Impinj (NASDAQ:PI) Price Target Cut to $220.00 by Analysts at Susquehanna

Impinj (NASDAQ:PI) had its target price reduced by Susquehanna from $260.00 to $220.00 in a report published on Wednesday morning,Benzinga reports. They currently have a positive rating on the stock.

A number of other analysts have also commented on the stock. The Goldman Sachs Group boosted their price target on shares of Impinj from $165.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Evercore ISI restated an “outperform” rating and issued a $270.00 target price (up previously from $205.00) on shares of Impinj in a report on Thursday, October 24th. Lake Street Capital raised their price target on shares of Impinj from $190.00 to $251.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Piper Sandler reissued an “overweight” rating and set a $235.00 price objective (up from $225.00) on shares of Impinj in a report on Thursday, October 24th. Finally, Cantor Fitzgerald lifted their target price on Impinj from $205.00 to $260.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Impinj has a consensus rating of “Moderate Buy” and an average price target of $214.30.

Impinj Price Performance

Shares of PI opened at $136.21 on Wednesday. Impinj has a one year low of $95.96 and a one year high of $239.88. The company has a market cap of $3.85 billion, a PE ratio of 153.04 and a beta of 1.88. The stock has a 50-day moving average of $158.20 and a 200-day moving average of $175.41.

Impinj (NASDAQ:PI) last announced its quarterly earnings data 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 negative return on equity of 1.64% and a net margin of 8.21%. 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 firm posted ($0.36) earnings per share. The company’s revenue for the quarter was up 46.5% compared to the same quarter last year. Analysts expect that Impinj will post 0.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Sylebra Capital Llc sold 32,031 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $195.35, for a total transaction of $6,257,255.85. Following the completion of the sale, the insider now owns 3,021,548 shares in the company, valued at $590,259,401.80. This trade represents a 1.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Chris Ph.D. Diorio sold 34,474 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $201.51, for a total value of $6,946,855.74. Following the completion of the transaction, the chief executive officer now owns 294,438 shares in the company, valued at approximately $59,332,201.38. The trade was a 10.48 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 655,038 shares of company stock valued at $131,064,693. Insiders own 51.00% of the company’s stock.

Hedge Funds Weigh In On Impinj

Several large investors have recently modified their holdings of the business. National Bank of Canada FI bought a new stake in shares of Impinj during the 3rd quarter valued at $30,000. Farther Finance Advisors LLC lifted its stake in Impinj by 1,084.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock worth $33,000 after purchasing an additional 141 shares in the last quarter. Future Financial Wealth Managment LLC bought a new position in Impinj in the 3rd quarter valued at $54,000. Spire Wealth Management purchased a new position in shares of Impinj during the 4th quarter valued at $87,000. Finally, KBC Group NV increased its holdings in shares of Impinj by 33.5% in the fourth quarter. KBC Group NV now owns 909 shares of the company’s stock worth $132,000 after purchasing an additional 228 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.