Impinj (NASDAQ:PI) Price Target Raised to $180.00

Key Points

• UBS raised Impinj’s price target to $180 from $175 while maintaining a neutral rating, implying approximately 2.6% upside from the stock’s $175.38 trading price.
• Impinj reported quarterly results above expectations, with EPS of $0.69 versus $0.61 expected and revenue of $112.08 million, up 16.7% year over year. Management also forecast fourth-quarter revenue of $104 million to $107 million.
• Analyst sentiment is broadly positive, with seven Buy ratings and an average price target of $194.40, although the company remains unprofitable on a net-margin basis and insiders sold about $2.05 million in shares over the past three months.

Impinj (NASDAQ:PI - Get Free Report) had its target price upped by equities researchers at UBS Group from $175.00 to $180.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a "neutral" rating on the stock. UBS Group's price objective indicates a potential upside of 2.63% from the company's current price.

Several other equities research analysts also recently commented on PI. Wall Street Zen upgraded shares of Impinj from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Impinj in a research note on Wednesday. Barclays lifted their target price on shares of Impinj from $176.00 to $200.00 and gave the company an "overweight" rating in a report on Monday, October 12th. Zacks Research downgraded shares of Impinj from a "strong-buy" rating to a "hold" rating in a report on Monday, August 31st. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $200.00 price target on shares of Impinj in a report on Thursday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $194.40.

Impinj Stock Down 0.6%

Shares of NASDAQ PI traded down $1.10 during mid-day trading on Thursday, reaching $175.38. 499,525 shares of the company were exchanged, compared to its average volume of 528,334. The stock has a market cap of $5.36 billion, a price-to-earnings ratio of -191.38 and a beta of 1.94. The firm has a 50-day moving average of $176.12 and a 200 day moving average of $144.61. Impinj has a 1 year low of $87.36 and a 1 year high of $223.05. The company has a quick ratio of 2.29, a current ratio of 3.28 and a debt-to-equity ratio of 0.80.

Impinj (NASDAQ:PI - Get Free Report) last released its quarterly earnings results on Wednesday, October 28th. The company reported $0.69 earnings per share for the quarter, beating analysts' consensus estimates 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 negative net margin of 7.26% and a positive return on equity of 5.23%. The company's revenue was up 16.7% compared to the same quarter last year. During the same period last year, the business earned $0.58 EPS. On average, research analysts expect that Impinj will post 0.37 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Cary Baker sold 8,892 shares of the business's stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $185.00, for a total transaction of $1,645,020.00. Following the transaction, the chief financial officer owned 80,388 shares of the company's stock, valued at approximately $14,871,780. The trade was a 9.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Miron Washington sold 800 shares of the business's 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 in the company, valued at $754,374.04. The trade was a 15.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 11,121 shares of company stock worth $2,047,993 over the last three months. Corporate insiders own 6.80% of the company's stock.

Hedge Funds Weigh In On Impinj

A number of hedge funds have recently modified their holdings of PI. Signaturefd LLC grew its stake in shares of Impinj by 72.3% in the third 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. TOP Private Wealth LLC. purchased a new position in shares of Impinj in the 2nd quarter valued at about $25,000. CoreCap Advisors LLC acquired a new stake in Impinj during the third quarter worth approximately $37,000. Global Retirement Partners LLC acquired a new stake in Impinj during the 2nd quarter worth $31,000. Finally, Western Wealth Management LLC acquired a new stake in shares of Impinj during the first quarter worth about $28,000.

Trending Headlines about Impinj

Here are the key news stories impacting Impinj this week:

• Positive Sentiment: Q3 earnings and revenue exceeded expectations: Impinj reported adjusted EPS of $0.69, above the $0.61 consensus estimate, while revenue increased 16.7% year over year to $112.08 million, topping expectations of $107.16 million. EPS also improved from $0.58 in the year-ago quarter. Impinj Q3 Earnings and Revenues Beat Estimates
• Positive Sentiment: Growth and profitability trends improved: Coverage highlighted record revenue, margin expansion and a surge in endpoint integrated-circuit revenue, reinforcing investor confidence in demand for Impinj’s RAIN RFID products. Impinj Endpoint IC Revenue
• Positive Sentiment: Management issued a constructive outlook: Impinj expects fourth-quarter revenue of $104 million to $107 million, citing strong M800 product demand and a ramp in back-end manufacturing capacity. Impinj Q4 Outlook
• Positive Sentiment: Analyst sentiment strengthened: Susquehanna raised its price target from $175 to $225 and assigned a positive rating. Needham increased its target from $168 to $195 and upgraded the stock to buy, signaling greater confidence in Impinj’s earnings growth. Susquehanna Rating Needham Rating
• Neutral Sentiment: Despite the stronger results, Impinj remains valued at a high earnings multiple, and its reported net margin was negative, leaving the stock sensitive to execution, demand trends and future profitability.

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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