Arrowstreet Capital Limited Partnership Acquires 247,763 Shares of Kornit Digital Ltd. $KRNT

Arrowstreet Capital Limited Partnership boosted its stake in shares of Kornit Digital Ltd. (NASDAQ:KRNT) by 79.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 557,873 shares of the industrial products company’s stock after buying an additional 247,763 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 1.25% of Kornit Digital worth $11,107,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in KRNT. Schroder Investment Management Group boosted its position in Kornit Digital by 18.1% during the 2nd quarter. Schroder Investment Management Group now owns 1,046,889 shares of the industrial products company’s stock valued at $20,844,000 after acquiring an additional 160,374 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Kornit Digital by 9.7% during the second quarter. Legal & General Group Plc now owns 51,246 shares of the industrial products company’s stock worth $1,020,000 after acquiring an additional 4,534 shares during the last quarter. DNB Asset Management AS grew its stake in shares of Kornit Digital by 34.3% during the second quarter. DNB Asset Management AS now owns 58,248 shares of the industrial products company’s stock worth $1,160,000 after acquiring an additional 14,880 shares during the last quarter. Magnetar Financial LLC acquired a new position in shares of Kornit Digital during the second quarter valued at about $439,000. Finally, Kornitzer Capital Management Inc. KS raised its position in shares of Kornit Digital by 1.1% in the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 366,505 shares of the industrial products company’s stock valued at $7,297,000 after purchasing an additional 4,000 shares during the last quarter. 92.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Morgan Stanley reissued an “equal weight” rating and set a $15.00 target price (down previously from $20.00) on shares of Kornit Digital in a research report on Thursday, November 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Kornit Digital in a research note on Wednesday, October 8th. Barclays cut their price target on shares of Kornit Digital from $22.00 to $18.00 and set an “equal weight” rating on the stock in a report on Thursday, November 6th. Needham & Company LLC reduced their price target on Kornit Digital from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 6th. Finally, Cantor Fitzgerald reduced their price target on Kornit Digital from $28.50 to $26.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Kornit Digital presently has an average rating of “Hold” and a consensus price target of $19.75.

Kornit Digital Stock Up 1.4%

Shares of Kornit Digital stock opened at $14.01 on Wednesday. The company has a market capitalization of $627.51 million, a P/E ratio of -48.31 and a beta of 1.87. The company has a 50 day moving average of $13.52 and a 200 day moving average of $16.50. Kornit Digital Ltd. has a 52-week low of $11.93 and a 52-week high of $34.28.

Kornit Digital announced that its Board of Directors has approved a share repurchase plan on Monday, November 17th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the industrial products company to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Kornit Digital 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.