Victory Capital Management Inc. Grows Stake in Impinj, Inc. (NASDAQ:PI)

Victory Capital Management Inc. raised its stake in shares of Impinj, Inc. (NASDAQ:PI - Free Report) by 25.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 19,462 shares of the company's stock after purchasing an additional 3,900 shares during the period. Victory Capital Management Inc. owned 0.07% of Impinj worth $4,214,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PI. Verus Capital Partners LLC acquired a new stake in Impinj during the 3rd quarter valued at approximately $204,000. GSA Capital Partners LLP increased its position in shares of Impinj by 26.6% during the third quarter. GSA Capital Partners LLP now owns 3,401 shares of the company's stock worth $736,000 after buying an additional 714 shares during the period. Entropy Technologies LP raised its stake in Impinj by 9.3% during the third quarter. Entropy Technologies LP now owns 4,724 shares of the company's stock worth $1,023,000 after buying an additional 400 shares during the last quarter. Los Angeles Capital Management LLC lifted its holdings in Impinj by 210.2% in the third quarter. Los Angeles Capital Management LLC now owns 8,569 shares of the company's stock valued at $1,855,000 after buying an additional 5,807 shares during the period. Finally, State of New Jersey Common Pension Fund D lifted its holdings in Impinj by 5.6% in the third quarter. State of New Jersey Common Pension Fund D now owns 12,207 shares of the company's stock valued at $2,643,000 after buying an additional 644 shares during the period.

Insider Activity at Impinj

In other news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of Impinj stock in a transaction on Friday, September 13th. The stock was acquired at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Cary Baker sold 496 shares of Impinj stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $209.17, for a total transaction of $103,748.32. Following the transaction, the chief financial officer now directly owns 70,524 shares in the company, valued at approximately $14,751,505.08. This represents a 0.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 655,674 shares of company stock valued at $131,623,305 over the last 90 days. Insiders own 51.00% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. StockNews.com lowered Impinj from a "hold" rating to a "sell" rating in a research report on Friday, October 25th. Needham & Company LLC boosted their price target on Impinj from $195.00 to $245.00 and gave the company a "buy" rating in a research note on Thursday, October 24th. Cantor Fitzgerald raised their price objective on shares of Impinj from $205.00 to $260.00 and gave the stock an "overweight" rating in a research report on Thursday, October 24th. The Goldman Sachs Group boosted their target price on shares of Impinj from $165.00 to $200.00 and gave the company a "neutral" rating in a research report on Friday, October 25th. Finally, Lake Street Capital raised their price target on shares of Impinj from $190.00 to $251.00 and gave the stock a "buy" rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Impinj has an average rating of "Moderate Buy" and a consensus target price of $224.60.

Impinj Stock Performance

Shares of Impinj stock traded up $2.74 during trading hours on Friday, reaching $191.04. The company's stock had a trading volume of 302,644 shares, compared to its average volume of 539,272. The company has a market capitalization of $5.40 billion, a P/E ratio of 214.65 and a beta of 1.81. The stock's fifty day simple moving average is $206.17 and its two-hundred day simple moving average is $176.75. Impinj, Inc. has a one year low of $78.17 and a one year high of $239.88.

Impinj (NASDAQ:PI - Get Free Report) last announced its quarterly 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. The business had revenue of $95.20 million for the quarter, compared to analysts' expectations of $92.86 million. Impinj had a net margin of 8.21% and a negative return on equity of 1.64%. The firm's revenue for the quarter was up 46.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.36) EPS. As a group, research analysts forecast that Impinj, Inc. will post 0.4 earnings per share for the current year.

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.