Impinj (NASDAQ:PI) Given New $182.00 Price Target at Needham & Company LLC

Impinj (NASDAQ:PI) had its price objective cut by Needham & Company LLC from $245.00 to $182.00 in a research note published on Friday,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also weighed in on PI. Susquehanna upped their price objective on Impinj from $215.00 to $260.00 and gave the company a “positive” rating in a research note on Monday, October 21st. Cantor Fitzgerald upped their price target on Impinj from $205.00 to $260.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Piper Sandler reissued an “overweight” rating and set a $235.00 price objective (up from $225.00) on shares of Impinj in a report on Thursday, October 24th. StockNews.com raised shares of Impinj from a “sell” rating to a “hold” rating in a report on Thursday. Finally, Evercore ISI reissued an “outperform” rating and set a $270.00 price target (up from $205.00) on shares of Impinj in a report on Thursday, October 24th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $218.30.

Impinj Price Performance

PI opened at $131.94 on Friday. The company has a market capitalization of $3.73 billion, a P/E ratio of 148.25 and a beta of 1.88. The firm’s fifty day moving average price is $163.27 and its two-hundred day moving average price is $176.24. Impinj has a fifty-two week low of $91.86 and a fifty-two week high of $239.88.

Impinj (NASDAQ:PI) last issued its earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.08. The business had revenue of $95.20 million for the quarter, compared to analyst estimates of $92.86 million. Impinj had a net margin of 8.21% and a negative return on equity of 1.64%. The firm’s revenue was up 46.5% on a year-over-year basis. During the same period in the previous year, the business earned ($0.36) EPS. On average, equities research analysts expect that Impinj will post 0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other Impinj news, major shareholder Sylebra Capital Llc sold 250,000 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $203.00, for a total transaction of $50,750,000.00. Following the transaction, the insider now directly owns 2,222,352 shares in the company, valued at approximately $451,137,456. This represents a 10.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Cary Baker sold 290 shares of Impinj stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $140.96, for a total transaction of $40,878.40. Following the sale, the chief financial officer now owns 71,754 shares of the company’s stock, valued at approximately $10,114,443.84. This represents a 0.40 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 655,038 shares of company stock valued at $131,064,693. Insiders own 51.00% of the company’s stock.

Hedge Funds Weigh In On Impinj

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. National Bank of Canada FI acquired a new position in shares of Impinj during the 3rd quarter worth about $30,000. Farther Finance Advisors LLC grew its holdings in Impinj by 1,084.6% during the third quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock valued at $33,000 after purchasing an additional 141 shares during the period. Future Financial Wealth Managment LLC bought a new stake in Impinj in the third quarter valued at approximately $54,000. Asset Management One Co. Ltd. acquired a new stake in Impinj in the third quarter worth $138,000. Finally, USA Financial Formulas boosted its position in shares of Impinj by 82.0% during the third quarter. USA Financial Formulas now owns 657 shares of the company’s stock worth $142,000 after purchasing an additional 296 shares in the last quarter.

About Impinj

Impinj, Inc operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform wirelessly connects items and delivers data about the connected items to business and consumer applications. The company’s platform comprises endpoint ICs, a miniature radios-on-a-chip that attaches to a host item and includes a number to identify the item.