Impinj, Inc. (NASDAQ:PI) Stake Reduced by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC cut its holdings in Impinj, Inc. (NASDAQ:PI) by 6.0% during the 3rd quarter, Holdings Channel.com reports. The fund owned 858,343 shares of the company’s stock after selling 54,867 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Impinj were worth $185,848,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PI. First Bank & Trust raised its holdings in Impinj by 3.2% during the 3rd quarter. First Bank & Trust now owns 1,768 shares of the company’s stock worth $383,000 after buying an additional 55 shares during the period. Farther Finance Advisors LLC raised its holdings 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 buying an additional 141 shares during the period. KBC Group NV raised its holdings in Impinj by 29.7% during the 3rd quarter. KBC Group NV now owns 681 shares of the company’s stock worth $147,000 after buying an additional 156 shares during the period. Hsbc Holdings PLC raised its holdings in Impinj by 7.3% during the 2nd quarter. Hsbc Holdings PLC now owns 2,777 shares of the company’s stock worth $432,000 after buying an additional 190 shares during the period. Finally, Rhumbline Advisers raised its holdings in Impinj by 0.8% during the 2nd quarter. Rhumbline Advisers now owns 32,900 shares of the company’s stock worth $5,158,000 after buying an additional 248 shares during the period.

Insider Activity at Impinj

In other Impinj news, CFO Cary Baker sold 496 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $209.17, for a total transaction of $103,748.32. Following the completion of the sale, the chief financial officer now owns 70,524 shares of the company’s stock, valued at $14,751,505.08. This represents a 0.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were bought at an average cost 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. This trade represents a 14.81 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 655,674 shares of company stock valued at $131,623,305. 51.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PI. Evercore ISI restated an “outperform” rating and set a $270.00 price objective (up previously from $205.00) on shares of Impinj in a report on Thursday, October 24th. Lake Street Capital upped their target price on Impinj from $190.00 to $251.00 and gave the company a “buy” rating in a report on Thursday, October 24th. StockNews.com downgraded Impinj from a “hold” rating to a “sell” rating in a report on Friday, October 25th. Piper Sandler reiterated an “overweight” rating and issued a $235.00 target price (up previously from $225.00) on shares of Impinj in a report on Thursday, October 24th. Finally, Cantor Fitzgerald upped their target price on Impinj from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. One investment 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’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $224.60.

Impinj Stock Performance

Shares of NASDAQ PI opened at $193.40 on Monday. The stock has a market cap of $5.47 billion, a price-to-earnings ratio of 215.97 and a beta of 1.81. The business has a 50 day simple moving average of $205.94 and a 200 day simple moving average of $177.89. Impinj, Inc. has a 52 week low of $78.17 and a 52 week high of $239.88.

Impinj (NASDAQ:PI) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.56 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 negative return on equity of 1.64% and a net margin of 8.21%. The firm’s quarterly revenue was up 46.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.36) EPS. On average, analysts predict that Impinj, Inc. will post 0.4 EPS for the current year.

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.