Piper Sandler Reiterates Overweight Rating for Impinj (NASDAQ:PI)

Impinj (NASDAQ:PI)‘s stock had its “overweight” rating restated by equities researchers at Piper Sandler in a note issued to investors on Friday, Benzinga reports. They currently have a $225.00 price target on the stock, up from their previous price target of $180.00. Piper Sandler’s price objective would suggest a potential upside of 5.48% from the company’s previous close.

Several other research firms have also recently issued reports on PI. Lake Street Capital increased their target price on shares of Impinj from $155.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Susquehanna increased their target price on shares of Impinj from $150.00 to $215.00 and gave the stock a “positive” rating in a research note on Wednesday, July 17th. StockNews.com upgraded shares of Impinj from a “sell” rating to a “hold” rating in a research report on Friday, July 26th. Cantor Fitzgerald restated an “overweight” rating and set a $205.00 price objective on shares of Impinj in a research report on Thursday, July 25th. Finally, Evercore ISI raised their price objective on shares of Impinj from $172.00 to $205.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Impinj has an average rating of “Moderate Buy” and a consensus price target of $191.60.

Impinj Stock Performance

PI stock opened at $213.31 on Friday. Impinj has a 12-month low of $48.39 and a 12-month high of $220.17. The company’s fifty day simple moving average is $169.34 and its 200 day simple moving average is $155.38.

Impinj (NASDAQ:PI) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.09. The firm had revenue of $102.50 million for the quarter, compared to analyst estimates of $97.47 million. Impinj had a net margin of 3.93% and a negative return on equity of 21.12%. The business’s quarterly revenue was up 19.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.14) earnings per share. Sell-side analysts expect that Impinj will post 0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Cary Baker sold 356 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $175.42, for a total value of $62,449.52. Following the completion of the sale, the chief financial officer now directly owns 69,760 shares of the company’s stock, valued at approximately $12,237,299.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Cary Baker sold 356 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $175.42, for a total value of $62,449.52. Following the completion of the sale, the chief financial officer now directly owns 69,760 shares of the company’s stock, valued at approximately $12,237,299.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Chris Ph.D. Diorio sold 1,498 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $209.12, for a total transaction of $313,261.76. Following the completion of the sale, the chief executive officer now directly owns 292,532 shares of the company’s stock, valued at $61,174,291.84. The disclosure for this sale can be found here. Insiders have sold a total of 31,713 shares of company stock valued at $5,239,232 in the last quarter. Insiders own 51.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Hsbc Holdings PLC raised its holdings in Impinj by 7.3% in the second quarter. Hsbc Holdings PLC now owns 2,777 shares of the company’s stock worth $432,000 after buying an additional 190 shares during the last quarter. Rhumbline Advisers raised its holdings in Impinj by 0.8% in the second quarter. Rhumbline Advisers now owns 32,900 shares of the company’s stock worth $5,158,000 after buying an additional 248 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new position in Impinj in the first quarter worth about $32,000. Arizona State Retirement System raised its holdings in Impinj by 4.1% in the second quarter. Arizona State Retirement System now owns 6,581 shares of the company’s stock worth $1,032,000 after buying an additional 261 shares during the last quarter. Finally, nVerses Capital LLC raised its holdings in Impinj by 75.0% in the second quarter. nVerses Capital LLC now owns 700 shares of the company’s stock worth $110,000 after buying an additional 300 shares during 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.