Piper Sandler Issues Pessimistic Forecast for Impinj (NASDAQ:PI) Stock Price

Impinj (NASDAQ:PI) had its price target cut by Piper Sandler from $235.00 to $140.00 in a report released on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts have also recently issued reports on the stock. The Goldman Sachs Group upped their price objective 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. Susquehanna cut their price target on Impinj from $260.00 to $220.00 and set a “positive” rating for the company in a report on Wednesday, January 22nd. Cantor Fitzgerald lifted their price objective on Impinj from $205.00 to $260.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Lake Street Capital upped their target price on Impinj from $190.00 to $251.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Finally, Needham & Company LLC cut their target price on Impinj from $245.00 to $182.00 and set a “buy” rating for the company in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Impinj presently has an average rating of “Moderate Buy” and a consensus price target of $180.10.

Impinj Price Performance

NASDAQ PI opened at $107.76 on Thursday. Impinj has a 1-year low of $97.77 and a 1-year high of $239.88. The company has a market cap of $3.05 billion, a PE ratio of 121.08 and a beta of 1.88. The stock’s 50 day simple moving average is $148.65 and its 200-day simple moving average is $173.07.

Impinj (NASDAQ:PI) last announced its quarterly earnings data on Wednesday, February 5th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.49). Impinj had a net margin of 8.21% and a negative return on equity of 1.64%. On average, equities research analysts anticipate that Impinj will post 0.44 EPS for the current fiscal year.

Insider Activity at Impinj

In other news, insider Cathal G. Phelan sold 210 shares of Impinj stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $146.06, for a total value of $30,672.60. Following the completion of the sale, the insider now directly owns 6,979 shares of the company’s stock, valued at approximately $1,019,352.74. The trade was a 2.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Sylebra Capital Llc sold 78,616 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $201.79, for a total value of $15,863,922.64. Following the completion of the sale, the insider now owns 2,143,736 shares in the company, valued at $432,584,487.44. This represents a 3.54 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 94,132 shares of company stock worth $18,510,291. Company insiders own 51.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PI. Raymond James Financial Inc. purchased a new position in Impinj in the 4th quarter valued at approximately $27,699,000. Arizona State Retirement System raised its stake in shares of Impinj by 2.4% in the fourth quarter. Arizona State Retirement System now owns 6,945 shares of the company’s stock valued at $1,009,000 after acquiring an additional 160 shares in the last quarter. Aigen Investment Management LP purchased a new position in Impinj in the fourth quarter valued at $357,000. Proficio Capital Partners LLC acquired a new position in Impinj during the 4th quarter worth $1,625,000. Finally, Victory Capital Management Inc. increased its holdings in Impinj by 7.0% during the 4th quarter. Victory Capital Management Inc. now owns 20,825 shares of the company’s stock worth $3,025,000 after purchasing an additional 1,363 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.