Impinj (NASDAQ:PI) Upgraded by StockNews.com to Hold Rating

Impinj (NASDAQ:PI) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Thursday.

PI has been the subject of a number of other reports. Needham & Company LLC increased their target price on shares of Impinj from $195.00 to $245.00 and gave the company a “buy” rating in a report on Thursday, October 24th. The Goldman Sachs Group raised their price objective on Impinj from $165.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Evercore ISI reiterated an “outperform” rating and set a $270.00 target price (up from $205.00) on shares of Impinj in a research report on Thursday, October 24th. Cantor Fitzgerald upped their target price on Impinj from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Finally, Lake Street Capital lifted their price target on Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $218.30.

Impinj Price Performance

Shares of PI stock opened at $131.94 on Thursday. The business’s fifty day moving average price is $163.27 and its 200 day moving average price is $176.24. The firm has a market capitalization of $3.73 billion, a PE ratio of 148.25 and a beta of 1.88. Impinj has a 1-year low of $91.86 and a 1-year high of $239.88.

Impinj (NASDAQ:PI) last posted 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 net margin of 8.21% and a negative return on equity of 1.64%. The business had revenue of $95.20 million for the quarter, compared to analysts’ expectations of $92.86 million. During the same period in the prior year, the company posted ($0.36) EPS. The business’s revenue for the quarter was up 46.5% on a year-over-year basis. Equities research analysts expect that Impinj will post 0.4 earnings per share for the current fiscal year.

Insider Activity at Impinj

In other news, COO Hussein Mecklai sold 338 shares of the firm’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $141.02, for a total transaction of $47,664.76. Following the sale, the chief operating officer now owns 61,586 shares in the company, valued at $8,684,857.72. This trade represents a 0.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Sylebra Capital Llc sold 250,000 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $203.00, for a total value of $50,750,000.00. Following the completion of the transaction, the insider now owns 2,222,352 shares of the company’s stock, valued at $451,137,456. The trade was a 10.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 655,038 shares of company stock valued at $131,064,693 over the last quarter. Insiders own 51.00% of the company’s stock.

Institutional Trading of Impinj

A number of hedge funds have recently added to or reduced their stakes in the business. Inspire Investing LLC increased its stake in shares of Impinj by 45.0% during the 4th quarter. Inspire Investing LLC now owns 2,752 shares of the company’s stock valued at $400,000 after acquiring an additional 854 shares during the last quarter. Harbour Capital Advisors LLC boosted its position in shares of Impinj by 14.1% in the fourth quarter. Harbour Capital Advisors LLC now owns 3,445 shares of the company’s stock worth $521,000 after acquiring an additional 425 shares during the last quarter. Diversified Trust Co grew its holdings in Impinj by 11.9% in the fourth quarter. Diversified Trust Co now owns 2,251 shares of the company’s stock valued at $327,000 after purchasing an additional 240 shares during the period. Nordea Investment Management AB acquired a new position in Impinj during the fourth quarter worth approximately $3,341,000. Finally, Principal Financial Group Inc. increased its position in Impinj by 4,013.7% during the third quarter. Principal Financial Group Inc. now owns 125,633 shares of the company’s stock worth $27,202,000 after purchasing an additional 122,579 shares during the last quarter.

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.