Eagle Asset Management Inc. Trims Stock Holdings in Impinj, Inc. (NASDAQ:PI)

Eagle Asset Management Inc. lowered its stake in Impinj, Inc. (NASDAQ:PI) by 52.8% during the third quarter, HoldingsChannel reports. The institutional investor owned 78,062 shares of the company’s stock after selling 87,288 shares during the quarter. Eagle Asset Management Inc.’s holdings in Impinj were worth $15,890,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PI. Farther Finance Advisors LLC grew its stake 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 valued at $33,000 after buying an additional 141 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new position in Impinj in the 3rd quarter valued at about $54,000. SouthState Corp purchased a new stake in Impinj during the second quarter worth about $94,000. nVerses Capital LLC lifted its position in shares of Impinj by 75.0% during the second quarter. nVerses Capital LLC now owns 700 shares of the company’s stock worth $110,000 after purchasing an additional 300 shares in the last quarter. Finally, Jamison Private Wealth Management Inc. boosted its stake in shares of Impinj by 211.2% in the second quarter. Jamison Private Wealth Management Inc. now owns 809 shares of the company’s stock valued at $127,000 after purchasing an additional 549 shares during the period.

Insiders Place Their Bets

In other news, CEO Chris Ph.D. Diorio sold 1,498 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $209.12, for a total transaction of $313,261.76. Following the completion of the sale, the chief executive officer now owns 292,532 shares in the company, valued at approximately $61,174,291.84. This represents a 0.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Cary Baker sold 496 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $209.17, for a total value of $103,748.32. Following the completion of the transaction, the chief financial officer now owns 70,524 shares in the company, valued at $14,751,505.08. This trade represents a 0.70 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 655,674 shares of company stock valued at $131,623,305. 51.00% of the stock is currently owned by insiders.

Impinj Stock Up 1.5 %

PI stock opened at $191.04 on Friday. The stock has a market cap of $5.40 billion, a price-to-earnings ratio of 214.65 and a beta of 1.81. Impinj, Inc. has a fifty-two week low of $78.17 and a fifty-two week high of $239.88. The business has a 50 day moving average price of $206.07 and a 200 day moving average price of $176.56.

Impinj (NASDAQ:PI) last issued its earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.08. The business had revenue of $95.20 million during 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%. During the same quarter in the prior year, the business posted ($0.36) EPS. The company’s revenue for the quarter was up 46.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Impinj, Inc. will post 0.4 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PI. Needham & Company LLC upped their target price on shares of Impinj from $195.00 to $245.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. StockNews.com lowered Impinj from a “hold” rating to a “sell” rating in a research report on Friday, October 25th. The Goldman Sachs Group lifted their target price on Impinj from $165.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Piper Sandler restated an “overweight” rating and set a $235.00 price target (up previously from $225.00) on shares of Impinj in a report on Thursday, October 24th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $270.00 price objective (up previously from $205.00) 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 given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Impinj presently has an average rating of “Moderate Buy” and a consensus target price of $224.60.

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.