Jennison Associates LLC Reduces Position in Impinj, Inc. (NASDAQ:PI)

Jennison Associates LLC trimmed its holdings in Impinj, Inc. (NASDAQ:PI) by 7.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 221,788 shares of the company’s stock after selling 17,352 shares during the quarter. Jennison Associates LLC owned about 0.78% of Impinj worth $32,217,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. U.S. Capital Wealth Advisors LLC acquired a new stake in Impinj during the fourth quarter worth about $494,000. Spire Wealth Management purchased a new stake in shares of Impinj during the 4th quarter valued at approximately $87,000. Stordahl Capital Management Inc. acquired a new position in Impinj in the fourth quarter valued at approximately $363,000. KBC Group NV grew its position in Impinj by 33.5% in the fourth quarter. KBC Group NV now owns 909 shares of the company’s stock worth $132,000 after acquiring an additional 228 shares during the period. Finally, Jamison Private Wealth Management Inc. increased its stake in Impinj by 91.9% during the fourth quarter. Jamison Private Wealth Management Inc. now owns 2,638 shares of the company’s stock worth $383,000 after acquiring an additional 1,263 shares during the last quarter.

Analyst Upgrades and Downgrades

PI has been the topic of several recent analyst reports. Needham & Company LLC decreased their price target on Impinj from $245.00 to $182.00 and set a “buy” rating on the stock in a research note on Friday, January 17th. Evercore ISI reiterated an “outperform” rating and set a $270.00 price target (up from $205.00) on shares of Impinj in a research report on Thursday, October 24th. Lake Street Capital upped their price objective on shares of Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. The Goldman Sachs Group lifted their target price on shares of Impinj from $165.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Finally, Piper Sandler restated an “overweight” rating and set a $235.00 price target (up from $225.00) on shares of Impinj in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $214.30.

Impinj Stock Up 3.4 %

Shares of NASDAQ:PI opened at $126.55 on Wednesday. Impinj, Inc. has a fifty-two week low of $97.77 and a fifty-two week high of $239.88. The firm’s 50 day moving average price is $149.90 and its 200 day moving average price is $173.40. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of 142.19 and a beta of 1.88.

Insider Activity

In other news, insider Cathal G. Phelan sold 210 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $146.06, for a total transaction of $30,672.60. Following the completion of the sale, the insider now owns 6,979 shares in the company, valued at approximately $1,019,352.74. The trade was a 2.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 transaction of $50,750,000.00. Following the completion of the transaction, the insider now directly owns 2,222,352 shares in the company, valued at $451,137,456. This trade represents a 10.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 355,681 shares of company stock worth $71,579,446. 51.00% of the stock is currently owned by corporate insiders.

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.