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

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

Other analysts have also recently issued research reports about the company. The Goldman Sachs Group raised 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. Evercore ISI initiated coverage on Impinj in a report on Tuesday, April 16th. They set an “outperform” rating and a $160.00 price objective for the company. Susquehanna increased their price objective on Impinj from $130.00 to $140.00 and gave the stock a “positive” rating in a report on Tuesday. Canaccord Genuity Group raised their target price on Impinj from $130.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, March 14th. Finally, Roth Mkm raised their target price on Impinj from $115.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, March 14th. Two analysts have rated the stock with a sell rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $123.89.

Impinj Stock Performance

Shares of Impinj stock opened at $120.91 on Thursday. The stock has a market cap of $3.34 billion, a PE ratio of -74.64 and a beta of 2.05. The business has a fifty day simple moving average of $117.29 and a 200-day simple moving average of $93.92. The company has a quick ratio of 5.59, a current ratio of 8.73 and a debt-to-equity ratio of 8.26. Impinj has a 12 month low of $48.39 and a 12 month high of $139.46.

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

Insider Activity at Impinj

In related news, insider Cathal G. Phelan sold 2,556 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $98.88, for a total value of $252,737.28. Following the completion of the transaction, the insider now directly owns 24,990 shares in the company, valued at $2,471,011.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Impinj news, CFO Cary Baker sold 374 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $118.70, for a total transaction of $44,393.80. Following the completion of the transaction, the chief financial officer now directly owns 67,948 shares in the company, valued at $8,065,427.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Cathal G. Phelan sold 2,556 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $98.88, for a total value of $252,737.28. Following the transaction, the insider now owns 24,990 shares of the company’s stock, valued at $2,471,011.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 120,185 shares of company stock worth $12,767,674. 17.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Future Financial Wealth Managment LLC acquired a new position in Impinj during the first quarter worth $32,000. GAMMA Investing LLC bought a new stake in shares of Impinj during the fourth quarter worth $40,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Impinj during the third quarter worth $55,000. Headlands Technologies LLC bought a new stake in shares of Impinj during the fourth quarter worth $58,000. Finally, Asset Management One Co. Ltd. grew its holdings in shares of Impinj by 74.6% during the third quarter. Asset Management One Co. Ltd. now owns 1,226 shares of the company’s stock worth $67,000 after purchasing an additional 524 shares during 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.