Raymond James Financial Inc. Buys New Stake in Impinj, Inc. (NASDAQ:PI)

Raymond James Financial Inc. bought a new stake in shares of Impinj, Inc. (NASDAQ:PI - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 190,685 shares of the company's stock, valued at approximately $27,699,000. Raymond James Financial Inc. owned 0.67% of Impinj at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PI. National Bank of Canada FI acquired a new position in shares of Impinj in the third quarter worth about $30,000. Farther Finance Advisors LLC raised its position 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 worth $33,000 after acquiring an additional 141 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of Impinj in the fourth quarter worth about $33,000. Jones Financial Companies Lllp raised its position in shares of Impinj by 205.9% in the fourth quarter. Jones Financial Companies Lllp now owns 260 shares of the company's stock worth $38,000 after acquiring an additional 175 shares during the period. Finally, IFP Advisors Inc raised its position in shares of Impinj by 116.5% during the 4th quarter. IFP Advisors Inc now owns 368 shares of the company's stock worth $53,000 after purchasing an additional 198 shares during the last quarter.

Impinj Stock Down 1.4 %

Shares of Impinj stock traded down $1.27 during mid-day trading on Tuesday, hitting $91.46. The stock had a trading volume of 335,909 shares, compared to its average volume of 524,084. The firm has a 50-day moving average of $114.87 and a two-hundred day moving average of $161.62. Impinj, Inc. has a 12-month low of $84.17 and a 12-month high of $239.88. The firm has a market cap of $2.61 billion, a P/E ratio of 67.25 and a beta of 1.98.

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

Analysts Set New Price Targets

Several research analysts recently weighed in on PI shares. StockNews.com downgraded shares of Impinj from a "hold" rating to a "sell" rating in a research report on Friday, January 24th. Piper Sandler reduced their price target on shares of Impinj from $235.00 to $140.00 and set an "overweight" rating for the company in a research report on Thursday, February 6th. Susquehanna reduced their price target on shares of Impinj from $260.00 to $220.00 and set a "positive" rating for the company in a research report on Wednesday, January 22nd. Cantor Fitzgerald upgraded shares of Impinj to a "strong-buy" rating in a research report on Thursday, February 27th. Finally, The Goldman Sachs Group dropped their price objective on shares of Impinj from $200.00 to $132.00 and set a "neutral" rating for the company in a research note on Thursday, February 6th. One research analyst has rated the stock with a sell rating, one has given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Impinj currently has an average rating of "Moderate Buy" and an average price target of $183.44.

Insiders Place Their Bets

In other news, CEO Chris Ph.D. Diorio sold 8,334 shares of the firm's stock in a transaction on Friday, February 21st. The shares were 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 in the company, valued at approximately $34,975,627.28. This trade represents a 2.30 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Jeffrey Dossett sold 2,666 shares of the firm's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $98.81, for a total transaction of $263,427.46. Following the completion of the sale, the executive now owns 71,886 shares in the company, valued at $7,103,055.66. The trade was a 3.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 22,323 shares of company stock worth $2,454,588 in the last ninety days. 51.00% of the stock is owned by corporate insiders.

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.