Needham & Company LLC Increases Impinj (NASDAQ:PI) Price Target to $160.00

Impinj (NASDAQ:PI) had its price objective raised by equities researchers at Needham & Company LLC from $130.00 to $160.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 32.33% from the stock’s previous close.

Several other equities analysts have also recently commented on the company. Roth Mkm boosted their target price on Impinj from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, March 14th. The Goldman Sachs Group boosted their target price on Impinj from $89.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Canaccord Genuity Group boosted their target price on Impinj from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, March 14th. Evercore ISI began coverage on Impinj in a research report on Tuesday, April 16th. They set an “outperform” rating and a $160.00 target price for the company. Finally, StockNews.com upgraded Impinj to a “sell” rating in a research report on Friday, February 9th. Two analysts have rated the stock with a sell rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $123.89.

Impinj Stock Down 2.2 %

Shares of Impinj stock opened at $120.91 on Thursday. Impinj has a one year low of $48.39 and a one year high of $139.46. The company has a debt-to-equity ratio of 8.26, a current ratio of 8.73 and a quick ratio of 5.59. The stock’s 50-day moving average is $117.29 and its 200 day moving average is $93.92. The firm has a market cap of $3.34 billion, a price-to-earnings ratio of -74.64 and a beta of 2.05.

Impinj (NASDAQ:PI) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.47) by $0.11. The firm had revenue of $70.65 million during the quarter, compared to the consensus estimate of $67.10 million. Impinj had a negative return on equity of 74.70% and a negative net margin of 14.10%. Equities research analysts anticipate that Impinj will post -0.62 EPS for the current year.

Insider Activity

In other news, CFO Cary Baker sold 374 shares of the business’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $118.70, for a total value of $44,393.80. Following the completion of the sale, the chief financial officer now owns 67,948 shares of the company’s stock, valued at approximately $8,065,427.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, COO Hussein Mecklai sold 30,000 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $104.80, for a total transaction of $3,144,000.00. Following the transaction, the chief operating officer now owns 40,489 shares in the company, valued at approximately $4,243,247.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Cary Baker sold 374 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $118.70, for a total value of $44,393.80. Following the transaction, the chief financial officer now owns 67,948 shares in the company, valued at approximately $8,065,427.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 120,185 shares of company stock valued at $12,767,674. Insiders own 17.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. FMR LLC increased its holdings in Impinj by 0.8% during the 3rd quarter. FMR LLC now owns 4,028,894 shares of the company’s stock valued at $221,710,000 after purchasing an additional 31,289 shares during the period. Sylebra Capital LLC purchased a new position in shares of Impinj during the 3rd quarter worth approximately $217,290,000. Westfield Capital Management Co. LP grew its holdings in shares of Impinj by 40.1% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,022,359 shares of the company’s stock worth $56,260,000 after acquiring an additional 292,470 shares during the period. Fred Alger Management LLC grew its holdings in shares of Impinj by 249.6% during the 3rd quarter. Fred Alger Management LLC now owns 795,973 shares of the company’s stock worth $43,802,000 after acquiring an additional 568,301 shares during the period. Finally, Capital International Investors purchased a new position in shares of Impinj during the 4th quarter worth approximately $68,211,000.

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.