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

Key Points

• Barclays raised its Impinj price target to $217 from $200 while maintaining an “overweight” rating, implying 15.87% upside from the prior close. Analysts overall rate the stock “Moderate Buy,” with a consensus target of $196.10.
• Impinj shares recently traded at $187.28, near the upper end of their 52-week range. The company exceeded quarterly expectations, reporting $0.69 in EPS and $112.08 million in revenue, with year-over-year revenue growth of 16.7%.
• Company insiders sold 12,850 shares worth approximately $2.4 million during the last quarter, including sales by the CFO and a director. Insiders retain a 6.8% ownership stake.

Impinj (NASDAQ:PI - Get Free Report) had its price objective hoisted by research analysts at Barclays from $200.00 to $217.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Barclays's price objective would suggest a potential upside of 15.87% from the stock's previous close.

A number of other analysts also recently commented on PI. UBS Group upped their target price on Impinj from $175.00 to $180.00 and gave the stock a "neutral" rating in a research note on Thursday. Zacks Research cut Impinj from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 31st. Wall Street Zen raised Impinj from a "hold" rating to a "buy" rating in a report on Saturday, August 1st. Susquehanna upped their price objective on Impinj from $175.00 to $225.00 and gave the stock a "positive" rating in a research report on Thursday. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Impinj in a research report on Wednesday. Seven investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Impinj currently has an average rating of "Moderate Buy" and a consensus price target of $196.10.

Impinj Stock Performance

Shares of Impinj stock traded up $7.62 on Monday, reaching $187.28. 246,625 shares of the stock were exchanged, compared to its average volume of 528,137. The company has a quick ratio of 7.07, a current ratio of 9.42 and a debt-to-equity ratio of 0.61. Impinj has a twelve month low of $87.36 and a twelve month high of $215.25. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of -568.74 and a beta of 1.94. The business has a 50 day moving average price of $176.87 and a two-hundred day moving average price of $144.35.

Impinj (NASDAQ:PI - Get Free Report) last issued its earnings results on Wednesday, October 28th. The company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.08. Impinj had a positive return on equity of 6.65% and a negative net margin of 2.45%. The firm had revenue of $112.08 million for the quarter, compared to analyst estimates of $107.16 million. During the same quarter in the prior year, the firm earned $0.58 earnings per share. Impinj's revenue for the quarter was up 16.7% on a year-over-year basis. Analysts anticipate that Impinj will post 0.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 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 sale, the director directly owned 4,354 shares of the company's stock, valued at $754,374.04. This represents a 15.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Cary Baker sold 8,892 shares of the stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $185.00, for a total transaction of $1,645,020.00. Following the sale, the chief financial officer directly owned 80,388 shares in the company, valued at approximately $14,871,780. The trade was a 9.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 12,850 shares of company stock worth $2,396,559. Company insiders own 6.80% of the company's stock.

Institutional Trading of Impinj

Several institutional investors have recently bought and sold shares of PI. TOP Private Wealth LLC. acquired a new position in shares of Impinj during the 2nd quarter worth approximately $25,000. Western Wealth Management LLC purchased a new stake in Impinj in the 1st quarter worth $28,000. Signaturefd LLC increased its holdings in Impinj by 72.3% in the 3rd quarter. Signaturefd LLC now owns 162 shares of the company's stock worth $29,000 after acquiring an additional 68 shares in the last quarter. Global Retirement Partners LLC acquired a new position in Impinj during the second quarter worth $31,000. Finally, CoreCap Advisors LLC acquired a new position in Impinj during the third quarter worth $37,000.

About Impinj

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.

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