Kornit Digital Ltd (NASDAQ:KRNT) Receives Average Recommendation of “Buy” from Analysts

Shares of Kornit Digital Ltd (NASDAQ:KRNT) have been given an average rating of “Buy” by the eight ratings firms that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $28.00.

KRNT has been the topic of several research reports. TheStreet cut Kornit Digital from a “b” rating to a “c+” rating in a research note on Tuesday, May 28th. Zacks Investment Research downgraded Kornit Digital from a “hold” rating to a “strong sell” rating in a research note on Thursday, June 27th. BidaskClub upgraded Kornit Digital from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 27th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $34.00 target price (up from $32.00) on shares of Kornit Digital in a research report on Tuesday, June 18th.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Kornit Digital by 31.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,752 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 419 shares in the last quarter. Stephens Inc. AR bought a new stake in Kornit Digital during the first quarter worth about $54,000. Legal & General Group Plc lifted its stake in shares of Kornit Digital by 70.7% in the 4th quarter. Legal & General Group Plc now owns 2,296 shares of the industrial products company’s stock valued at $43,000 after acquiring an additional 951 shares during the last quarter. WINTON GROUP Ltd bought a new stake in shares of Kornit Digital in the 2nd quarter valued at about $207,000. Finally, Magnus Financial Group LLC bought a new stake in shares of Kornit Digital in the 2nd quarter valued at about $244,000. 84.20% of the stock is owned by institutional investors.

KRNT traded down $0.43 during midday trading on Tuesday, reaching $29.87. 277,819 shares of the company were exchanged, compared to its average volume of 350,495. The company has a quick ratio of 2.04, a current ratio of 2.94 and a debt-to-equity ratio of 0.06. Kornit Digital has a one year low of $16.10 and a one year high of $32.20. The firm has a market cap of $1.24 billion, a PE ratio of 124.46 and a beta of 1.05. The company’s 50-day simple moving average is $30.02.

Kornit Digital (NASDAQ:KRNT) last issued its earnings results on Monday, May 13th. The industrial products company reported $0.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.03). Kornit Digital had a return on equity of 4.27% and a net margin of 6.88%. The company had revenue of $38.20 million for the quarter, compared to the consensus estimate of $37.97 million. During the same quarter last year, the business posted $0.06 EPS. Kornit Digital’s quarterly revenue was up 22.8% on a year-over-year basis. Equities analysts expect that Kornit Digital will post 0.4 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. The company's solutions include digital printing systems, ink and other consumables, associated software, and value added services. It offers direct-to-garment printing systems from smaller industrial operators to mass producers; NeoPigment ink and other consumables; QuickP designer software; and value added services, such as maintenance and support, and professional services.

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