Prudential PLC Reduces Holdings in Impinj, Inc. (NASDAQ:PI)

Prudential PLC decreased its position in shares of Impinj, Inc. (NASDAQ:PI) by 59.0% in the 2nd quarter, Holdings Channel reports. The fund owned 1,446 shares of the company’s stock after selling 2,079 shares during the quarter. Prudential PLC’s holdings in Impinj were worth $227,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its holdings in Impinj by 12.3% in the 4th quarter. Victory Capital Management Inc. now owns 24,945 shares of the company’s stock worth $2,246,000 after buying an additional 2,725 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Impinj by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 180,847 shares of the company’s stock worth $16,282,000 after acquiring an additional 6,810 shares during the period. Level Four Advisory Services LLC purchased a new position in shares of Impinj in the fourth quarter valued at $478,000. UBS Group AG raised its stake in shares of Impinj by 0.7% during the 4th quarter. UBS Group AG now owns 91,409 shares of the company’s stock valued at $8,230,000 after purchasing an additional 637 shares during the period. Finally, Coldstream Capital Management Inc. purchased a new stake in Impinj during the 4th quarter worth about $269,000.

Impinj Stock Up 1.0 %

NASDAQ PI opened at $185.92 on Friday. The stock’s 50-day simple moving average is $162.58 and its two-hundred day simple moving average is $148.96. Impinj, Inc. has a twelve month low of $48.39 and a twelve month high of $190.09. The company has a market capitalization of $5.23 billion, a price-to-earnings ratio of -531.20 and a beta of 1.78.

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

Insiders Place Their Bets

In other Impinj news, insider Cathal G. Phelan sold 677 shares of the business’s stock in a transaction 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 directly owns 17,367 shares of the company’s stock, valued at $2,821,442.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Cathal G. Phelan sold 677 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $162.46, for a total transaction of $109,985.42. Following the transaction, the insider now directly owns 17,367 shares of the company’s stock, valued at $2,821,442.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Hussein Mecklai sold 495 shares of Impinj stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $149.90, for a total value of $74,200.50. Following the completion of the transaction, the chief operating officer now owns 56,170 shares in the company, valued at approximately $8,419,883. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,304 shares of company stock valued at $6,751,133. 51.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PI shares. StockNews.com upgraded Impinj from a “sell” rating to a “hold” rating in a research report on Friday, July 26th. Susquehanna upped their target price on shares of Impinj from $150.00 to $215.00 and gave the stock a “positive” rating in a report on Wednesday, July 17th. Piper Sandler raised their price target on shares of Impinj from $150.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Evercore ISI upped their price target on shares of Impinj from $172.00 to $205.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $205.00 price objective on shares of Impinj in a research report on Thursday, July 25th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Impinj currently has a consensus rating of “Moderate Buy” and an average target price of $187.10.

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.