Principal Financial Group Inc. Increases Position in Impinj, Inc. (NASDAQ:PI)

Principal Financial Group Inc. increased its stake in Impinj, Inc. (NASDAQ:PI - Free Report) by 4,013.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 125,633 shares of the company's stock after acquiring an additional 122,579 shares during the period. Principal Financial Group Inc. owned approximately 0.44% of Impinj worth $27,202,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. National Bank of Canada FI bought a new stake in shares of Impinj in the 3rd quarter worth about $30,000. Farther Finance Advisors LLC raised its position in Impinj by 1,084.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 154 shares of the company's stock worth $33,000 after purchasing an additional 141 shares during the period. Future Financial Wealth Managment LLC bought a new stake in Impinj in the third quarter worth about $54,000. SouthState Corp purchased a new position in shares of Impinj during the second quarter valued at approximately $94,000. Finally, Asset Management One Co. Ltd. bought a new position in shares of Impinj during the third quarter valued at approximately $138,000.

Insider Activity

In other news, CRO Jeffrey Dossett sold 7,500 shares of Impinj stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $181.17, for a total value of $1,358,775.00. Following the sale, the executive now directly owns 65,294 shares of the company's stock, valued at $11,829,313.98. The trade was a 10.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Sylebra Capital Llc sold 250,000 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $203.00, for a total value of $50,750,000.00. Following the completion of the transaction, the insider now directly owns 2,222,352 shares of the company's stock, valued at approximately $451,137,456. This represents a 10.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 652,072 shares of company stock worth $130,869,929 over the last three months. 51.00% of the stock is currently owned by corporate insiders.

Impinj Stock Up 1.8 %

Shares of PI stock traded up $2.62 on Wednesday, hitting $148.76. The company had a trading volume of 127,979 shares, compared to its average volume of 482,852. Impinj, Inc. has a twelve month low of $78.17 and a twelve month high of $239.88. The firm has a market cap of $4.21 billion, a P/E ratio of 167.15 and a beta of 1.80. The company has a 50-day moving average price of $185.33 and a 200-day moving average price of $177.24.

Impinj (NASDAQ:PI - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share 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 firm 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 firm earned ($0.36) EPS. The business's quarterly revenue was up 46.5% on a year-over-year basis. Equities research analysts expect that Impinj, Inc. will post 0.4 EPS for the current year.

Analyst Upgrades and Downgrades

PI has been the topic of several research reports. Needham & Company LLC raised their price objective on Impinj from $195.00 to $245.00 and gave the stock a "buy" rating in a report on Thursday, October 24th. Lake Street Capital raised their price target on Impinj from $190.00 to $251.00 and gave the company a "buy" rating in a research note on Thursday, October 24th. Evercore ISI restated an "outperform" rating and issued a $270.00 price objective (up from $205.00) on shares of Impinj in a report on Thursday, October 24th. StockNews.com cut shares of Impinj from a "hold" rating to a "sell" rating in a report on Friday, October 25th. Finally, Piper Sandler restated an "overweight" rating and issued a $235.00 price target (up previously from $225.00) on shares of Impinj in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Impinj presently has an average rating of "Moderate Buy" and a consensus price target of $224.60.

Impinj 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.