Impinj (NASDAQ:PI) Price Target Raised to $260.00

Impinj (NASDAQ:PI - Free Report) had its price objective hoisted by Cantor Fitzgerald from $205.00 to $260.00 in a research report sent to investors on Thursday, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research analysts have also weighed in on PI. Susquehanna boosted their target price on Impinj from $215.00 to $260.00 and gave the stock a "positive" rating in a report on Monday. Lake Street Capital increased their price objective on shares of Impinj from $190.00 to $251.00 and gave the company a "buy" rating in a research report on Thursday. Piper Sandler restated an "overweight" rating and set a $235.00 target price (up previously from $225.00) on shares of Impinj in a research note on Thursday. Roth Mkm upped their price target on shares of Impinj from $145.00 to $175.00 and gave the company a "buy" rating in a research note on Thursday, July 25th. Finally, Needham & Company LLC raised their price objective on shares of Impinj from $195.00 to $245.00 and gave the stock a "buy" rating in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $220.20.

Impinj Stock Down 13.6 %

Shares of NASDAQ PI traded down $30.25 during trading hours on Thursday, hitting $192.21. The company had a trading volume of 2,223,607 shares, compared to its average volume of 420,962. Impinj has a 1-year low of $48.39 and a 1-year high of $239.88. The firm's 50 day moving average is $195.60 and its 200-day moving average is $168.43. The stock has a market capitalization of $5.40 billion, a P/E ratio of 662.79 and a beta of 1.80.

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

Insider Buying and Selling

In other Impinj news, CRO Jeffrey Dossett sold 15,000 shares of the firm's stock in a transaction dated 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 transaction, the executive now directly owns 63,642 shares of the company's stock, valued at $10,043,344.02. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Cary Baker sold 366 shares of the firm's stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $237.83, for a total value of $87,045.78. Following the sale, the chief financial officer now directly owns 71,096 shares in the company, valued at approximately $16,908,761.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Jeffrey Dossett sold 15,000 shares of the company'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 transaction of $2,367,150.00. Following the transaction, the executive now owns 63,642 shares of the company's stock, valued at approximately $10,043,344.02. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,779 shares of company stock worth $3,825,046. Company insiders own 51.00% of the company's stock.

Institutional Trading of Impinj

Several hedge funds and other institutional investors have recently made changes to their positions in PI. Vanguard Group Inc. increased its stake in shares of Impinj by 1.5% in the first quarter. Vanguard Group Inc. now owns 2,510,583 shares of the company's stock valued at $322,384,000 after buying an additional 35,893 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of Impinj during the second quarter worth $103,252,000. Janus Henderson Group PLC raised its position in shares of Impinj by 0.6% in the 1st quarter. Janus Henderson Group PLC now owns 439,562 shares of the company's stock worth $56,376,000 after acquiring an additional 2,681 shares in the last quarter. Jennison Associates LLC acquired a new position in shares of Impinj in the 1st quarter valued at about $25,747,000. Finally, Renaissance Technologies LLC acquired a new stake in Impinj during the second quarter worth approximately $30,116,000.

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.