Morgan Stanley Trims IMPINJ (NASDAQ:PI) Target Price to $14.00

IMPINJ (NASDAQ:PI) had its target price reduced by investment analysts at Morgan Stanley from $27.00 to $14.00 in a research note issued to investors on Monday, February 5th. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 8.44% from the company’s previous close.

A number of other research firms have also commented on PI. Canaccord Genuity lowered shares of IMPINJ from a “buy” rating to a “hold” rating and dropped their price objective for the company from $35.00 to $20.00 in a research note on Friday, February 2nd. Zacks Investment Research lowered shares of IMPINJ from a “buy” rating to a “hold” rating in a research note on Friday, October 27th. Needham & Company LLC lowered shares of IMPINJ from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Piper Jaffray Companies lowered shares of IMPINJ from an “overweight” rating to a “neutral” rating in a research report on Thursday, November 2nd. Finally, BidaskClub lowered shares of IMPINJ from a “buy” rating to a “hold” rating in a research report on Thursday, November 2nd. Three analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $26.29.

IMPINJ (PI) traded up $0.03 during trading on Monday, hitting $12.91. 688,200 shares of the stock traded hands, compared to its average volume of 1,154,793. The stock has a market cap of $280.42 and a PE ratio of -35.50. IMPINJ has a 1-year low of $11.31 and a 1-year high of $60.85. The company has a current ratio of 7.49, a quick ratio of 4.97 and a debt-to-equity ratio of 0.06.

In related news, CFO Evan Fein sold 3,300 shares of IMPINJ stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $25.19, for a total value of $83,127.00. Following the sale, the chief financial officer now directly owns 15,100 shares in the company, valued at approximately $380,369. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Eric Brodersen sold 5,400 shares of IMPINJ stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $25.43, for a total transaction of $137,322.00. Following the completion of the sale, the insider now owns 78,743 shares in the company, valued at $2,002,434.49. The disclosure for this sale can be found here. Insiders have sold a total of 14,400 shares of company stock worth $363,006 over the last quarter. 15.20% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. grew its stake in shares of IMPINJ by 95.1% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,621 shares of the company’s stock worth $176,000 after purchasing an additional 1,765 shares during the last quarter. Virtu KCG Holdings LLC boosted its holdings in shares of IMPINJ by 40.6% in the second quarter. Virtu KCG Holdings LLC now owns 9,570 shares of the company’s stock worth $466,000 after buying an additional 2,764 shares during the period. Bronfman E.L. Rothschild L.P. acquired a new position in shares of IMPINJ in the third quarter worth about $116,000. Cornerstone Capital Management Holdings LLC. acquired a new position in shares of IMPINJ in the third quarter worth about $128,000. Finally, Legal & General Group Plc boosted its holdings in shares of IMPINJ by 221.3% in the second quarter. Legal & General Group Plc now owns 4,520 shares of the company’s stock worth $223,000 after buying an additional 3,113 shares during the period. 79.29% of the stock is currently owned by hedge funds and other institutional investors.

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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 (NASDAQ:PI)

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