Stephens Investment Management Group LLC Sells 73,275 Shares of Kornit Digital Ltd. (NASDAQ:KRNT)

Stephens Investment Management Group LLC trimmed its stake in Kornit Digital Ltd. (NASDAQ:KRNT) by 5.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,285,253 shares of the industrial products company’s stock after selling 73,275 shares during the quarter. Stephens Investment Management Group LLC owned approximately 2.69% of Kornit Digital worth $33,205,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tidal Investments LLC bought a new position in shares of Kornit Digital during the 1st quarter worth approximately $664,000. William Blair Investment Management LLC boosted its stake in shares of Kornit Digital by 4.0% during the 1st quarter. William Blair Investment Management LLC now owns 931,706 shares of the industrial products company’s stock worth $16,883,000 after acquiring an additional 35,930 shares during the period. Harbor Capital Advisors Inc. boosted its stake in shares of Kornit Digital by 217.0% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 80,466 shares of the industrial products company’s stock worth $1,178,000 after acquiring an additional 55,086 shares during the period. Tectonic Advisors LLC bought a new position in shares of Kornit Digital during the 3rd quarter worth approximately $705,000. Finally, Disciplined Growth Investors Inc. MN boosted its stake in shares of Kornit Digital by 5.7% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 2,060,575 shares of the industrial products company’s stock worth $30,167,000 after acquiring an additional 111,971 shares during the period. 92.76% of the stock is currently owned by institutional investors.

Kornit Digital Price Performance

Shares of NASDAQ KRNT opened at $22.89 on Friday. The stock has a market capitalization of $1.09 billion, a PE ratio of -22.22 and a beta of 1.92. The business has a fifty day moving average price of $22.95 and a two-hundred day moving average price of $18.10. Kornit Digital Ltd. has a fifty-two week low of $13.51 and a fifty-two week high of $26.64.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. Kornit Digital had a negative return on equity of 3.22% and a negative net margin of 23.63%. The company had revenue of $48.62 million during the quarter, compared to analysts’ expectations of $50.24 million. During the same quarter in the previous year, the firm earned ($0.28) EPS. Kornit Digital’s revenue was down 13.5% on a year-over-year basis. On average, equities analysts expect that Kornit Digital Ltd. will post -0.28 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on KRNT shares. StockNews.com raised Kornit Digital from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Barclays lifted their price target on Kornit Digital from $21.00 to $26.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Morgan Stanley lifted their price objective on Kornit Digital from $20.00 to $26.00 and gave the company an “overweight” rating in a report on Friday, September 13th. Craig Hallum lifted their price objective on Kornit Digital from $23.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $27.00 price objective on shares of Kornit Digital in a report on Thursday, September 12th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $26.50.

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.