Oppenheimer Asset Management Inc. Lowers Position in Impinj, Inc. (NASDAQ:PI)

Oppenheimer Asset Management Inc. cut its holdings in Impinj, Inc. (NASDAQ:PI) by 65.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,557 shares of the company’s stock after selling 2,995 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Impinj were worth $244,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in PI. Emerald Advisers LLC lifted its position in shares of Impinj by 2.8% during the second quarter. Emerald Advisers LLC now owns 168,597 shares of the company’s stock valued at $26,431,000 after buying an additional 4,608 shares during the last quarter. Emerald Mutual Fund Advisers Trust raised its position in shares of Impinj by 7.3% in the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 137,503 shares of the company’s stock valued at $21,556,000 after purchasing an additional 9,301 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of Impinj in the 2nd quarter valued at approximately $1,965,000. Los Angeles Capital Management LLC purchased a new position in shares of Impinj in the 2nd quarter valued at approximately $433,000. Finally, Arizona State Retirement System raised its position in shares of Impinj by 4.1% in the 2nd quarter. Arizona State Retirement System now owns 6,581 shares of the company’s stock valued at $1,032,000 after purchasing an additional 261 shares during the last quarter.

Impinj Price Performance

Shares of NASDAQ PI opened at $201.99 on Friday. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of -577.11 and a beta of 1.78. Impinj, Inc. has a 12 month low of $48.39 and a 12 month high of $204.24. The firm’s 50 day simple moving average is $165.49 and its 200-day simple moving average is $152.23.

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

Analyst Upgrades and Downgrades

PI has been the subject of several research analyst reports. StockNews.com raised shares of Impinj from a “sell” rating to a “hold” rating in a research report on Friday, July 26th. Susquehanna increased their price objective on shares of Impinj from $150.00 to $215.00 and gave the company a “positive” rating in a research report on Wednesday, July 17th. Lake Street Capital increased their price objective on shares of Impinj from $155.00 to $190.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $205.00 price objective on shares of Impinj in a research report on Thursday, July 25th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $195.00 price target on shares of Impinj in a report on Thursday, July 25th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $187.10.

Insider Transactions at Impinj

In other news, insider Cathal G. Phelan sold 212 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $147.52, for a total transaction of $31,274.24. Following the sale, the insider now owns 16,669 shares of the company’s stock, valued at approximately $2,459,010.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were purchased at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the purchase, the insider now owns 33,050,456 shares of the company’s stock, valued at $155,006,638.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Cathal G. Phelan sold 212 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $147.52, for a total value of $31,274.24. Following the completion of the transaction, the insider now owns 16,669 shares in the company, valued at approximately $2,459,010.88. The disclosure for this sale can be found here. Insiders have sold 36,762 shares of company stock valued at $5,765,390 in the last 90 days. 51.00% of the stock is currently owned by company insiders.

Impinj 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.