company’s flagship offerings include the Avalanche and Atlas series for high-volume production, as well as the Storm and Helix lines designed for mid-to-large scale operations.