Lord Abbett & CO. LLC Cuts Stock Position in Impinj, Inc. (NASDAQ:PI)

Lord Abbett & CO. LLC trimmed its position in shares of Impinj, Inc. (NASDAQ:PI - Free Report) by 95.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 219,321 shares of the company's stock after selling 4,624,593 shares during the quarter. Lord Abbett & CO. LLC owned 0.78% of Impinj worth $31,858,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Nordea Investment Management AB acquired a new stake in shares of Impinj in the fourth quarter valued at $3,341,000. Asset Management One Co. Ltd. raised its position in Impinj by 85.2% in the 4th quarter. Asset Management One Co. Ltd. now owns 1,178 shares of the company's stock valued at $174,000 after purchasing an additional 542 shares in the last quarter. TimesSquare Capital Management LLC raised its position in Impinj by 92.1% in the 4th quarter. TimesSquare Capital Management LLC now owns 140,812 shares of the company's stock valued at $20,454,000 after purchasing an additional 67,510 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Impinj by 7.0% in the 4th quarter. Victory Capital Management Inc. now owns 20,825 shares of the company's stock valued at $3,025,000 after buying an additional 1,363 shares during the period. Finally, KBC Group NV grew its position in shares of Impinj by 33.5% during the fourth quarter. KBC Group NV now owns 909 shares of the company's stock worth $132,000 after buying an additional 228 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PI. Cantor Fitzgerald reiterated an "overweight" rating and issued a $133.00 price target on shares of Impinj in a research note on Thursday. Evercore ISI boosted their target price on shares of Impinj from $99.00 to $117.00 and gave the stock an "outperform" rating in a research note on Thursday. Piper Sandler cut their price target on Impinj from $140.00 to $100.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. The Goldman Sachs Group lowered their price objective on Impinj from $200.00 to $132.00 and set a "neutral" rating for the company in a research report on Thursday, February 6th. Finally, Susquehanna cut their target price on Impinj from $260.00 to $220.00 and set a "positive" rating on the stock in a research report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $160.33.

Impinj Trading Up 2.0 %

Shares of PI opened at $91.51 on Friday. The company's 50 day simple moving average is $85.20 and its 200-day simple moving average is $137.11. The firm has a market cap of $2.61 billion, a PE ratio of 67.29 and a beta of 1.74. Impinj, Inc. has a 12-month low of $60.85 and a 12-month high of $239.88.

Impinj (NASDAQ:PI - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The company reported ($0.01) EPS for the quarter, missing analysts' consensus estimates of $0.48 by ($0.49). Impinj had a net margin of 11.15% and a return on equity of 7.11%. As a group, equities research analysts forecast that Impinj, Inc. will post -0.47 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Chris Ph.D. Diorio sold 8,334 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $98.78, for a total transaction of $823,232.52. Following the completion of the transaction, the chief executive officer now directly owns 354,076 shares of the company's stock, valued at $34,975,627.28. This represents a 2.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Cathal G. Phelan sold 565 shares of Impinj stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $98.77, for a total value of $55,805.05. Following the completion of the sale, the insider now directly owns 7,925 shares in the company, valued at $782,752.25. This represents a 6.65 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,857 shares of company stock valued at $1,665,290. 51.00% of the stock is owned by company insiders.

Impinj Company Profile

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.

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