Norges Bank Invests $40.10 Million in Impinj, Inc. (NASDAQ:PI)

Norges Bank purchased a new position in Impinj, Inc. (NASDAQ:PI - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 276,054 shares of the company's stock, valued at approximately $40,100,000. Norges Bank owned 0.98% of Impinj as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. National Bank of Canada FI bought a new position in Impinj in the third quarter valued at $30,000. SBI Securities Co. Ltd. bought a new position in Impinj in the fourth quarter valued at $33,000. Jones Financial Companies Lllp increased its stake in Impinj by 205.9% in the fourth quarter. Jones Financial Companies Lllp now owns 260 shares of the company's stock valued at $38,000 after acquiring an additional 175 shares during the last quarter. IFP Advisors Inc increased its stake in Impinj by 116.5% in the fourth quarter. IFP Advisors Inc now owns 368 shares of the company's stock valued at $53,000 after acquiring an additional 198 shares during the last quarter. Finally, Spire Wealth Management bought a new position in Impinj in the fourth quarter valued at $87,000.

Impinj Stock Performance

Shares of NASDAQ PI traded down $7.98 during trading hours on Thursday, hitting $69.26. The company's stock had a trading volume of 177,702 shares, compared to its average volume of 710,082. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of 50.93 and a beta of 1.74. Impinj, Inc. has a 12 month low of $60.85 and a 12 month high of $239.88. The business has a 50-day simple moving average of $94.18 and a 200-day simple moving average of $149.12.

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

Insider Buying and Selling at Impinj

In other news, CEO Chris Ph.D. Diorio sold 8,334 shares of the business's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $98.78, for a total value of $823,232.52. Following the sale, the chief executive officer now directly owns 354,076 shares of the company's stock, valued at $34,975,627.28. The trade was a 2.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Cary Baker sold 290 shares of the business's stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $140.96, for a total value of $40,878.40. Following the completion of the sale, the chief financial officer now directly owns 71,754 shares in the company, valued at approximately $10,114,443.84. This represents a 0.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,704 shares of company stock valued at $1,925,748. 51.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on PI shares. Susquehanna reduced their target price on Impinj from $260.00 to $220.00 and set a "positive" rating on the stock in a research note on Wednesday, January 22nd. Cantor Fitzgerald raised Impinj to a "strong-buy" rating in a research note on Thursday, February 27th. Needham & Company LLC reduced their price objective on Impinj from $182.00 to $130.00 and set a "buy" rating on the stock in a research note on Thursday, February 6th. Piper Sandler reduced their price objective on Impinj from $235.00 to $140.00 and set an "overweight" rating on the stock in a research note on Thursday, February 6th. Finally, The Goldman Sachs Group reduced their price objective on Impinj from $200.00 to $132.00 and set a "neutral" rating on the stock in a research note on Thursday, February 6th. One analyst has rated the stock with a sell rating, one has issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Impinj currently has a consensus rating of "Moderate Buy" and an average price target of $183.44.

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.