Verdence Capital Advisors LLC Takes Position in Impinj, Inc. (NASDAQ:PI)

Verdence Capital Advisors LLC acquired a new stake in shares of Impinj, Inc. (NASDAQ:PI) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 1,203 shares of the company’s stock, valued at approximately $260,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Impinj by 1.5% in the first quarter. Vanguard Group Inc. now owns 2,510,583 shares of the company’s stock valued at $322,384,000 after purchasing an additional 35,893 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Impinj in the 2nd quarter worth approximately $103,252,000. Janus Henderson Group PLC raised its stake in shares of Impinj by 0.6% during the 1st quarter. Janus Henderson Group PLC now owns 439,562 shares of the company’s stock worth $56,376,000 after acquiring an additional 2,681 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Impinj during the second quarter valued at approximately $30,116,000. Finally, Emerald Advisers LLC grew its holdings in Impinj by 8.2% in the third quarter. Emerald Advisers LLC now owns 182,481 shares of the company’s stock worth $39,511,000 after purchasing an additional 13,884 shares during the last quarter.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Lake Street Capital increased their price objective 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. The Goldman Sachs Group upped their price objective on shares of Impinj from $165.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Piper Sandler reiterated an “overweight” rating and issued a $235.00 target price (up from $225.00) on shares of Impinj in a research note on Thursday, October 24th. Finally, Susquehanna raised their price target on shares of Impinj from $215.00 to $260.00 and gave the stock a “positive” rating in a report on Monday, October 21st. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Impinj currently has a consensus rating of “Moderate Buy” and an average target price of $224.60.

Impinj Price Performance

Shares of Impinj stock 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 stock has a market cap of $5.51 billion, a PE ratio of 218.70 and a beta of 1.81. The firm has a fifty day moving average price of $203.93 and a 200 day moving average price of $175.32.

Impinj (NASDAQ:PI) last released 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. The business had revenue of $95.20 million during the quarter, compared to analyst estimates of $92.86 million. Impinj had a negative return on equity of 1.64% and a net margin of 8.21%. The company’s revenue was up 46.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.36) EPS. As a group, equities analysts expect that Impinj, Inc. will post 0.4 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were purchased at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the acquisition, the insider now owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Impinj news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the stock in a transaction on Friday, September 13th. The shares were bought at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the transaction, the insider now owns 33,050,456 shares of the company’s stock, valued at $155,006,638.64. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Cathal G. Phelan sold 677 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $162.46, for a total value of $109,985.42. Following the completion of the sale, the insider now owns 17,367 shares of the company’s stock, valued at $2,821,442.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 646,301 shares of company stock worth $129,876,220. Corporate insiders own 51.00% of the company’s stock.

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.