Victory Capital Management Inc. Raises Stock Position in Impinj, Inc. (NASDAQ:PI)

Victory Capital Management Inc. raised its position in Impinj, Inc. (NASDAQ:PI) by 25.1% in the 3rd quarter, Holdings Channel.com reports. The fund owned 19,462 shares of the company’s stock after acquiring an additional 3,900 shares during the quarter. Victory Capital Management Inc.’s holdings in Impinj were worth $4,214,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Verus Capital Partners LLC purchased a new stake in shares of Impinj in the 3rd quarter valued at $204,000. GSA Capital Partners LLP boosted its holdings in Impinj by 26.6% in the third quarter. GSA Capital Partners LLP now owns 3,401 shares of the company’s stock valued at $736,000 after purchasing an additional 714 shares during the last quarter. Entropy Technologies LP grew its position in Impinj by 9.3% during the 3rd quarter. Entropy Technologies LP now owns 4,724 shares of the company’s stock worth $1,023,000 after purchasing an additional 400 shares during the period. Los Angeles Capital Management LLC grew its position in Impinj by 210.2% during the 3rd quarter. Los Angeles Capital Management LLC now owns 8,569 shares of the company’s stock worth $1,855,000 after purchasing an additional 5,807 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its stake in shares of Impinj by 5.6% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 12,207 shares of the company’s stock valued at $2,643,000 after buying an additional 644 shares during the last quarter.

Insider Activity

In other Impinj news, insider Cathal G. Phelan sold 209 shares of the business’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $209.15, for a total transaction of $43,712.35. Following the sale, the insider now directly owns 17,647 shares in the company, valued at approximately $3,690,870.05. The trade was a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the business’s stock in a transaction dated 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 purchase, the insider now directly owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. The trade was a 14.81 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 655,674 shares of company stock valued at $131,623,305 over the last quarter. Corporate insiders own 51.00% of the company’s stock.

Wall Street Analysts Forecast Growth

PI has been the subject of a number of analyst reports. Lake Street Capital boosted their price target on Impinj from $190.00 to $251.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Cantor Fitzgerald increased their price target on shares of Impinj from $205.00 to $260.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Evercore ISI reaffirmed an “outperform” rating and issued a $270.00 price objective (up previously from $205.00) on shares of Impinj in a report on Thursday, October 24th. The Goldman Sachs Group upped their price objective on shares of Impinj from $165.00 to $200.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Finally, StockNews.com cut Impinj from a “hold” rating to a “sell” rating in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Impinj has an average rating of “Moderate Buy” and a consensus price target of $224.60.

Impinj Stock Performance

Shares of PI stock opened at $191.04 on Friday. The stock’s 50-day moving average is $206.07 and its two-hundred day moving average is $176.56. Impinj, Inc. has a 1 year low of $78.17 and a 1 year high of $239.88. The firm has a market cap of $5.40 billion, a price-to-earnings ratio of 214.65 and a beta of 1.81.

Impinj (NASDAQ:PI) last posted 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. Impinj had a net margin of 8.21% and a negative return on equity of 1.64%. The company had revenue of $95.20 million for the quarter, compared to analyst estimates of $92.86 million. During the same period in the previous year, the business posted ($0.36) earnings per share. Impinj’s quarterly revenue was up 46.5% on a year-over-year basis. As a group, research analysts predict that Impinj, Inc. will post 0.4 EPS for the current year.

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.