The Goldman Sachs Group Lowers Impinj (NASDAQ:PI) to Neutral

The Goldman Sachs Group cut shares of Impinj (NASDAQ:PI) from a buy rating to a neutral rating in a research report sent to investors on Monday morning, MarketBeat reports. The firm currently has $156.00 target price on the stock.

PI has been the topic of a number of other research reports. Canaccord Genuity Group increased their price objective on Impinj from $130.00 to $150.00 and gave the stock a buy rating in a research report on Thursday, March 14th. Piper Sandler reissued an overweight rating and issued a $150.00 target price (up previously from $130.00) on shares of Impinj in a research note on Thursday, April 25th. Needham & Company LLC increased their target price on Impinj from $160.00 to $195.00 and gave the company a buy rating in a research note on Thursday, May 16th. Jefferies Financial Group assumed coverage on Impinj in a research note on Monday, May 13th. They issued a buy rating and a $200.00 target price on the stock. Finally, Evercore ISI started coverage on Impinj in a research note on Tuesday, April 16th. They issued an outperform rating and a $160.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $143.10.

Impinj Trading Up 3.3 %

NASDAQ:PI opened at $173.33 on Monday. The company has a market cap of $4.80 billion, a P/E ratio of -495.23 and a beta of 1.85. The stock’s fifty day moving average price is $139.37 and its two-hundred day moving average price is $108.84. Impinj has a 1 year low of $48.39 and a 1 year high of $175.41. The company has a debt-to-equity ratio of 3.29, a current ratio of 9.42 and a quick ratio of 6.87.

Impinj (NASDAQ:PI) last issued its quarterly earnings data on Wednesday, April 24th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.14. Impinj had a negative return on equity of 60.13% and a negative net margin of 1.90%. The company had revenue of $76.83 million for the quarter, compared to the consensus estimate of $73.57 million. As a group, analysts expect that Impinj will post 0.02 EPS for the current year.

Insider Buying and Selling

In other Impinj news, insider Cathal G. Phelan sold 708 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $166.99, for a total value of $118,228.92. Following the completion of the sale, the insider now directly owns 16,468 shares in the company, valued at $2,749,991.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Cathal G. Phelan sold 708 shares of Impinj stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $166.99, for a total transaction of $118,228.92. Following the completion of the transaction, the insider now directly owns 16,468 shares in the company, valued at $2,749,991.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Cary Baker sold 4,829 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $101.17, for a total transaction of $488,549.93. Following the sale, the chief financial officer now directly owns 62,978 shares of the company’s stock, valued at approximately $6,371,484.26. The disclosure for this sale can be found here. Insiders have sold 121,473 shares of company stock valued at $15,838,106 over the last ninety days. 51.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Impinj

Hedge funds have recently modified their holdings of the business. FMR LLC lifted its stake in Impinj by 0.8% in the 3rd quarter. FMR LLC now owns 4,028,894 shares of the company’s stock worth $221,710,000 after purchasing an additional 31,289 shares in the last quarter. Sylebra Capital LLC bought a new position in Impinj during the 3rd quarter valued at about $217,290,000. Vanguard Group Inc. grew its stake in Impinj by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 2,510,583 shares of the company’s stock worth $322,384,000 after acquiring an additional 35,893 shares in the last quarter. Westfield Capital Management Co. LP grew its stake in Impinj by 40.1% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,022,359 shares of the company’s stock worth $56,260,000 after acquiring an additional 292,470 shares in the last quarter. Finally, Fred Alger Management LLC lifted its position in shares of Impinj by 249.6% in the 3rd quarter. Fred Alger Management LLC now owns 795,973 shares of the company’s stock worth $43,802,000 after purchasing an additional 568,301 shares during the period.

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.