Public Sector Pension Investment Board Takes Position in Impinj, Inc. (NASDAQ:PI)

Public Sector Pension Investment Board acquired a new stake in Impinj, Inc. (NASDAQ:PI) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 48,300 shares of the company’s stock, valued at approximately $10,458,000.

Other institutional investors also recently modified their holdings of the company. Los Angeles Capital Management LLC boosted its stake in Impinj by 210.2% during the third quarter. Los Angeles Capital Management LLC now owns 8,569 shares of the company’s stock worth $1,855,000 after acquiring an additional 5,807 shares in the last quarter. SG Americas Securities LLC raised its holdings in Impinj by 457.1% during the second quarter. SG Americas Securities LLC now owns 22,260 shares of the company’s stock worth $3,490,000 after buying an additional 18,264 shares during the last quarter. Thrivent Financial for Lutherans acquired a new position in Impinj during the third quarter worth $3,872,000. Principal Financial Group Inc. increased its holdings in Impinj by 4,013.7% during the third quarter. Principal Financial Group Inc. now owns 125,633 shares of the company’s stock worth $27,202,000 after buying an additional 122,579 shares during the last quarter. Finally, Harbor Capital Advisors Inc. increased its holdings in Impinj by 112.0% during the second quarter. Harbor Capital Advisors Inc. now owns 13,533 shares of the company’s stock worth $2,122,000 after buying an additional 7,151 shares during the last quarter.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PI shares. The Goldman Sachs Group raised their price objective on shares of Impinj from $165.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. StockNews.com lowered shares of Impinj from a “hold” rating to a “sell” rating in a research report on Friday, October 25th. Needham & Company LLC increased their target price on shares of Impinj from $195.00 to $245.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Cantor Fitzgerald increased their target price on shares of Impinj from $205.00 to $260.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Finally, Susquehanna increased their target price on shares of Impinj from $215.00 to $260.00 and gave the stock a “positive” rating in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $224.60.

Insiders Place Their Bets

In other news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were bought at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the purchase, the insider now directly owns 33,050,456 shares in the company, valued at $155,006,638.64. This represents a 14.81 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CRO Jeffrey Dossett sold 7,500 shares of Impinj stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $181.17, for a total transaction of $1,358,775.00. Following the completion of the sale, the executive now owns 65,294 shares in the company, valued at approximately $11,829,313.98. This trade represents a 10.30 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 655,674 shares of company stock valued at $131,623,305. 51.00% of the stock is currently owned by corporate insiders.

Impinj Trading Down 3.2 %

PI stock opened at $189.25 on Friday. The firm has a 50 day moving average of $206.14 and a 200-day moving average of $177.58. Impinj, Inc. has a 12 month low of $78.17 and a 12 month high of $239.88. The firm has a market capitalization of $5.35 billion, a P/E ratio of 212.64 and a beta of 1.81.

Impinj (NASDAQ:PI) last announced its earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.08. Impinj had a net margin of 8.21% and a negative return on equity of 1.64%. The business had revenue of $95.20 million during the quarter, compared to analyst estimates of $92.86 million. During the same period in the previous year, the business posted ($0.36) earnings per share. Impinj’s revenue for the quarter was up 46.5% on a year-over-year basis. Sell-side analysts predict that Impinj, Inc. will post 0.4 EPS for the current year.

About Impinj

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.