Morgan Stanley Increases Kornit Digital (NASDAQ:KRNT) Price Target to $38.00

Kornit Digital (NASDAQ:KRNT) had its target price boosted by Morgan Stanley from $33.00 to $38.00 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has an overweight rating on the industrial products company’s stock.

Several other brokerages also recently commented on KRNT. Craig Hallum raised their price target on shares of Kornit Digital from $27.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Cantor Fitzgerald initiated coverage on Kornit Digital in a research note on Tuesday, November 26th. They set an “overweight” rating and a $39.00 price objective for the company. Barclays upped their target price on Kornit Digital from $21.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Finally, Needham & Company LLC lifted their price target on Kornit Digital from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $33.40.

Kornit Digital Stock Performance

NASDAQ:KRNT opened at $31.50 on Monday. The business’s fifty day moving average is $28.72 and its 200 day moving average is $21.81. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of -35.80 and a beta of 2.01. Kornit Digital has a 52-week low of $13.59 and a 52-week high of $34.28.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings results on Wednesday, November 6th. The industrial products company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.04. Kornit Digital had a negative return on equity of 2.17% and a negative net margin of 21.00%. The firm had revenue of $50.73 million for the quarter, compared to analysts’ expectations of $50.44 million. During the same period in the prior year, the business posted ($0.17) earnings per share. The company’s revenue was down 14.3% on a year-over-year basis. Equities analysts predict that Kornit Digital will post -0.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Kornit Digital

Institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp grew its position in Kornit Digital by 8.0% during the second quarter. Bank of New York Mellon Corp now owns 16,029 shares of the industrial products company’s stock valued at $235,000 after acquiring an additional 1,184 shares during the last quarter. Taylor Frigon Capital Management LLC boosted its stake in shares of Kornit Digital by 21.0% in the 2nd quarter. Taylor Frigon Capital Management LLC now owns 243,814 shares of the industrial products company’s stock valued at $3,569,000 after purchasing an additional 42,383 shares in the last quarter. Signaturefd LLC grew its holdings in shares of Kornit Digital by 29.4% during the 2nd quarter. Signaturefd LLC now owns 3,428 shares of the industrial products company’s stock valued at $50,000 after purchasing an additional 779 shares during the last quarter. nVerses Capital LLC purchased a new position in Kornit Digital in the 2nd quarter worth $40,000. Finally, Privium Fund Management B.V. bought a new stake in Kornit Digital in the second quarter worth $159,000. 92.76% of the stock is currently owned by institutional investors.

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 in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. Its solutions include digital printing systems, ink and other consumables, associated software, and value-added services.