Barclays Forecasts Strong Price Appreciation for Impinj (NASDAQ:PI) Stock

Impinj (NASDAQ:PI) had its price target increased by stock analysts at Barclays from $200.00 to $217.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s target price indicates a potential upside of 15.87% from the stock’s previous close.

PI has been the subject of several other reports. Jefferies Financial Group upped their target price on Impinj from $190.00 to $220.00 and gave the company a “buy” rating in a report on Thursday. BMO Capital Markets began coverage on Impinj in a report on Thursday, August 20th. They set an “outperform” rating and a $220.00 price target on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Impinj in a research report on Wednesday. Wall Street Zen raised shares of Impinj from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. Finally, UBS Group upped their price objective on shares of Impinj from $175.00 to $180.00 and gave the company a “neutral” rating in a report on Thursday. Seven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Impinj has an average rating of “Moderate Buy” and a consensus price target of $196.10.

Impinj Price Performance

PI stock traded up $7.62 during mid-day trading on Monday, reaching $187.28. The company’s stock had a trading volume of 246,625 shares, compared to its average volume of 528,137. The company has a current ratio of 9.42, a quick ratio of 7.07 and a debt-to-equity ratio of 0.61. The company’s 50 day moving average is $176.87 and its two-hundred day moving average is $144.35. Impinj has a fifty-two week low of $87.36 and a fifty-two week high of $215.25. The stock has a market cap of $5.78 billion, a PE ratio of -568.74 and a beta of 1.94.

Impinj (NASDAQ:PI) last issued its earnings results on Wednesday, October 28th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.08. The business had revenue of $112.08 million for the quarter, compared to analysts’ expectations of $107.16 million. Impinj had a positive return on equity of 6.65% and a negative net margin of 2.45%. The business’s revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.58 EPS. Equities research analysts expect that Impinj will post 0.37 EPS for the current year.

Insider Activity at Impinj

In other Impinj news, Director Miron Washington sold 800 shares of the stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $173.26, for a total transaction of $138,608.00. Following the completion of the transaction, the director owned 4,354 shares of the company’s stock, valued at $754,374.04. This trade represents a 15.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Meera Rao sold 1,729 shares of Impinj stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $201.60, for a total transaction of $348,566.40. Following the sale, the director owned 9,593 shares of the company’s stock, valued at approximately $1,933,948.80. This represents a 15.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 12,850 shares of company stock worth $2,396,559. Company insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On Impinj

Several large investors have recently made changes to their positions in PI. Janus Henderson Group PLC boosted its position in Impinj by 40.1% in the 1st quarter. Janus Henderson Group PLC now owns 28,014 shares of the company’s stock valued at $2,877,000 after buying an additional 8,023 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Impinj by 2,441.0% during the first quarter. The Manufacturers Life Insurance Company now owns 425,945 shares of the company’s stock worth $43,745,000 after acquiring an additional 409,182 shares during the period. BlackRock Inc. purchased a new stake in shares of Impinj during the second quarter worth $637,286,000. Polar Asset Management Partners Inc. increased its position in shares of Impinj by 25.6% during the first quarter. Polar Asset Management Partners Inc. now owns 136,656 shares of the company’s stock worth $14,035,000 after acquiring an additional 27,845 shares during the period. Finally, California State Teachers Retirement System raised its stake in shares of Impinj by 29.3% in the first quarter. California State Teachers Retirement System now owns 33,902 shares of the company’s stock valued at $3,482,000 after acquiring an additional 7,678 shares in the last quarter.

Impinj Company Profile

Impinj, Inc (NASDAQ: PI) develops technology for the Internet of Things (IoT) based on RAIN RFID, a wireless technology used to identify, locate and authenticate individual items. Its platform is designed to connect physical products, packages and assets to digital systems, helping organizations collect real-time information throughout supply chains and business operations.

The company offers a portfolio of RAIN RFID endpoint integrated circuits, reader chips, RFID readers and gateways, antennas, and cloud and software solutions.