Fred Alger Management LLC Purchases 17,515 Shares of Impinj, Inc. (NASDAQ:PI)

Fred Alger Management LLC grew its position in Impinj, Inc. (NASDAQ:PI) by 16.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 121,117 shares of the company’s stock after purchasing an additional 17,515 shares during the period. Fred Alger Management LLC owned approximately 0.43% of Impinj worth $26,224,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Farther Finance Advisors LLC grew its position in Impinj by 1,084.6% in the third quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock valued at $33,000 after purchasing an additional 141 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new stake in shares of Impinj in the third quarter valued at about $54,000. SouthState Corp bought a new stake in Impinj during the second quarter worth about $94,000. nVerses Capital LLC boosted its position in Impinj by 75.0% during the second quarter. nVerses Capital LLC now owns 700 shares of the company’s stock valued at $110,000 after purchasing an additional 300 shares during the last quarter. Finally, Jamison Private Wealth Management Inc. boosted its position in Impinj by 211.2% during the second quarter. Jamison Private Wealth Management Inc. now owns 809 shares of the company’s stock valued at $127,000 after purchasing an additional 549 shares during the last quarter.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PI shares. Susquehanna upped their price objective on Impinj from $215.00 to $260.00 and gave the stock a “positive” rating in a research note on Monday, October 21st. Evercore ISI reaffirmed an “outperform” rating and set a $270.00 price target (up from $205.00) on shares of Impinj in a research report on Thursday, October 24th. StockNews.com cut shares of Impinj from a “hold” rating to a “sell” rating in a research note on Friday, October 25th. Piper Sandler restated an “overweight” rating and set a $235.00 price objective (up from $225.00) on shares of Impinj in a research note on Thursday, October 24th. Finally, Lake Street Capital raised their target price on shares of Impinj from $190.00 to $251.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $224.60.

Impinj Stock Up 1.6 %

Shares of NASDAQ:PI opened at $192.21 on Friday. Impinj, Inc. has a 12-month low of $78.17 and a 12-month high of $239.88. The business has a 50 day moving average of $205.94 and a 200-day moving average of $177.80. The stock has a market cap of $5.44 billion, a PE ratio of 215.97 and a beta of 1.81.

Impinj (NASDAQ:PI) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.08. The firm had revenue of $95.20 million for 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 for the quarter was up 46.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.36) EPS. Equities research analysts expect that Impinj, Inc. will post 0.4 earnings per share for the current year.

Insider Activity at Impinj

In related news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of Impinj stock in a transaction dated 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 acquisition, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. This trade represents a 14.81 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CRO Jeffrey Dossett sold 7,500 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $181.17, for a total value of $1,358,775.00. Following the completion of the transaction, the executive now owns 65,294 shares in the company, valued at $11,829,313.98. The trade was a 10.30 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 655,674 shares of company stock worth $131,623,305. 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.