Piper Sandler Reiterates Overweight Rating for Impinj (NASDAQ:PI)

Impinj (NASDAQ:PI)‘s stock had its “overweight” rating reiterated by Piper Sandler in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $150.00 price objective on the stock, up from their previous price objective of $130.00. Piper Sandler’s target price suggests a potential upside of 24.06% from the stock’s current price.

A number of other research firms have also recently commented on PI. StockNews.com raised Impinj to a “sell” rating in a report on Friday, February 9th. Susquehanna increased their price objective on shares of Impinj from $130.00 to $140.00 and gave the stock a “positive” rating in a research note on Tuesday. Needham & Company LLC boosted their target price on shares of Impinj from $130.00 to $160.00 and gave the company a “buy” rating in a research report on Thursday. The Goldman Sachs Group upped their target price on shares of Impinj from $89.00 to $115.00 and gave the company a “buy” rating in a report on Friday, February 9th. Finally, Canaccord Genuity Group lifted their price target on shares of Impinj from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, March 14th. Two analysts have rated the stock with a sell rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $126.11.

Impinj Stock Performance

Impinj stock opened at $120.91 on Thursday. Impinj has a twelve month low of $48.39 and a twelve month high of $139.46. The stock’s 50 day moving average is $117.29 and its 200 day moving average is $93.92. The company has a market capitalization of $3.34 billion, a P/E ratio of -74.64 and a beta of 2.05. 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 (NASDAQ:PI) last issued its earnings results on Wednesday, April 24th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.14. The company had revenue of $76.83 million for the quarter, compared to analysts’ expectations of $73.57 million. Impinj had a negative net margin of 14.10% and a negative return on equity of 74.70%. On average, equities research analysts predict that Impinj will post -0.62 earnings per share for the current fiscal year.

Insider Activity at Impinj

In other Impinj news, CFO Cary Baker sold 1,062 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of $127.61, for a total value of $135,521.82. Following the completion of the sale, the chief financial officer now owns 67,384 shares in the company, valued at approximately $8,598,872.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CFO Cary Baker sold 1,062 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $127.61, for a total value of $135,521.82. Following the transaction, the chief financial officer now directly owns 67,384 shares of the company’s stock, valued at approximately $8,598,872.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Hussein Mecklai sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $104.80, for a total value of $3,144,000.00. Following the completion of the transaction, the chief operating officer now owns 40,489 shares of the company’s stock, valued at $4,243,247.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 120,185 shares of company stock worth $12,767,674. 17.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Impinj

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Impinj by 2.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,128 shares of the company’s stock valued at $462,000 after purchasing an additional 115 shares during the last quarter. Wealth Effects LLC lifted its holdings in shares of Impinj by 1.0% in the 1st quarter. Wealth Effects LLC now owns 15,145 shares of the company’s stock valued at $1,945,000 after acquiring an additional 150 shares during the last quarter. Arizona State Retirement System grew its position in Impinj by 3.3% in the third quarter. Arizona State Retirement System now owns 6,450 shares of the company’s stock worth $355,000 after acquiring an additional 205 shares in the last quarter. Future Financial Wealth Managment LLC bought a new stake in Impinj during the first quarter worth approximately $32,000. Finally, GAMMA Investing LLC purchased a new stake in Impinj during the fourth quarter valued at approximately $40,000.

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.