Eagle Asset Management Inc. Sells 87,288 Shares of Impinj, Inc. (NASDAQ:PI)

Eagle Asset Management Inc. trimmed its stake in shares of Impinj, Inc. (NASDAQ:PI - Free Report) by 52.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 78,062 shares of the company's stock after selling 87,288 shares during the quarter. Eagle Asset Management Inc. owned about 0.28% of Impinj worth $15,890,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Farther Finance Advisors LLC increased its stake in shares of Impinj by 1,084.6% in the third quarter. Farther Finance Advisors LLC now owns 154 shares of the company's stock valued at $33,000 after purchasing an additional 141 shares during the period. Future Financial Wealth Managment LLC acquired a new position in Impinj during the 3rd quarter worth $54,000. SouthState Corp bought a new position in shares of Impinj in the second quarter worth $94,000. nVerses Capital LLC increased its holdings in shares of Impinj by 75.0% during the second quarter. nVerses Capital LLC now owns 700 shares of the company's stock valued at $110,000 after purchasing an additional 300 shares during the period. Finally, Jamison Private Wealth Management Inc. raised its stake in shares of Impinj by 211.2% during the second quarter. Jamison Private Wealth Management Inc. now owns 809 shares of the company's stock valued at $127,000 after purchasing an additional 549 shares in the last quarter.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on PI shares. Susquehanna upped their target price on Impinj from $215.00 to $260.00 and gave the stock a "positive" rating in a research report on Monday, October 21st. Piper Sandler reaffirmed an "overweight" rating and issued a $235.00 price objective (up previously from $225.00) on shares of Impinj in a research note on Thursday, October 24th. Lake Street Capital upped their price target on Impinj from $190.00 to $251.00 and gave the company a "buy" rating in a report on Thursday, October 24th. Evercore ISI reaffirmed an "outperform" rating and issued a $270.00 price objective (up previously from $205.00) on shares of Impinj in a research note on Thursday, October 24th. Finally, The Goldman Sachs Group upped their price target on Impinj from $165.00 to $200.00 and gave the company a "neutral" rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Impinj currently has an average rating of "Moderate Buy" and a consensus target price of $224.60.

Insider Buying and Selling

In related news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the business's stock in a transaction on Friday, September 13th. The stock was acquired at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the purchase, the insider now owns 33,050,456 shares of the company's stock, valued at approximately $155,006,638.64. This trade represents a 14.81 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Cathal G. Phelan sold 209 shares of Impinj stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $209.15, for a total transaction of $43,712.35. Following the transaction, the insider now directly owns 17,647 shares in the company, valued at approximately $3,690,870.05. This represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 655,674 shares of company stock valued at $131,623,305 over the last quarter. Insiders own 51.00% of the company's stock.

Impinj Trading Up 1.5 %

PI stock traded up $2.74 during trading hours on Friday, hitting $191.04. 302,644 shares of the stock were exchanged, compared to its average volume of 539,272. 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 $5.40 billion, a P/E ratio of 214.65 and a beta of 1.81. The company has a 50-day simple moving average of $206.17 and a two-hundred day simple moving average of $176.75.

Impinj (NASDAQ:PI - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $0.56 EPS for the quarter, topping analysts' consensus estimates of $0.48 by $0.08. Impinj had a negative return on equity of 1.64% and a net margin of 8.21%. The company had revenue of $95.20 million for the quarter, compared to analysts' expectations of $92.86 million. During the same quarter last year, the business earned ($0.36) earnings per share. Impinj's revenue was up 46.5% on a year-over-year basis. On average, equities research analysts predict that Impinj, Inc. will post 0.4 earnings per share 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.