No, it can't shoot through Cabal Shields, any of the Elemental Shields (As in, it can't bypass them and damage the enemy directly. It does the same damage to Elemental Shields as any other Primary that does Kinetic Damage.), or the Titan's Ward of Dawn bubble. However, that doesn't mean it isn't worth using. It's a great Primary, best in it's class for the higher Rate of Fire, but decent Impact Auto Rifles (Like the Up For Anything and For The People), with slightly higher Impact and good Stability when fully upgraded. It's just that you shouldn't look to use it purely for it's exotic perk. Ricochet's are unreliable but nice if and when they actually hit something, and being able to penetrate multiple enemies is nice when dealing with a horde.