Principal Financial Group Inc. Buys 122,579 Shares of Impinj, Inc. (NASDAQ:PI)

Principal Financial Group Inc. boosted its position in shares of Impinj, Inc. (NASDAQ:PI) by 4,013.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 125,633 shares of the company’s stock after acquiring an additional 122,579 shares during the period. Principal Financial Group Inc.’s holdings in Impinj were worth $27,202,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Assenagon Asset Management S.A. bought a new stake in shares of Impinj in the 2nd quarter worth approximately $103,252,000. Renaissance Technologies LLC purchased a new position in shares of Impinj in the second quarter worth about $30,116,000. Lord Abbett & CO. LLC purchased a new stake in Impinj during the 1st quarter valued at about $9,659,000. AXA S.A. bought a new stake in Impinj in the second quarter valued at approximately $11,574,000. Finally, Squarepoint Ops LLC lifted its position in Impinj by 501.9% in the second quarter. Squarepoint Ops LLC now owns 69,232 shares of the company’s stock valued at $10,854,000 after purchasing an additional 57,730 shares during the last quarter.

Wall Street Analyst Weigh In

PI has been the subject of a number of recent analyst reports. Cantor Fitzgerald raised their price target on shares of Impinj from $205.00 to $260.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Susquehanna increased their price objective on Impinj from $215.00 to $260.00 and gave the stock a “positive” rating in a report on Monday, October 21st. Roth Mkm boosted their price objective on shares of Impinj from $145.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. StockNews.com lowered shares of Impinj from a “hold” rating to a “sell” rating in a research note on Friday, October 25th. Finally, Lake Street Capital raised 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. 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $224.60.

Impinj Price Performance

Shares of NASDAQ:PI opened at $194.64 on Wednesday. Impinj, Inc. has a 1 year low of $69.50 and a 1 year high of $239.88. The firm has a market capitalization of $5.51 billion, a P/E ratio of 218.70 and a beta of 1.81. The business’s 50-day moving average is $203.93 and its 200 day moving average is $175.32.

Impinj (NASDAQ:PI) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.08. The company 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%. Impinj’s quarterly revenue was up 46.5% on a year-over-year basis. During the same period last year, the business earned ($0.36) earnings per share. On average, analysts expect that Impinj, Inc. will post 0.4 EPS for the current year.

Insider Activity

In related news, CRO Jeffrey Dossett sold 488 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $237.84, for a total value of $116,065.92. Following the completion of the sale, the executive now owns 65,294 shares of the company’s stock, valued at approximately $15,529,524.96. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CRO Jeffrey Dossett sold 488 shares of Impinj stock in a transaction on Monday, October 14th. The stock was sold at an average price of $237.84, for a total value of $116,065.92. Following the completion of the transaction, the executive now directly owns 65,294 shares in the company, valued at approximately $15,529,524.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Cathal G. Phelan sold 209 shares of the firm’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $209.15, for a total transaction of $43,712.35. Following the completion of the sale, the insider now owns 17,647 shares in the company, valued at $3,690,870.05. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 646,301 shares of company stock worth $129,876,220 over the last quarter. 51.00% of the stock is currently owned by corporate insiders.

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.