Impinj’s (PI) Buy Rating Reiterated at Needham & Company LLC

Impinj (NASDAQ:PI)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a note issued to investors on Thursday, Benzinga reports. They currently have a $195.00 target price on the stock. Needham & Company LLC’s target price would suggest a potential upside of 21.83% from the stock’s previous close.

A number of other research analysts also recently weighed in on the stock. Piper Sandler raised their price target on shares of Impinj from $150.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Roth Mkm raised their target price on Impinj from $125.00 to $145.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Evercore ISI began coverage on Impinj in a research note on Tuesday, April 16th. They set an “outperform” rating and a $160.00 price target for the company. Cantor Fitzgerald assumed coverage on Impinj in a research note on Thursday, July 18th. They issued an “overweight” rating and a $205.00 price objective on the stock. Finally, Jefferies Financial Group initiated coverage on Impinj in a research report on Monday, May 13th. They set a “buy” rating and a $200.00 target price for the company. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Impinj presently has a consensus rating of “Moderate Buy” and a consensus price target of $187.10.

Impinj Price Performance

PI opened at $160.06 on Thursday. The stock has a fifty day moving average price of $160.69 and a 200 day moving average price of $133.93. The company has a current ratio of 9.42, a quick ratio of 6.87 and a debt-to-equity ratio of 3.29. Impinj has a 1 year low of $48.39 and a 1 year high of $181.88. The stock has a market cap of $4.44 billion, a price-to-earnings ratio of -457.31 and a beta of 1.78.

Impinj (NASDAQ:PI) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.09. Impinj had a negative return on equity of 27.81% and a net margin of 3.93%. The business had revenue of $102.50 million during the quarter, compared to analyst estimates of $97.47 million. During the same period in the previous year, the company earned ($0.14) EPS. The firm’s revenue was up 19.2% on a year-over-year basis. Analysts forecast that Impinj will post 0.04 EPS for the current fiscal year.

Insider Activity

In other news, CEO Chris Ph.D. Diorio sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $146.49, for a total value of $732,450.00. Following the transaction, the chief executive officer now directly owns 286,230 shares of the company’s stock, valued at approximately $41,929,832.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Impinj news, major shareholder Sylebra Capital Llc sold 1,000,000 shares of Impinj stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $153.10, for a total transaction of $153,100,000.00. Following the completion of the sale, the insider now owns 3,197,352 shares of the company’s stock, valued at approximately $489,514,591.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Chris Ph.D. Diorio sold 5,000 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $146.49, for a total value of $732,450.00. Following the completion of the transaction, the chief executive officer now owns 286,230 shares in the company, valued at $41,929,832.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,049,835 shares of company stock worth $160,809,437. 51.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Impinj

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Impinj by 1.5% in the first quarter. Vanguard Group Inc. now owns 2,510,583 shares of the company’s stock valued at $322,384,000 after purchasing an additional 35,893 shares during the last quarter. Capital International Investors bought a new position in shares of Impinj in the 4th quarter valued at about $68,211,000. Assenagon Asset Management S.A. acquired a new stake in shares of Impinj in the second quarter valued at about $103,252,000. Janus Henderson Group PLC raised its holdings in Impinj by 0.6% during the first quarter. Janus Henderson Group PLC now owns 439,562 shares of the company’s stock worth $56,376,000 after acquiring an additional 2,681 shares in the last quarter. Finally, Eagle Asset Management Inc. boosted its position in Impinj by 19.6% during the fourth quarter. Eagle Asset Management Inc. now owns 204,767 shares of the company’s stock valued at $18,435,000 after purchasing an additional 33,504 shares during 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.