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

Impinj (NASDAQ:PI) had its price objective reduced by investment analysts at Needham & Company LLC from $245.00 to $182.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 37.94% from the company’s current price.

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

Impinj Stock Down 0.4 %

Shares of Impinj stock opened at $131.94 on Friday. The business has a fifty day simple moving average of $163.27 and a 200-day simple moving average of $176.36. The firm has a market cap of $3.73 billion, a price-to-earnings ratio of 148.25 and a beta of 1.88. Impinj has a fifty-two week low of $91.86 and a fifty-two week high of $239.88.

Impinj (NASDAQ:PI) last posted its quarterly earnings data 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. Impinj had a net margin of 8.21% and a negative return on equity of 1.64%. The company had revenue of $95.20 million during the quarter, compared to analyst estimates of $92.86 million. During the same quarter last year, the firm posted ($0.36) EPS. The business’s revenue for the quarter was up 46.5% on a year-over-year basis. Analysts anticipate that Impinj will post 0.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Impinj news, COO Hussein Mecklai sold 338 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $141.02, for a total transaction of $47,664.76. Following the completion of the sale, the chief operating officer now directly owns 61,586 shares in the company, valued at $8,684,857.72. This represents a 0.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Cathal G. Phelan sold 210 shares of Impinj stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $146.06, for a total value of $30,672.60. Following the completion of the transaction, the insider now owns 6,979 shares in the company, valued at $1,019,352.74. The trade was a 2.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 655,038 shares of company stock worth $131,064,693. Corporate insiders own 51.00% of the company’s stock.

Institutional Investors Weigh In On Impinj

Several hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC raised its stake in Impinj by 1.5% during the 3rd quarter. FMR LLC now owns 4,217,403 shares of the company’s stock valued at $913,152,000 after purchasing an additional 60,461 shares during the last quarter. State Street Corp raised its position in shares of Impinj by 25.7% during the third quarter. State Street Corp now owns 1,078,676 shares of the company’s stock valued at $233,555,000 after buying an additional 220,776 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Impinj by 1.4% in the third quarter. Geode Capital Management LLC now owns 542,924 shares of the company’s stock valued at $117,576,000 after buying an additional 7,676 shares during the period. Jennison Associates LLC lifted its stake in shares of Impinj by 15.0% in the third quarter. Jennison Associates LLC now owns 239,140 shares of the company’s stock valued at $51,779,000 after buying an additional 31,269 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Impinj by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 193,240 shares of the company’s stock valued at $41,840,000 after acquiring an additional 6,232 shares during the period.

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.