Impinj (NASDAQ:PI) Given New $245.00 Price Target at Needham & Company LLC

Impinj (NASDAQ:PI) had its price objective raised by Needham & Company LLC from $195.00 to $245.00 in a research report report published on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms have also recently issued reports on PI. Susquehanna lifted their target price on shares of Impinj from $215.00 to $260.00 and gave the company a “positive” rating in a research note on Monday, October 21st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $205.00 price objective on shares of Impinj in a research report on Thursday, July 25th. Evercore ISI increased their target price on Impinj from $172.00 to $205.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Roth Mkm lifted their price target on Impinj from $145.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Finally, Piper Sandler reiterated an “overweight” rating and set a $225.00 price target (up previously from $180.00) on shares of Impinj in a research report on Friday, September 27th. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Impinj currently has an average rating of “Moderate Buy” and a consensus price target of $224.60.

Impinj Price Performance

Shares of NASDAQ:PI opened at $200.70 on Thursday. The business’s fifty day moving average price is $196.40 and its two-hundred day moving average price is $169.26. Impinj has a fifty-two week low of $58.56 and a fifty-two week high of $239.88. The stock has a market capitalization of $5.64 billion, a price-to-earnings ratio of 692.07 and a beta of 1.80.

Impinj (NASDAQ:PI) last announced its earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.08. The business had revenue of $95.20 million during 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 firm’s revenue for the quarter was up 46.5% on a year-over-year basis. During the same quarter last year, the company posted ($0.36) EPS. Research analysts expect that Impinj will post 0.31 EPS for the current fiscal year.

Insider Buying and Selling at Impinj

In other news, CRO Jeffrey Dossett sold 488 shares of Impinj stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $237.84, for a total transaction of $116,065.92. Following the completion of the sale, the executive now owns 65,294 shares in the company, valued at $15,529,524.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Impinj news, CFO Cary Baker sold 366 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $237.83, for a total transaction of $87,045.78. Following the transaction, the chief financial officer now owns 71,096 shares in the company, valued at approximately $16,908,761.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Jeffrey Dossett sold 488 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $237.84, for a total value of $116,065.92. Following the completion of the sale, the executive now directly owns 65,294 shares of the company’s stock, valued at approximately $15,529,524.96. 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 three months, insiders have sold 21,779 shares of company stock worth $3,825,046. Company insiders own 51.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PI. Assenagon Asset Management S.A. acquired a new stake in Impinj in the second quarter worth $103,252,000. Jennison Associates LLC acquired a new stake in Impinj during the 1st quarter worth $25,747,000. Renaissance Technologies LLC bought a new position in Impinj during the second quarter worth about $30,116,000. TimesSquare Capital Management LLC acquired a new position in Impinj in the first quarter valued at about $19,195,000. Finally, Lord Abbett & CO. LLC bought a new stake in shares of Impinj in the first quarter worth about $9,659,000.

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.