Cynosure Group LLC Takes Position in Impinj, Inc. (NASDAQ:PI)

Cynosure Group LLC purchased a new position in Impinj, Inc. (NASDAQ:PI) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,811 shares of the company’s stock, valued at approximately $392,000.

A number of other institutional investors have also modified their holdings of the company. Assenagon Asset Management S.A. acquired a new stake in Impinj in the 2nd quarter worth approximately $103,252,000. Renaissance Technologies LLC acquired a new position in shares of Impinj in the 2nd quarter valued at $30,116,000. Principal Financial Group Inc. grew its stake in Impinj by 4,013.7% during the 3rd quarter. Principal Financial Group Inc. now owns 125,633 shares of the company’s stock valued at $27,202,000 after purchasing an additional 122,579 shares during the last quarter. AXA S.A. acquired a new stake in shares of Impinj during the second quarter worth about $11,574,000. Finally, FMR LLC increased its stake in shares of Impinj by 1.5% in the third quarter. FMR LLC now owns 4,217,403 shares of the company’s stock worth $913,152,000 after acquiring an additional 60,461 shares during the period.

Insiders Place Their Bets

In other Impinj news, CRO Jeffrey Dossett sold 7,500 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $181.17, for a total value of $1,358,775.00. Following the completion of the transaction, the executive now owns 65,294 shares in the company, valued at $11,829,313.98. This represents a 10.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was acquired at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the acquisition, the insider now directly owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. This trade represents a 14.81 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 655,674 shares of company stock worth $131,623,305 over the last 90 days. Corporate insiders own 51.00% of the company’s stock.

Impinj Price Performance

Shares of PI stock opened at $189.25 on Thursday. Impinj, Inc. has a 12 month low of $78.17 and a 12 month high of $239.88. The company has a market capitalization of $5.35 billion, a PE ratio of 212.64 and a beta of 1.81. The firm’s 50-day moving average is $206.38 and its two-hundred day moving average is $177.50.

Impinj (NASDAQ:PI) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.56 earnings per share for the quarter, topping 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 firm had revenue of $95.20 million during the quarter, compared to analysts’ expectations of $92.86 million. During the same quarter last year, the company posted ($0.36) EPS. The firm’s quarterly revenue was up 46.5% on a year-over-year basis. Sell-side analysts forecast that Impinj, Inc. will post 0.4 EPS for the current year.

Analyst Ratings Changes

PI has been the topic of a number of analyst reports. Susquehanna raised their price objective on shares of Impinj from $215.00 to $260.00 and gave the stock a “positive” rating in a research note on Monday, October 21st. Needham & Company LLC upped their price objective on shares of Impinj from $195.00 to $245.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Piper Sandler restated an “overweight” rating and set a $235.00 target price (up from $225.00) on shares of Impinj in a research report on Thursday, October 24th. The Goldman Sachs Group upped their target price on Impinj from $165.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $270.00 price target (up from $205.00) on shares of Impinj in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $224.60.

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.