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

Kornit Digital Ltd (NASDAQ:KRNT) has earned a consensus rating of “Buy” from the eight analysts that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $29.50.

Several brokerages have commented on KRNT. Stifel Nicolaus set a $35.00 target price on shares of Kornit Digital and gave the company a “buy” rating in a research note on Wednesday, August 7th. BidaskClub raised shares of Kornit Digital from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $34.00 target price (up previously from $32.00) on shares of Kornit Digital in a research note on Tuesday, June 18th. TheStreet raised shares of Kornit Digital from a “c+” rating to a “b” rating in a research note on Wednesday, August 7th. Finally, Zacks Investment Research raised shares of Kornit Digital from a “strong sell” rating to a “hold” rating in a research note on Saturday.

A number of large investors have recently modified their holdings of the business. Ladenburg Thalmann Financial Services Inc. raised its position in shares of Kornit Digital by 42.7% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,351 shares of the industrial products company’s stock valued at $74,000 after purchasing an additional 703 shares during the period. Cambridge Investment Research Advisors Inc. bought a new position in Kornit Digital during the second quarter worth about $888,000. Waddell & Reed Financial Inc. increased its position in Kornit Digital by 32.5% during the second quarter. Waddell & Reed Financial Inc. now owns 733,145 shares of the industrial products company’s stock worth $23,211,000 after acquiring an additional 179,660 shares during the period. UBS Asset Management Americas Inc. increased its position in Kornit Digital by 13.0% during the second quarter. UBS Asset Management Americas Inc. now owns 13,900 shares of the industrial products company’s stock worth $440,000 after acquiring an additional 1,600 shares during the period. Finally, D. E. Shaw & Co. Inc. increased its position in Kornit Digital by 60.7% during the second quarter. D. E. Shaw & Co. Inc. now owns 185,882 shares of the industrial products company’s stock worth $5,885,000 after acquiring an additional 70,196 shares during the period. 92.81% of the stock is owned by hedge funds and other institutional investors.

Shares of KRNT traded down $0.01 on Friday, reaching $28.14. 418,504 shares of the company’s stock were exchanged, compared to its average volume of 257,193. The company has a current ratio of 7.23, a quick ratio of 6.35 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $1.12 billion, a P/E ratio of 117.25 and a beta of 1.05. The business has a 50 day moving average price of $29.46 and a two-hundred day moving average price of $26.73. Kornit Digital has a 12 month low of $16.10 and a 12 month high of $32.20.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $0.08 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.01). Kornit Digital had a return on equity of 3.04% and a net margin of 5.69%. The business had revenue of $43.89 million for the quarter, compared to the consensus estimate of $45.91 million. During the same period last year, the firm earned $0.09 earnings per share. The company’s quarterly revenue was up 22.3% on a year-over-year basis. Equities research analysts predict that Kornit Digital will post 0.3 EPS for the current year.

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. 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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