ArrowMark Colorado Holdings LLC Sells 121,000 Shares of Kornit Digital Ltd. $KRNT

ArrowMark Colorado Holdings LLC lowered its holdings in shares of Kornit Digital Ltd. (NASDAQ:KRNT) by 38.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 196,000 shares of the industrial products company’s stock after selling 121,000 shares during the quarter. ArrowMark Colorado Holdings LLC owned 0.44% of Kornit Digital worth $2,646,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Medina Value Partners LLC purchased a new stake in Kornit Digital in the third quarter worth $12,732,000. 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 during the period. Hood River Capital Management LLC boosted its stake in shares of Kornit Digital by 39.1% during the second quarter. Hood River Capital Management LLC now owns 2,182,569 shares of the industrial products company’s stock valued at $43,455,000 after purchasing an additional 613,070 shares during the period. Thompson Investment Management Inc. grew its holdings in shares of 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 purchasing an additional 496,754 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Kornit Digital by 79.9% in the second quarter. Arrowstreet Capital Limited Partnership now owns 557,873 shares of the industrial products company’s stock worth $11,107,000 after purchasing an additional 247,763 shares during the last quarter. Institutional investors own 92.76% of the company’s stock.

Kornit Digital Trading Down 2.1%

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 business’s fifty day simple moving average is $14.68 and its 200-day simple moving average is $14.20. The company has a market capitalization of $615.41 million, a price-to-earnings ratio of -44.32 and a beta of 1.79.

Kornit Digital (NASDAQ:KRNT) last announced its quarterly earnings results on Wednesday, February 11th. The industrial products company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.14 by $0.04. The firm had revenue of $58.86 million for 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% on a year-over-year basis. During the same quarter last year, the firm posted $0.18 earnings per share. On average, equities research analysts predict that Kornit Digital Ltd. will post -0.2 EPS for the current year.

Kornit Digital announced that its board has approved a stock 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 buy up to 17.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Wall Street Zen raised shares of Kornit Digital from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Kornit Digital in a research report on Friday, December 26th. Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Kornit Digital in a research note on Wednesday, February 11th. Finally, Morgan Stanley reaffirmed a “positive” rating and set a $17.00 target price on shares of Kornit Digital in a research report on Wednesday, February 11th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.25.

Kornit Digital Company 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.