Kornit Digital Ltd. $KRNT Shares Sold by Granahan Investment Management LLC

Granahan Investment Management LLC trimmed its stake in shares of Kornit Digital Ltd. (NASDAQ:KRNT) by 10.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,298,471 shares of the industrial products company’s stock after selling 271,192 shares during the quarter. Kornit Digital comprises 1.6% of Granahan Investment Management LLC’s holdings, making the stock its 14th biggest position. Granahan Investment Management LLC owned about 5.13% of Kornit Digital worth $33,696,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in KRNT. CIBC Private Wealth Group LLC increased its stake in shares of Kornit Digital by 1,359.8% during the third quarter. CIBC Private Wealth Group LLC now owns 1,927 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 1,795 shares during the period. Johnson Financial Group Inc. bought a new stake in Kornit Digital during the third quarter worth approximately $27,000. Raymond James Financial Inc. acquired a new stake in Kornit Digital in the second quarter worth approximately $31,000. State of Tennessee Department of Treasury acquired a new stake in Kornit Digital in the second quarter worth approximately $35,000. Finally, Quadrature Capital Ltd bought a new position in Kornit Digital during the 4th quarter valued at $144,000. 92.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

KRNT has been the topic of several research analyst reports. Wall Street Zen upgraded Kornit Digital from a “sell” rating to a “hold” rating in a research report on Sunday, April 12th. Morgan Stanley raised their target price on Kornit Digital from $17.00 to $18.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 23rd. Finally, Needham & Company LLC lifted their target price on Kornit Digital from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $21.00.

Kornit Digital Stock Performance

Shares of NASDAQ:KRNT opened at $15.23 on Friday. Kornit Digital Ltd. has a one year low of $11.93 and a one year high of $22.06. The stock has a fifty day moving average of $15.67 and a 200-day moving average of $15.25. The company has a market capitalization of $654.43 million, a PE ratio of -39.05 and a beta of 1.73.

Kornit Digital (NASDAQ:KRNT) last released its quarterly earnings data on Wednesday, May 13th. The industrial products company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). The business had revenue of $48.54 million during the quarter, compared to analyst estimates of $46.67 million. Kornit Digital had a negative return on equity of 1.15% and a negative net margin of 7.93%.The company’s revenue was up 4.4% compared to the same quarter last year. During the same period last year, the company posted $0.01 EPS. As a group, research analysts forecast that Kornit Digital Ltd. will post -0.31 EPS for the current fiscal year.

About Kornit Digital

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.