Washington Trust Bank Purchases New Stake in Impinj, Inc. (NASDAQ:PI)

Washington Trust Bank bought a new position in shares of Impinj, Inc. (NASDAQ:PI) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 1,212 shares of the company’s stock, valued at approximately $262,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. First Bank & Trust raised its holdings in Impinj by 3.2% during the third quarter. First Bank & Trust now owns 1,768 shares of the company’s stock worth $383,000 after purchasing an additional 55 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of 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 last quarter. Hsbc Holdings PLC boosted its position in shares of Impinj by 7.3% in 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 in the last quarter. Rhumbline Advisers boosted its position in shares of Impinj by 0.8% in 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 in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new stake in Impinj in the 3rd quarter valued at about $54,000.

Insider Buying and Selling

In other news, 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 value 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Cary Baker sold 496 shares of the business’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $209.17, for a total transaction of $103,748.32. Following 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 trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 in the company, valued at approximately $155,006,638.64. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 216,327 shares of company stock valued at $42,821,483. Company insiders own 51.00% of the company’s stock.

Impinj Price Performance

NASDAQ:PI traded down $0.29 during trading hours on Thursday, reaching $197.74. 6,974 shares of the company were exchanged, compared to its average volume of 469,561. The firm has a market cap of $5.59 billion, a price-to-earnings ratio of 222.51 and a beta of 1.81. The stock has a 50 day simple moving average of $201.87 and a 200 day simple moving average of $173.49. Impinj, Inc. has a 52-week low of $67.37 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, topping the consensus estimate of $0.48 by $0.08. The company 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 firm’s revenue was up 46.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.36) earnings per share. On average, analysts predict that Impinj, Inc. will post 0.4 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on PI. Piper Sandler reaffirmed an “overweight” rating and issued a $235.00 price target (up previously from $225.00) on shares of Impinj in a report on Thursday, October 24th. Lake Street Capital raised their price target on Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Roth Mkm boosted their price target on Impinj from $145.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Cantor Fitzgerald increased their price objective on Impinj from $205.00 to $260.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Finally, Evercore ISI reissued an “outperform” rating and issued a $270.00 target price (up previously from $205.00) on shares of Impinj in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average 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.