Mutual of America Capital Management LLC Buys New Stake in Impinj, Inc. (NASDAQ:PI)

Mutual of America Capital Management LLC purchased a new position in shares of Impinj, Inc. (NASDAQ:PI) during the third quarter, Holdings Channel reports. The fund purchased 3,425 shares of the company’s stock, valued at approximately $742,000.

Several other hedge funds and other institutional investors have also modified their holdings of PI. Los Angeles Capital Management LLC boosted its holdings in Impinj by 210.2% in the third quarter. Los Angeles Capital Management LLC now owns 8,569 shares of the company’s stock valued at $1,855,000 after purchasing an additional 5,807 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Impinj by 457.1% in the 2nd quarter. SG Americas Securities LLC now owns 22,260 shares of the company’s stock valued at $3,490,000 after buying an additional 18,264 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Impinj by 4,013.7% in the 3rd quarter. Principal Financial Group Inc. now owns 125,633 shares of the company’s stock valued at $27,202,000 after buying an additional 122,579 shares during the last quarter. Harbor Capital Advisors Inc. lifted its position in Impinj by 112.0% in the second quarter. Harbor Capital Advisors Inc. now owns 13,533 shares of the company’s stock valued at $2,122,000 after acquiring an additional 7,151 shares during the last quarter. Finally, Raymond James & Associates boosted its stake in Impinj by 21.7% in the third quarter. Raymond James & Associates now owns 22,951 shares of the company’s stock valued at $4,969,000 after acquiring an additional 4,090 shares in the last quarter.

Impinj Price Performance

PI opened at $195.57 on Wednesday. The stock’s 50 day moving average price is $206.47 and its 200 day moving average price is $177.41. The stock has a market cap of $5.53 billion, a P/E ratio of 219.74 and a beta of 1.81. Impinj, Inc. has a 12 month low of $78.17 and a 12 month high of $239.88.

Impinj (NASDAQ:PI) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.08. The company had revenue of $95.20 million for the quarter, compared to analysts’ expectations of $92.86 million. Impinj had a net margin of 8.21% and a negative return on equity of 1.64%. The business’s revenue was up 46.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.36) EPS. Equities analysts anticipate that Impinj, Inc. will post 0.4 EPS for the current year.

Insider Activity at Impinj

In related news, CRO Jeffrey Dossett sold 7,500 shares of the business’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 sale, the executive now owns 65,294 shares of the company’s stock, valued at $11,829,313.98. The trade was a 10.30 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the company’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 acquisition, the insider now owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. This represents a 14.81 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 655,674 shares of company stock valued at $131,623,305. Insiders own 51.00% of the company’s stock.

Analyst Upgrades and Downgrades

PI has been the topic of a number of research reports. The Goldman Sachs Group raised their price target on Impinj from $165.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Cantor Fitzgerald raised their target price on shares of Impinj from $205.00 to $260.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Piper Sandler reiterated an “overweight” rating and issued a $235.00 price target (up previously from $225.00) on shares of Impinj in a research report on Thursday, October 24th. Evercore ISI reissued an “outperform” rating and set a $270.00 price objective (up from $205.00) on shares of Impinj in a research report on Thursday, October 24th. Finally, Needham & Company LLC upped their target price on shares of Impinj from $195.00 to $245.00 and gave the company a “buy” rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $224.60.

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.