Canaccord Genuity Group Raises Impinj (NASDAQ:PI) Price Target to $100.00

Impinj (NASDAQ:PI) had its price target lifted by Canaccord Genuity Group from $95.00 to $100.00 in a research report released on Wednesday, The Fly reports.

Several other equities analysts have also commented on PI. Canaccord Genuity Group increased their price objective on shares of Impinj from $95.00 to $100.00 and gave the company a buy rating in a research report on Wednesday. Jefferies Financial Group began coverage on shares of Impinj in a report on Wednesday, December 15th. They issued a buy rating and a $100.00 target price for the company. raised their target price on shares of Impinj from $75.00 to $95.00 and gave the stock a buy rating in a report on Wednesday, November 17th. Needham & Company LLC raised their target price on shares of Impinj from $63.00 to $96.00 and gave the stock a buy rating in a report on Wednesday. Finally, Zacks Investment Research raised shares of Impinj from a sell rating to a hold rating in a research note on Wednesday, September 29th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Impinj currently has a consensus rating of Buy and an average target price of $91.36.

Shares of PI stock opened at $90.62 on Wednesday. Impinj has a 12 month low of $39.69 and a 12 month high of $94.39. The company has a 50 day simple moving average of $82.16 and a two-hundred day simple moving average of $63.53.

Impinj (NASDAQ:PI) last announced its quarterly earnings data on Wednesday, October 27th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.06. The firm had revenue of $45.19 million during the quarter, compared to analysts’ expectations of $44.13 million. Impinj had a negative net margin of 26.97% and a negative return on equity of 43.37%. The company’s revenue for the quarter was up 60.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.54) earnings per share. As a group, research analysts predict that Impinj will post -1.52 earnings per share for the current year.

In related news, CFO Cary Baker sold 337 shares of the company’s stock in a transaction that occurred on Thursday, December 16th. The shares were sold at an average price of $80.79, for a total transaction of $27,226.23. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sylebra Capital Ltd sold 1,000,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 16th. The stock was sold at an average price of $78.25, for a total transaction of $78,250,000.00. The disclosure for this sale can be found here. Insiders have sold 1,057,919 shares of company stock valued at $82,789,563 in the last ninety days. Insiders own 24.70% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. ProShare Advisors LLC lifted its holdings in shares of Impinj by 5.7% during the second quarter. ProShare Advisors LLC now owns 4,842 shares of the company’s stock worth $250,000 after purchasing an additional 261 shares during the period. Bfsg LLC purchased a new position in shares of Impinj in the third quarter valued at $950,000. LPL Financial LLC increased its position in Impinj by 9.4% during the 2nd quarter. LPL Financial LLC now owns 17,436 shares of the company’s stock worth $900,000 after purchasing an additional 1,492 shares in the last quarter. Geode Capital Management LLC increased its position in Impinj by 8.4% during the 2nd quarter. Geode Capital Management LLC now owns 349,216 shares of the company’s stock worth $18,016,000 after purchasing an additional 27,121 shares in the last quarter. Finally, AWM Investment Company Inc. grew its holdings in Impinj by 14.3% in the 2nd quarter. AWM Investment Company Inc. now owns 492,477 shares of the company’s stock valued at $25,407,000 after buying an additional 61,500 shares during the period. Institutional investors and hedge funds own 86.99% of the company’s stock.

Impinj Company Profile

IImpinj, Inc engages in the development and sale of RAIN, a radio frequency identification solution. Its platform allows inventory management, patient safety, asset tracking and item authentication for the retail, healthcare, supply chain and logistics, hospitality, food and beverage, and industrial manufacturing industries.

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