State Street Corp Acquires 220,776 Shares of Impinj, Inc. (NASDAQ:PI)

State Street Corp boosted its position in Impinj, Inc. (NASDAQ:PI) by 25.7% during the third quarter, Holdings Channel reports. The fund owned 1,078,676 shares of the company’s stock after acquiring an additional 220,776 shares during the period. State Street Corp’s holdings in Impinj were worth $233,555,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Diversified Trust Co bought a new stake in Impinj during the 2nd quarter valued at $315,000. Wealth Enhancement Advisory Services LLC bought a new stake in Impinj in the second quarter worth $566,000. Assenagon Asset Management S.A. bought a new position in Impinj in the 2nd quarter worth about $103,252,000. Raymond James & Associates grew its holdings in shares of Impinj by 30.2% during the second quarter. Raymond James & Associates now owns 18,861 shares of the company’s stock valued at $2,957,000 after buying an additional 4,373 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Impinj by 6.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 121,159 shares of the company’s stock worth $18,994,000 after purchasing an additional 7,496 shares in the last quarter.

Analysts Set New Price Targets

A number of brokerages have recently commented on PI. StockNews.com lowered shares of Impinj from a “hold” rating to a “sell” rating in a research note on Friday, October 25th. Evercore ISI reiterated an “outperform” rating and set a $270.00 price objective (up from $205.00) on shares of Impinj in a research note on Thursday, October 24th. Piper Sandler reiterated an “overweight” rating and issued a $235.00 price target (up previously from $225.00) on shares of Impinj in a research note on Thursday, October 24th. Needham & Company LLC boosted their target price on shares of Impinj from $195.00 to $245.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Finally, Susquehanna raised their target price on shares of Impinj from $215.00 to $260.00 and gave the company a “positive” rating in a report on Monday, October 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $224.60.

Impinj Stock Performance

Shares of PI stock opened at $159.03 on Thursday. Impinj, Inc. has a 52-week low of $78.17 and a 52-week high of $239.88. The firm has a market capitalization of $4.50 billion, a P/E ratio of 178.69 and a beta of 1.80. The stock has a 50 day moving average price of $199.42 and a 200 day moving average price of $178.00.

Impinj (NASDAQ:PI) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.08. Impinj had a net margin of 8.21% and a negative return on equity of 1.64%. The company had revenue of $95.20 million during the quarter, compared to analyst estimates of $92.86 million. During the same quarter last year, the business posted ($0.36) EPS. The firm’s revenue for the quarter was up 46.5% on a year-over-year basis. As a group, sell-side analysts forecast that Impinj, Inc. will post 0.4 EPS for the current year.

Insider Transactions at Impinj

In other Impinj news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was bought at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the purchase, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. This represents a 14.81 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Jeffrey Dossett sold 7,500 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $181.17, for a total transaction of $1,358,775.00. Following the transaction, the executive now owns 65,294 shares in the company, valued at approximately $11,829,313.98. This trade represents a 10.30 % decrease in their position. The disclosure for this sale can be found here. In 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 corporate insiders.

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.