Kornit Digital (NASDAQ:KRNT) Upgraded to “Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Kornit Digital (NASDAQ:KRNT) from a hold rating to a buy rating in a research report sent to investors on Saturday, Zacks.com reports. The brokerage currently has $83.00 target price on the industrial products company’s stock.

According to Zacks, “Kornit Digital, Ltd. is engaged in developing, manufacturing and marketing industrial and commercial printing solutions. The company offers a portfolio of direct to garment printers from entry level to mass production; NeoPigment ink solutions; roll to roll printers and pretereatment systems and software for the garment and textile printing industry. Kornit Digital, Ltd. is headquartered in Rosh-Ha`Ayin, Israel. “

Several other equities analysts also recently issued reports on the stock. Barclays restated a buy rating and issued a $68.00 price objective on shares of Kornit Digital in a research note on Monday, September 21st. Needham & Company LLC upped their price objective on shares of Kornit Digital from $67.00 to $76.00 and gave the company a buy rating in a research note on Wednesday, November 11th. Stifel Nicolaus upped their price objective on shares of Kornit Digital from $60.00 to $68.00 and gave the company a buy rating in a research note on Wednesday, August 12th. Craig Hallum upped their price objective on shares of Kornit Digital from $58.00 to $72.00 and gave the company a hold rating in a research note on Wednesday, November 11th. They noted that the move was a valuation call. Finally, Citigroup upgraded shares of Kornit Digital from a neutral rating to a buy rating and upped their price objective for the company from $55.00 to $70.00 in a research note on Sunday, September 20th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $72.83.

NASDAQ:KRNT opened at $78.55 on Friday. The firm has a market capitalization of $3.22 billion, a PE ratio of -392.73 and a beta of 1.69. The business’s fifty day moving average price is $68.59 and its 200 day moving average price is $55.72. Kornit Digital has a 12 month low of $22.17 and a 12 month high of $79.41.

Kornit Digital (NASDAQ:KRNT) last posted its earnings results on Tuesday, November 10th. The industrial products company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.14 by $0.04. Kornit Digital had a negative return on equity of 2.09% and a negative net margin of 5.05%. The firm had revenue of $59.55 million for the quarter, compared to analyst estimates of $55.29 million. During the same quarter in the prior year, the company posted $0.21 earnings per share. Kornit Digital’s revenue for the quarter was up 19.8% compared to the same quarter last year. On average, equities research analysts anticipate that Kornit Digital will post -0.11 EPS for the current fiscal year.

A number of large investors have recently made changes to their positions in KRNT. Voloridge Investment Management LLC increased its holdings in Kornit Digital by 2.0% in the third quarter. Voloridge Investment Management LLC now owns 42,154 shares of the industrial products company’s stock valued at $2,735,000 after buying an additional 818 shares in the last quarter. Jane Street Group LLC increased its holdings in Kornit Digital by 149.3% in the third quarter. Jane Street Group LLC now owns 25,609 shares of the industrial products company’s stock valued at $1,661,000 after buying an additional 15,337 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in Kornit Digital in the third quarter valued at about $187,000. Point72 Asset Management L.P. purchased a new position in Kornit Digital in the third quarter valued at about $138,000. Finally, State of Tennessee Treasury Department increased its holdings in Kornit Digital by 66.6% in the third quarter. State of Tennessee Treasury Department now owns 62,922 shares of the industrial products company’s stock valued at $4,082,000 after buying an additional 25,156 shares in the last quarter. Hedge funds and other institutional investors own 93.91% of the company’s stock.

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 worldwide. The company's solutions include digital printing systems, ink and other consumables, associated software, and value added services.

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