Impinj, Inc. (NASDAQ:PI) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC reduced its stake in Impinj, Inc. (NASDAQ:PI) by 78.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 103,602 shares of the company’s stock after selling 368,119 shares during the period. Fred Alger Management LLC owned approximately 0.37% of Impinj worth $16,242,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PI. Capital International Investors acquired a new stake in shares of Impinj in the 4th quarter valued at $68,211,000. Assenagon Asset Management S.A. acquired a new stake in Impinj in the second quarter valued at $103,252,000. Jennison Associates LLC purchased a new stake in Impinj during the 1st quarter worth about $25,747,000. Renaissance Technologies LLC acquired a new position in shares of Impinj during the 2nd quarter worth about $30,116,000. Finally, TimesSquare Capital Management LLC acquired a new position in shares of Impinj during the 1st quarter worth about $19,195,000.

Analyst Ratings Changes

Several research firms recently weighed in on PI. StockNews.com upgraded Impinj from a “sell” rating to a “hold” rating in a research note on Friday, July 26th. Cantor Fitzgerald restated an “overweight” rating and issued a $205.00 target price on shares of Impinj in a report on Thursday, July 25th. Piper Sandler lifted their price target on shares of Impinj from $150.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Susquehanna upped their price objective on shares of Impinj from $150.00 to $215.00 and gave the company a “positive” rating in a research note on Wednesday, July 17th. Finally, Roth Mkm raised their price objective on Impinj from $145.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $187.10.

Impinj Stock Performance

Shares of PI opened at $214.05 on Thursday. Impinj, Inc. has a fifty-two week low of $48.39 and a fifty-two week high of $217.66. The firm has a 50-day simple moving average of $167.65 and a 200-day simple moving average of $154.27. The company has a market capitalization of $6.02 billion, a price-to-earnings ratio of -611.57 and a beta of 1.78.

Impinj (NASDAQ:PI) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. Impinj had a negative return on equity of 21.12% and a net margin of 3.93%. The company had revenue of $102.50 million during the quarter, compared to analysts’ expectations of $97.47 million. During the same period last year, the firm earned ($0.14) EPS. The firm’s revenue for the quarter was up 19.2% on a year-over-year basis. Equities research analysts forecast that Impinj, Inc. will post 0.31 EPS for the current year.

Insider Transactions at Impinj

In other news, CFO Cary Baker sold 496 shares of the 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 transaction, the chief financial officer now directly owns 70,524 shares of the company’s stock, valued at approximately $14,751,505.08. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Chris Ph.D. Diorio sold 5,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $154.03, for a total value of $770,150.00. Following the completion of the sale, the chief executive officer now owns 289,474 shares in the company, valued at $44,587,680.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Cary Baker sold 496 shares of the company’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $209.17, for a total transaction of $103,748.32. Following the transaction, the chief financial officer now owns 70,524 shares in the company, valued at $14,751,505.08. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,713 shares of company stock worth $5,239,232. Company insiders own 51.00% of the company’s stock.

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.