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

Impinj (NASDAQ:PI) had its target price lifted by Needham & Company LLC from $130.00 to $160.00 in a research note issued to investors on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

PI has been the subject of several other reports. Roth Mkm increased their price objective on Impinj from $115.00 to $125.00 and gave the company a buy rating in a research report on Thursday, March 14th. Evercore ISI began coverage on Impinj in a research report on Tuesday, April 16th. They issued an outperform rating and a $160.00 target price for the company. Susquehanna raised their target price on Impinj from $130.00 to $140.00 and gave the stock a positive rating in a research report on Tuesday, April 23rd. StockNews.com raised Impinj to a sell rating in a research report on Friday, February 9th. Finally, Canaccord Genuity Group raised their target price on Impinj from $130.00 to $150.00 and gave the stock a buy rating in a research report on Thursday, March 14th. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $132.89.

Impinj Stock Down 3.0 %

PI opened at $150.91 on Thursday. Impinj has a 1-year low of $48.39 and a 1-year high of $156.41. The company has a current ratio of 9.42, a quick ratio of 5.59 and a debt-to-equity ratio of 3.29. The stock has a market capitalization of $4.18 billion, a price-to-earnings ratio of -431.17 and a beta of 2.05. The business has a 50 day moving average of $119.23 and a 200-day moving average of $95.58.

Impinj (NASDAQ:PI) last posted its quarterly earnings data on Wednesday, April 24th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.14. Impinj had a negative return on equity of 60.13% and a negative net margin of 1.90%. The company had revenue of $76.83 million during the quarter, compared to analysts’ expectations of $73.57 million. As a group, sell-side analysts anticipate that Impinj will post -0.62 earnings per share for the current year.

Insiders Place Their Bets

In other Impinj news, insider Cathal G. Phelan sold 10,000 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $106.23, for a total transaction of $1,062,300.00. Following the completion of the transaction, the insider now directly owns 21,750 shares in the company, valued at $2,310,502.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, COO Hussein Mecklai sold 30,000 shares of the firm’s stock in a transaction 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 sale, the chief operating officer now directly owns 40,489 shares in the company, valued at $4,243,247.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Cathal G. Phelan sold 10,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $106.23, for a total value of $1,062,300.00. Following the completion of the sale, the insider now owns 21,750 shares of the company’s stock, valued at $2,310,502.50. The disclosure for this sale can be found here. Insiders sold 120,185 shares of company stock worth $12,767,674 over the last three months. 17.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Impinj

A number of hedge funds and other institutional investors have recently made changes to their positions in PI. Sylebra Capital LLC acquired a new stake in shares of Impinj in the third quarter valued at $217,290,000. Capital International Investors acquired a new stake in Impinj in the fourth quarter worth about $68,211,000. Fred Alger Management LLC increased its position in Impinj by 249.6% in the third quarter. Fred Alger Management LLC now owns 795,973 shares of the company’s stock worth $43,802,000 after purchasing an additional 568,301 shares during the period. Westfield Capital Management Co. LP increased its position in Impinj by 40.1% in the third quarter. Westfield Capital Management Co. LP now owns 1,022,359 shares of the company’s stock worth $56,260,000 after purchasing an additional 292,470 shares during the period. Finally, Sora Investors LLC acquired a new stake in Impinj in the third quarter worth about $9,080,000.

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.