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

Impinj (NASDAQ:PI) had its price objective reduced by Needham & Company LLC from $245.00 to $182.00 in a research note published on Friday,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also commented on the company. Lake Street Capital boosted their price target on Impinj from $190.00 to $251.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Cantor Fitzgerald lifted their target price on Impinj from $205.00 to $260.00 and gave the company an “overweight” rating 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 stock a “neutral” rating in a research report on Friday, October 25th. StockNews.com upgraded shares of Impinj from a “sell” rating to a “hold” rating in a report on Thursday. Finally, Piper Sandler restated an “overweight” rating and set a $235.00 target price (up previously from $225.00) on shares of Impinj in a report on Thursday, October 24th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Impinj presently has a consensus rating of “Moderate Buy” and an average target price of $218.30.

Impinj Stock Performance

NASDAQ PI opened at $131.94 on Friday. The stock has a market cap of $3.73 billion, a price-to-earnings ratio of 148.25 and a beta of 1.88. The business has a 50 day simple moving average of $163.27 and a 200 day simple moving average of $176.24. Impinj has a 52-week low of $91.86 and a 52-week high of $239.88.

Impinj (NASDAQ:PI) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.08. The company had revenue of $95.20 million during the quarter, compared to the consensus estimate of $92.86 million. Impinj had a net margin of 8.21% and a negative return on equity of 1.64%. The firm’s revenue was up 46.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.36) earnings per share. On average, analysts predict that Impinj will post 0.4 EPS for the current year.

Insider Activity

In other news, COO Hussein Mecklai sold 338 shares of the firm’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 owns 61,586 shares in the company, valued at approximately $8,684,857.72. This trade represents a 0.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Chris Ph.D. Diorio sold 34,474 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $201.51, for a total transaction of $6,946,855.74. Following the completion of the transaction, the chief executive officer now owns 294,438 shares in the company, valued at approximately $59,332,201.38. This trade represents a 10.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 655,038 shares of company stock valued at $131,064,693 in the last quarter. Company insiders own 51.00% of the company’s stock.

Hedge Funds Weigh In On Impinj

Institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp increased its position in Impinj by 25.7% during the third quarter. State Street Corp now owns 1,078,676 shares of the company’s stock worth $233,555,000 after acquiring an additional 220,776 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Impinj in the second quarter valued at approximately $30,116,000. Principal Financial Group Inc. boosted its stake in shares of Impinj by 4,013.7% in the third quarter. Principal Financial Group Inc. now owns 125,633 shares of the company’s stock valued at $27,202,000 after buying an additional 122,579 shares during the period. Wellington Management Group LLP acquired a new stake in Impinj during the third quarter worth approximately $24,771,000. Finally, AXA S.A. acquired a new stake in Impinj during the second quarter worth approximately $11,574,000.

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.