Meitav Investment House Ltd. Cuts Stake in Kornit Digital Ltd. $KRNT

Meitav Investment House Ltd. reduced its position in Kornit Digital Ltd. (NASDAQ:KRNT) by 5.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 878,436 shares of the industrial products company’s stock after selling 55,248 shares during the quarter. Meitav Investment House Ltd.’s holdings in Kornit Digital were worth $11,829,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Hood River Capital Management LLC grew its holdings in Kornit Digital by 39.1% during the 2nd quarter. Hood River Capital Management LLC now owns 2,182,569 shares of the industrial products company’s stock worth $43,455,000 after acquiring an additional 613,070 shares in the last quarter. Stephens Investment Management Group LLC lifted its position in shares of Kornit Digital by 12.8% in the 2nd quarter. Stephens Investment Management Group LLC now owns 1,526,904 shares of the industrial products company’s stock worth $30,401,000 after purchasing an additional 173,492 shares during the period. Dudley & Shanley Inc. boosted its stake in shares of Kornit Digital by 97.5% during the third quarter. Dudley & Shanley Inc. now owns 1,258,895 shares of the industrial products company’s stock valued at $16,995,000 after purchasing an additional 621,595 shares in the last quarter. Schroder Investment Management Group increased its holdings in Kornit Digital by 18.1% during the second quarter. Schroder Investment Management Group now owns 1,046,889 shares of the industrial products company’s stock valued at $20,844,000 after buying an additional 160,374 shares during the period. Finally, Thompson Investment Management Inc. raised its stake in Kornit Digital by 169.5% in the third quarter. Thompson Investment Management Inc. now owns 789,761 shares of the industrial products company’s stock worth $10,662,000 after buying an additional 496,754 shares in the last quarter. 92.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Kornit Digital Stock Performance

Kornit Digital stock opened at $14.42 on Friday. The stock has a market cap of $645.94 million, a PE ratio of -49.72 and a beta of 1.85. The stock has a 50-day moving average of $13.87 and a two-hundred day moving average of $15.26. Kornit Digital Ltd. has a one year low of $11.93 and a one year high of $31.24.

Kornit Digital declared that its Board of Directors has initiated a share buyback plan on Monday, November 17th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to buy up to 17.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Kornit Digital Profile

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.