Impinj (NASDAQ:PI) Trading Up 6.1% Following Analyst Upgrade

Impinj, Inc. (NASDAQ:PI) shares rose 6.1% during mid-day trading on Friday after The Goldman Sachs Group raised their price target on the stock from $165.00 to $200.00. The Goldman Sachs Group currently has a neutral rating on the stock. Impinj traded as high as $206.00 and last traded at $203.89. Approximately 528,736 shares changed hands during trading, an increase of 13% from the average daily volume of 466,757 shares. The stock had previously closed at $192.21.

Other research analysts have also issued research reports about the company. Cantor Fitzgerald increased their price target on Impinj from $205.00 to $260.00 and gave the stock an “overweight” rating in a research note on Thursday. Needham & Company LLC increased their target price on Impinj from $195.00 to $245.00 and gave the stock a “buy” rating in a research report on Thursday. Piper Sandler reissued an “overweight” rating and issued a $235.00 price target (up from $225.00) on shares of Impinj in a research note on Thursday. Evercore ISI reaffirmed an “outperform” rating and set a $270.00 price objective (up previously from $205.00) on shares of Impinj in a research note on Thursday. Finally, Lake Street Capital increased their price objective on shares of Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $224.60.

Insider Transactions at Impinj

In other news, CRO Jeffrey Dossett sold 15,000 shares of the stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $157.81, for a total value of $2,367,150.00. Following the completion of the sale, the executive now owns 63,642 shares of the company’s stock, valued at $10,043,344.02. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were acquired at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the acquisition, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CRO Jeffrey Dossett sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $157.81, for a total value of $2,367,150.00. Following the transaction, the executive now directly owns 63,642 shares in the company, valued at $10,043,344.02. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,779 shares of company stock worth $3,825,046. 51.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. First Bank & Trust lifted its stake in shares of Impinj by 3.2% in the third quarter. First Bank & Trust now owns 1,768 shares of the company’s stock worth $383,000 after acquiring an additional 55 shares in the last quarter. Hsbc Holdings PLC raised its position in shares of Impinj by 7.3% in the 2nd quarter. Hsbc Holdings PLC now owns 2,777 shares of the company’s stock valued at $432,000 after purchasing an additional 190 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Impinj by 0.8% during the 2nd quarter. Rhumbline Advisers now owns 32,900 shares of the company’s stock valued at $5,158,000 after buying an additional 248 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in shares of Impinj during the first quarter worth approximately $32,000. Finally, Arizona State Retirement System increased its stake in shares of Impinj by 4.1% in the second quarter. Arizona State Retirement System now owns 6,581 shares of the company’s stock worth $1,032,000 after buying an additional 261 shares during the last quarter.

Impinj Price Performance

The stock has a market capitalization of $5.64 billion, a price-to-earnings ratio of 692.07 and a beta of 1.80. The firm’s fifty day moving average is $196.40 and its 200-day moving average is $168.96.

Impinj (NASDAQ:PI) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.48 by $0.08. The business had revenue of $95.20 million for the quarter, compared to analysts’ expectations of $92.86 million. Impinj had a net margin of 3.93% and a negative return on equity of 21.12%. The company’s quarterly revenue was up 46.5% compared to the same quarter last year. During the same quarter last year, the company posted ($0.36) earnings per share. On average, sell-side analysts expect that Impinj, Inc. will post 0.31 EPS for the current year.

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.