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

Stephens Investment Management Group LLC decreased its holdings in Kornit Digital Ltd. (NASDAQ:KRNT) by 3.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,478,115 shares of the industrial products company’s stock after selling 48,789 shares during the quarter. Stephens Investment Management Group LLC owned 3.30% of Kornit Digital worth $19,955,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Kornit Digital by 1.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 117,800 shares of the industrial products company’s stock valued at $2,248,000 after buying an additional 2,105 shares in the last quarter. Jane Street Group LLC grew its stake in Kornit Digital by 277.4% in the 1st quarter. Jane Street Group LLC now owns 32,979 shares of the industrial products company’s stock valued at $629,000 after acquiring an additional 24,241 shares during the period. CHICAGO TRUST Co NA purchased a new stake in Kornit Digital in the 2nd quarter worth $223,000. Fortitude Family Office LLC acquired a new position in Kornit Digital during the second quarter worth $99,000. Finally, Blair William & Co. IL raised its position in Kornit Digital by 19.4% during the second quarter. Blair William & Co. IL now owns 519,574 shares of the industrial products company’s stock worth $10,345,000 after acquiring an additional 84,593 shares during the period. Hedge funds and other institutional investors own 92.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on KRNT. Cantor Fitzgerald dropped their target price on shares of Kornit Digital from $28.50 to $26.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $15.00 price target (down from $20.00) on shares of Kornit Digital in a research note on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Kornit Digital in a research note on Friday, December 26th. Barclays reduced their target price on Kornit Digital from $22.00 to $18.00 and set an “equal weight” rating for the company in a report on Thursday, November 6th. Finally, Needham & Company LLC lowered their price target on Kornit Digital from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Two 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $19.75.

Kornit Digital Stock Down 0.8%

Shares of KRNT opened at $14.42 on Friday. Kornit Digital Ltd. has a 52-week low of $11.93 and a 52-week high of $31.24. The stock has a fifty day simple moving average of $13.87 and a two-hundred day simple moving average of $15.26. The company has a market capitalization of $645.94 million, a PE ratio of -49.72 and a beta of 1.85.

Kornit Digital announced that its board has approved a stock buyback plan on Monday, November 17th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 17.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

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.