Black Creek Investment Management Inc. Reduces Stake in Impinj, Inc. (NASDAQ:PI)

Black Creek Investment Management Inc. lessened its stake in shares of Impinj, Inc. (NASDAQ:PI) by 40.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,500 shares of the company’s stock after selling 5,000 shares during the quarter. Black Creek Investment Management Inc.’s holdings in Impinj were worth $1,176,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PI. Vanguard Group Inc. increased its holdings in shares of Impinj by 1.5% in the first quarter. Vanguard Group Inc. now owns 2,510,583 shares of the company’s stock worth $322,384,000 after purchasing an additional 35,893 shares during the period. Capital International Investors purchased a new position in Impinj in the 4th quarter worth $68,211,000. Assenagon Asset Management S.A. bought a new stake in Impinj in the second quarter worth $103,252,000. Janus Henderson Group PLC boosted its position in Impinj by 0.6% during the first quarter. Janus Henderson Group PLC now owns 439,562 shares of the company’s stock valued at $56,376,000 after buying an additional 2,681 shares during the period. Finally, Eagle Asset Management Inc. grew its stake in shares of Impinj by 19.6% during the fourth quarter. Eagle Asset Management Inc. now owns 204,767 shares of the company’s stock valued at $18,435,000 after buying an additional 33,504 shares during the last quarter.

Insider Transactions at Impinj

In other Impinj news, insider Cathal G. Phelan sold 212 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $147.52, for a total transaction of $31,274.24. Following the completion of the transaction, the insider now owns 16,669 shares of the company’s stock, valued at $2,459,010.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Impinj news, insider Cathal G. Phelan sold 212 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $147.52, for a total value of $31,274.24. Following the sale, the insider now owns 16,669 shares in the company, valued at $2,459,010.88. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Cary Baker sold 503 shares of Impinj stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $147.64, for a total transaction of $74,262.92. Following the transaction, the chief financial officer now owns 69,179 shares of the company’s stock, valued at $10,213,587.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 41,762 shares of company stock valued at $6,519,990. Corporate insiders own 51.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PI shares. Lake Street Capital boosted their target price on Impinj from $155.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Susquehanna boosted their price objective on Impinj from $150.00 to $215.00 and gave the company a “positive” rating in a research report on Wednesday, July 17th. Piper Sandler raised their target price on shares of Impinj from $150.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $205.00 target price on shares of Impinj in a research note on Thursday, July 25th. Finally, The Goldman Sachs Group cut shares of Impinj from a “buy” rating to a “neutral” rating and set a $156.00 price target for the company. in a research report on Monday, May 20th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $187.10.

Impinj Trading Up 1.0 %

Shares of Impinj stock opened at $185.92 on Monday. Impinj, Inc. has a 12-month low of $48.39 and a 12-month high of $190.09. The company has a market cap of $5.23 billion, a P/E ratio of -531.20 and a beta of 1.78. The company’s fifty day simple moving average is $162.58 and its two-hundred day simple moving average is $149.60.

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

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.