Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 35,091 Impinj, Inc. (NASDAQ:PI)

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Impinj, Inc. (NASDAQ:PI) during the third quarter, according to its most recent 13F filing with the SEC. The firm acquired 35,091 shares of the company’s stock, valued at approximately $7,598,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Farther Finance Advisors LLC boosted its position in Impinj by 1,084.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock worth $33,000 after purchasing an additional 141 shares during the period. Future Financial Wealth Managment LLC purchased a new stake in shares of Impinj in the third quarter worth about $54,000. SouthState Corp acquired a new stake in shares of Impinj in the second quarter valued at about $94,000. Asset Management One Co. Ltd. purchased a new stake in shares of Impinj during the 3rd quarter valued at about $138,000. Finally, USA Financial Formulas lifted its position in Impinj by 82.0% during the 3rd quarter. USA Financial Formulas now owns 657 shares of the company’s stock worth $142,000 after acquiring an additional 296 shares in the last quarter.

Impinj Trading Up 1.5 %

Shares of PI opened at $191.04 on Friday. Impinj, Inc. has a 52 week low of $78.17 and a 52 week high of $239.88. The firm has a market cap of $5.40 billion, a price-to-earnings ratio of 214.65 and a beta of 1.81. The stock has a 50 day moving average of $206.07 and a 200-day moving average of $176.56.

Impinj (NASDAQ:PI) last released its quarterly earnings data on Wednesday, October 23rd. The company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.08. The firm had revenue of $95.20 million during the quarter, compared to the consensus estimate 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 was up 46.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.36) earnings per share. On average, sell-side analysts predict that Impinj, Inc. will post 0.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently issued reports on PI. Needham & Company LLC lifted their price objective on shares of Impinj from $195.00 to $245.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Lake Street Capital boosted 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. Piper Sandler reissued an “overweight” rating and issued a $235.00 price objective (up from $225.00) on shares of Impinj in a research report on Thursday, October 24th. StockNews.com lowered Impinj from a “hold” rating to a “sell” rating in a research report on Friday, October 25th. Finally, Evercore ISI reissued an “outperform” rating and issued a $270.00 price target (up previously from $205.00) on shares of Impinj in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Impinj has a consensus rating of “Moderate Buy” and a consensus target price of $224.60.

Insider Activity at Impinj

In other Impinj news, insider Cathal G. Phelan sold 209 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $209.15, for a total value of $43,712.35. Following the sale, the insider now directly owns 17,647 shares in the company, valued at approximately $3,690,870.05. This trade represents a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the stock in a transaction dated Friday, September 13th. The shares were purchased at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the transaction, the insider now directly owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. The trade was a 14.81 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 655,674 shares of company stock valued at $131,623,305 in the last quarter. Insiders own 51.00% of the company’s stock.

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.