Stephens Investment Management Group LLC boosted its stake in shares of Kornit Digital Ltd. (NASDAQ:KRNT) by 64.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,269,012 shares of the industrial products company’s stock after purchasing an additional 496,117 shares during the quarter. Stephens Investment Management Group LLC owned about 3.89% of Kornit Digital worth $24,555,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the business. Timpani Capital Management LLC boosted its position in Kornit Digital by 40.8% during the second quarter. Timpani Capital Management LLC now owns 144,404 shares of the industrial products company’s stock worth $2,794,000 after purchasing an additional 41,836 shares during the period. Wells Fargo & Company MN boosted its position in shares of Kornit Digital by 1,540.0% in the second quarter. Wells Fargo & Company MN now owns 8,200 shares of the industrial products company’s stock valued at $159,000 after acquiring an additional 7,700 shares during the period. Schroder Investment Management Group boosted its position in shares of Kornit Digital by 0.5% in the second quarter. Schroder Investment Management Group now owns 1,065,848 shares of the industrial products company’s stock valued at $20,837,000 after acquiring an additional 5,178 shares during the period. Pier Capital LLC boosted its position in shares of Kornit Digital by 48.7% in the second quarter. Pier Capital LLC now owns 377,050 shares of the industrial products company’s stock valued at $7,296,000 after acquiring an additional 123,419 shares during the period. Finally, Sphera Funds Management LTD. boosted its position in shares of Kornit Digital by 6,266.7% in the second quarter. Sphera Funds Management LTD. now owns 57,300 shares of the industrial products company’s stock valued at $1,109,000 after acquiring an additional 56,400 shares during the period. 73.83% of the stock is owned by hedge funds and other institutional investors.
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A number of equities research analysts have recently issued reports on KRNT shares. Zacks Investment Research cut shares of Kornit Digital from a “hold” rating to a “sell” rating in a research report on Tuesday, May 16th. Craig Hallum initiated coverage on Kornit Digital in a research note on Tuesday, July 11th. They issued a “buy” rating and a $26.00 price target for the company. BidaskClub raised Kornit Digital from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $24.00 price target on shares of Kornit Digital in a research note on Tuesday, August 8th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company’s stock. Kornit Digital presently has a consensus rating of “Buy” and an average target price of $21.86.
Shares of Kornit Digital Ltd. (KRNT) traded up 0.89% on Tuesday, reaching $16.95. The company’s stock had a trading volume of 7,643 shares. The stock’s market cap is $571.81 million. Kornit Digital Ltd. has a 12 month low of $8.90 and a 12 month high of $23.15. The firm’s 50-day moving average price is $17.86 and its 200-day moving average price is $18.53.
Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings data on Monday, August 7th. The industrial products company reported $0.06 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.04. The company had revenue of $28.59 million for the quarter, compared to analysts’ expectations of $29.81 million. Kornit Digital had a positive return on equity of 7.05% and a negative net margin of 0.29%. Kornit Digital’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same period last year, the firm posted $0.02 EPS. On average, analysts forecast that Kornit Digital Ltd. will post $0.42 earnings per share for the current fiscal year.
Kornit Digital Profile
Kornit Digital Ltd. develops, designs and markets digital printing solutions for the global printed textile industry. The Company’s solutions include its digital printing systems, ink and other consumables, associated software and value added services. Its customers include custom decorators, online businesses, brand owners and contract printers.
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