Brokerages Set IMPINJ Inc (NYSE:PI) Price Target at $42.33

IMPINJ Inc (NYSE:PI) has been assigned an average rating of “Buy” from the eight research firms that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $45.33.

A number of research analysts recently weighed in on PI shares. Zacks Investment Research raised shares of IMPINJ from a “hold” rating to a “buy” rating and set a $41.00 target price for the company in a research report on Tuesday, April 25th. Canaccord Genuity reaffirmed a “buy” rating and issued a $38.00 target price on shares of IMPINJ in a research report on Friday, May 12th. Needham & Company LLC raised their target price on shares of IMPINJ from $40.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, July 26th. Morgan Stanley downgraded shares of IMPINJ from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $40.00 to $51.00 in a research report on Monday, June 19th. Finally, KeyCorp downgraded shares of IMPINJ to a “hold” rating in a research report on Tuesday, June 27th.

In other IMPINJ news, insider Eric Brodersen sold 7,000 shares of the stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $46.93, for a total value of $328,510.00. Following the completion of the sale, the insider now owns 115,043 shares in the company, valued at $5,398,967.99. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Evan Fein sold 10,000 shares of the stock in a transaction on Friday, June 16th. The shares were sold at an average price of $53.19, for a total transaction of $531,900.00. Following the completion of the sale, the chief financial officer now owns 21,100 shares of the company’s stock, valued at approximately $1,122,309. The disclosure for this sale can be found here. In the last quarter, insiders sold 85,666 shares of company stock valued at $3,857,412.

Several hedge funds have recently bought and sold shares of the company. Sylebra HK Co Ltd bought a new stake in IMPINJ during the first quarter worth about $88,898,000. Gilder Gagnon Howe & Co. LLC boosted its stake in IMPINJ by 7.4% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 2,106,879 shares of the company’s stock worth $102,500,000 after buying an additional 145,201 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in IMPINJ by 4.0% in the first quarter. Bank of New York Mellon Corp now owns 1,157,558 shares of the company’s stock worth $35,039,000 after buying an additional 44,403 shares in the last quarter. Alliancebernstein L.P. bought a new stake in IMPINJ during the first quarter worth about $20,284,000. Finally, JPMorgan Chase & Co. boosted its stake in IMPINJ by 245.3% in the first quarter. JPMorgan Chase & Co. now owns 576,631 shares of the company’s stock worth $17,455,000 after buying an additional 409,635 shares in the last quarter.

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Shares of IMPINJ (NYSE:PI) opened at 37.42 on Tuesday. IMPINJ has a 1-year low of $18.75 and a 1-year high of $60.85. The company has a 50 day moving average of $52.00 and a 200 day moving average of $39.37. The firm’s market cap is $772.16 million.

IMPINJ (NYSE:PI) last released its earnings results on Thursday, August 3rd. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.04. The business had revenue of $34.10 million during the quarter, compared to the consensus estimate of $33.41 million. IMPINJ had a negative net margin of 2.86% and a negative return on equity of 3.11%. The firm’s revenue for the quarter was up 31.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.06 earnings per share. On average, equities analysts forecast that IMPINJ will post $0.10 earnings per share for the current fiscal year.

About IMPINJ

Impinj, Inc is a provider of RAIN radio frequency identification (RFID) solutions. The Company sells a platform that includes endpoint integrated circuits (ICs), reader ICs, readers and gateways that enable wireless connectivity to everyday items, and software that delivers Item Intelligence from endpoint reads.

Analyst Recommendations for IMPINJ (NYSE:PI)

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