Needham & Company LLC Boosts Impinj (NASDAQ:PI) Price Target to $245.00

Impinj (NASDAQ:PI) had its target price boosted by Needham & Company LLC from $195.00 to $245.00 in a research report released on Thursday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Other equities analysts have also recently issued research reports about the company. Lake Street Capital boosted their price objective on Impinj from $155.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Evercore ISI increased their price objective on Impinj from $172.00 to $205.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Roth Mkm raised their price objective on shares of Impinj from $145.00 to $175.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. StockNews.com upgraded shares of Impinj from a “sell” rating to a “hold” rating in a research note on Friday, July 26th. Finally, Susquehanna boosted their price objective on shares of Impinj from $215.00 to $260.00 and gave the stock a “positive” rating in a report on Monday, October 21st. 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 company’s stock. According to MarketBeat, Impinj has an average rating of “Moderate Buy” and a consensus price target of $224.60.

Impinj Stock Performance

NASDAQ:PI opened at $200.70 on Thursday. The company has a market capitalization of $5.64 billion, a P/E ratio of 692.07 and a beta of 1.80. The stock’s 50 day moving average price is $196.40 and its 200 day moving average price is $169.26. Impinj has a 52 week low of $58.56 and a 52 week high of $239.88.

Impinj (NASDAQ:PI) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.08. Impinj had a negative return on equity of 21.12% and a net margin of 3.93%. The company had revenue of $95.20 million during the quarter, compared to analysts’ expectations of $92.86 million. During the same quarter in the previous year, the firm earned ($0.36) earnings per share. The business’s quarterly revenue was up 46.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Impinj will post 0.31 earnings per share for the current fiscal year.

Insider Activity

In related news, CRO Jeffrey Dossett sold 15,000 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $157.81, for a total transaction of $2,367,150.00. Following the completion of the sale, the executive now directly owns 63,642 shares of the company’s stock, valued at approximately $10,043,344.02. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CRO Jeffrey Dossett sold 15,000 shares of the company’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $157.81, for a total transaction of $2,367,150.00. Following the completion of the transaction, the executive now directly 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Cary Baker sold 496 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $209.17, for a total value of $103,748.32. Following the transaction, the chief financial officer now directly owns 70,524 shares of the company’s stock, valued at approximately $14,751,505.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,779 shares of company stock valued at $3,825,046 in the last quarter. Company insiders own 51.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Future Financial Wealth Managment LLC acquired a new stake in shares of Impinj during the 1st quarter worth about $32,000. SouthState Corp bought a new position in Impinj in the 2nd quarter valued at about $94,000. nVerses Capital LLC raised its holdings in Impinj by 75.0% in the 2nd quarter. nVerses Capital LLC now owns 700 shares of the company’s stock valued at $110,000 after acquiring an additional 300 shares during the period. Jamison Private Wealth Management Inc. lifted its position in Impinj by 211.2% during the second quarter. Jamison Private Wealth Management Inc. now owns 809 shares of the company’s stock worth $127,000 after acquiring an additional 549 shares during the last quarter. Finally, USA Financial Formulas boosted its holdings in shares of Impinj by 82.0% during the third quarter. USA Financial Formulas now owns 657 shares of the company’s stock worth $142,000 after acquiring an additional 296 shares during the period.

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.