Needham & Company LLC Cuts Impinj (NASDAQ:PI) Price Target to $182.00

Impinj (NASDAQ:PI) had its target price cut by Needham & Company LLC from $245.00 to $182.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently issued reports on the stock. Susquehanna increased their target price on shares of Impinj from $215.00 to $260.00 and gave the stock a “positive” rating in a report on Monday, October 21st. Lake Street Capital boosted their price target on Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. StockNews.com raised Impinj from a “sell” rating to a “hold” rating in a research report on Thursday. Piper Sandler reaffirmed an “overweight” rating and issued a $235.00 price objective (up previously from $225.00) on shares of Impinj in a research report on Thursday, October 24th. Finally, The Goldman Sachs Group increased their target price on shares of Impinj from $165.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $218.30.

Impinj Trading Down 0.4 %

NASDAQ:PI opened at $131.94 on Friday. The company has a market capitalization of $3.73 billion, a P/E ratio of 148.25 and a beta of 1.88. The business’s 50-day moving average is $163.27 and its 200 day moving average is $176.48. Impinj has a 12 month low of $91.86 and a 12 month high of $239.88.

Impinj (NASDAQ:PI) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.08. The business had revenue of $95.20 million for the quarter, compared to the consensus estimate of $92.86 million. Impinj had a negative return on equity of 1.64% and a net margin of 8.21%. The company’s quarterly revenue was up 46.5% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.36) earnings per share. On average, research analysts forecast that Impinj will post 0.4 earnings per share for the current year.

Insider Activity

In other news, insider Cathal G. Phelan sold 210 shares of the firm’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $146.06, for a total value of $30,672.60. Following the completion of the transaction, the insider now owns 6,979 shares of the company’s stock, valued at approximately $1,019,352.74. This trade represents a 2.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Hussein Mecklai sold 10,000 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $204.75, for a total transaction of $2,047,500.00. Following the completion of the transaction, the chief operating officer now owns 60,041 shares of the company’s stock, valued at approximately $12,293,394.75. This trade represents a 14.28 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 655,038 shares of company stock valued at $131,064,693. 51.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PI. National Bank of Canada FI purchased a new stake in shares of Impinj in the 3rd quarter valued at about $30,000. Farther Finance Advisors LLC boosted its stake in shares of Impinj by 1,084.6% in the third quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock valued at $33,000 after buying an additional 141 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new position in shares of Impinj during the 3rd quarter worth $54,000. Asset Management One Co. Ltd. acquired a new position in Impinj during the third quarter worth about $138,000. Finally, USA Financial Formulas increased its stake in Impinj by 82.0% in the 3rd quarter. USA Financial Formulas now owns 657 shares of the company’s stock valued at $142,000 after purchasing an additional 296 shares in the last quarter.

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.