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

Impinj (NASDAQ:PI) had its price objective upped by investment analysts at Needham & Company LLC from $130.00 to $160.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 6.02% from the stock’s previous close.

Several other research firms have also recently issued reports on PI. Canaccord Genuity Group upped their price target on Impinj from $130.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, March 14th. The Goldman Sachs Group upped their price target on Impinj from $89.00 to $115.00 and gave the company a “buy” rating in a report on Friday, February 9th. StockNews.com upgraded shares of Impinj to a “sell” rating in a research report on Friday, February 9th. Roth Mkm lifted their price objective on shares of Impinj from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, March 14th. Finally, Evercore ISI started coverage on shares of Impinj in a research report on Tuesday, April 16th. They set an “outperform” rating and a $160.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Impinj has an average rating of “Moderate Buy” and an average target price of $132.89.

Impinj Price Performance

Shares of NASDAQ:PI opened at $150.91 on Thursday. Impinj has a 12 month low of $48.39 and a 12 month high of $156.41. The stock has a market cap of $4.17 billion, a price-to-earnings ratio of -431.17 and a beta of 2.05. The stock’s 50 day moving average price is $119.23 and its 200 day moving average price is $95.02. The company has a debt-to-equity ratio of 8.26, a current ratio of 8.73 and a quick ratio of 5.59.

Impinj (NASDAQ:PI) last posted its quarterly earnings results on Wednesday, April 24th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.14. The company had revenue of $76.83 million for the quarter, compared to analysts’ expectations of $73.57 million. Impinj had a negative return on equity of 81.75% and a negative net margin of 1.90%. Equities research analysts anticipate that Impinj will post -0.62 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Hussein Mecklai sold 435 shares of the business’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $118.75, for a total transaction of $51,656.25. Following the transaction, the chief operating officer now directly owns 55,414 shares in the company, valued at approximately $6,580,412.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Cary Baker sold 20,000 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $102.14, for a total transaction of $2,042,800.00. Following the transaction, the chief financial officer now directly owns 55,432 shares in the company, valued at approximately $5,661,824.48. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Hussein Mecklai sold 435 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $118.75, for a total transaction of $51,656.25. Following the completion of the sale, the chief operating officer now owns 55,414 shares of the company’s stock, valued at $6,580,412.50. The disclosure for this sale can be found here. Insiders have sold a total of 120,185 shares of company stock worth $12,767,674 in the last ninety days. Corporate insiders own 17.10% of the company’s stock.

Institutional Investors Weigh In On Impinj

A number of large investors have recently bought and sold shares of the business. FMR LLC boosted its holdings in Impinj by 0.8% in the third quarter. FMR LLC now owns 4,028,894 shares of the company’s stock worth $221,710,000 after purchasing an additional 31,289 shares in the last quarter. Sylebra Capital LLC acquired a new position in Impinj during the 3rd quarter worth $217,290,000. Westfield Capital Management Co. LP lifted its position in 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 last quarter. Fred Alger Management LLC lifted its position in 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 last quarter. Finally, Capital International Investors acquired a new position in Impinj during the 4th quarter worth $68,211,000.

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.