Needham & Company LLC Lowers Impinj (NASDAQ:PI) Price Target to $182.00

Impinj (NASDAQ:PI) had its price target lowered by research analysts at Needham & Company LLC from $245.00 to $182.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 37.94% from the company’s previous close.

A number of other research firms have also commented on PI. Lake Street Capital boosted their price target on shares of Impinj from $190.00 to $251.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Susquehanna raised their target price on Impinj from $215.00 to $260.00 and gave the company a “positive” rating in a research note on Monday, October 21st. StockNews.com upgraded shares of Impinj from a “sell” rating to a “hold” rating in a research report on Thursday. Evercore ISI restated an “outperform” rating and issued a $270.00 price objective (up previously from $205.00) on shares of Impinj in a research report on Thursday, October 24th. Finally, The Goldman Sachs Group upped their target price on shares of Impinj from $165.00 to $200.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $218.30.

Impinj Stock Down 0.4 %

NASDAQ PI opened at $131.94 on Friday. The stock has a market cap of $3.73 billion, a P/E ratio of 148.25 and a beta of 1.88. Impinj has a twelve month low of $91.86 and a twelve month high of $239.88. The company’s 50-day simple moving average is $163.27 and its 200 day simple moving average is $176.36.

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

Insider Buying and Selling at Impinj

In other news, COO Hussein Mecklai sold 338 shares of the business’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $141.02, for a total value of $47,664.76. Following the completion of the transaction, the chief operating officer now owns 61,586 shares of the company’s stock, valued at $8,684,857.72. The trade was a 0.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Chris Ph.D. Diorio sold 34,474 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $201.51, for a total transaction of $6,946,855.74. Following the completion of the sale, the chief executive officer now owns 294,438 shares of the company’s stock, valued at approximately $59,332,201.38. This represents a 10.48 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 655,038 shares of company stock valued at $131,064,693. 51.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC bought a new position in Impinj in the second quarter valued at approximately $30,116,000. Hsbc Holdings PLC raised its holdings in shares of Impinj by 7.3% during the second quarter. Hsbc Holdings PLC now owns 2,777 shares of the company’s stock worth $432,000 after acquiring an additional 190 shares during the period. Canada Pension Plan Investment Board bought a new stake in Impinj in the 2nd quarter valued at $204,000. Xponance Inc. acquired a new position in Impinj in the 2nd quarter worth $224,000. Finally, Marshall Wace LLP increased its holdings in Impinj by 366.1% during the 2nd quarter. Marshall Wace LLP now owns 7,924 shares of the company’s stock worth $1,242,000 after purchasing an additional 6,224 shares in the last quarter.

Impinj Company Profile

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.