Granahan Investment Management LLC Buys 125,719 Shares of Kornit Digital Ltd. $KRNT

Granahan Investment Management LLC lifted its position in Kornit Digital Ltd. (NASDAQ:KRNT) by 6.9% in the third quarter, Holdings Channel reports. The firm owned 1,955,150 shares of the industrial products company’s stock after buying an additional 125,719 shares during the period. Kornit Digital accounts for 1.1% of Granahan Investment Management LLC’s investment portfolio, making the stock its 29th largest holding. Granahan Investment Management LLC’s holdings in Kornit Digital were worth $26,395,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Hood River Capital Management LLC increased 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 purchasing an additional 613,070 shares during the period. Dudley & Shanley Inc. lifted its holdings in shares of Kornit Digital by 97.5% in the 3rd quarter. Dudley & Shanley Inc. now owns 1,258,895 shares of the industrial products company’s stock worth $16,995,000 after buying an additional 621,595 shares during the period. Schroder Investment Management Group lifted its holdings in shares of Kornit Digital by 3.4% in the 3rd quarter. Schroder Investment Management Group now owns 1,082,237 shares of the industrial products company’s stock worth $14,621,000 after buying an additional 35,348 shares during the period. Medina Value Partners LLC bought a new position in shares of Kornit Digital during the 3rd quarter worth $12,732,000. Finally, Pathstone Holdings LLC grew its position in shares of Kornit Digital by 2.2% during the 3rd quarter. Pathstone Holdings LLC now owns 918,188 shares of the industrial products company’s stock worth $12,645,000 after buying an additional 20,120 shares in the last quarter. Institutional investors own 92.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on KRNT shares. Wall Street Zen upgraded Kornit Digital from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Kornit Digital in a report on Wednesday, February 11th. Morgan Stanley reissued a “positive” rating and set a $17.00 target price on shares of Kornit Digital in a research report on Wednesday, February 11th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Kornit Digital in a report on Friday, December 26th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $20.25.

Kornit Digital Trading Down 2.1%

Shares of NASDAQ KRNT opened at $13.74 on Monday. Kornit Digital Ltd. has a 12-month low of $11.93 and a 12-month high of $23.48. The stock’s fifty day simple moving average is $14.68 and its two-hundred day simple moving average is $14.20. The stock has a market capitalization of $615.41 million, a PE ratio of -44.32 and a beta of 1.79.

Kornit Digital (NASDAQ:KRNT) last released its quarterly earnings results on Wednesday, February 11th. The industrial products company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.14 by $0.04. The firm had revenue of $58.86 million during the quarter, compared to analyst estimates of $58.16 million. Kornit Digital had a negative return on equity of 1.07% and a negative net margin of 6.49%.The business’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.18 EPS. On average, equities analysts predict that Kornit Digital Ltd. will post -0.2 earnings per share for the current fiscal year.

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 shares. This buyback authorization permits the industrial products company to purchase up to 17.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board 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.