PNC Financial Services Group Inc. Lowers Stock Position in Impinj, Inc. (NASDAQ:PI)

PNC Financial Services Group Inc. trimmed its holdings in shares of Impinj, Inc. (NASDAQ:PI) by 65.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 308 shares of the company’s stock after selling 591 shares during the period. PNC Financial Services Group Inc.’s holdings in Impinj were worth $45,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of PI. Nordea Investment Management AB acquired a new position in Impinj during the fourth quarter worth about $3,341,000. Teachers Retirement System of The State of Kentucky purchased a new stake in shares of Impinj during the 3rd quarter worth approximately $846,000. Mutual of America Capital Management LLC purchased a new stake in shares of Impinj during the 3rd quarter worth approximately $742,000. Geode Capital Management LLC increased its stake in Impinj by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 542,924 shares of the company’s stock valued at $117,576,000 after purchasing an additional 7,676 shares in the last quarter. Finally, Asset Management One Co. Ltd. raised its holdings in Impinj by 85.2% during the fourth quarter. Asset Management One Co. Ltd. now owns 1,178 shares of the company’s stock worth $174,000 after purchasing an additional 542 shares during the last quarter.

Impinj Stock Performance

Shares of PI opened at $91.15 on Thursday. Impinj, Inc. has a 1 year low of $84.17 and a 1 year high of $239.88. The company’s 50 day simple moving average is $107.15 and its 200 day simple moving average is $158.07. The company has a market capitalization of $2.60 billion, a price-to-earnings ratio of 67.02 and a beta of 1.98.

Impinj (NASDAQ:PI) last issued its quarterly earnings results on Wednesday, February 5th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.49). Impinj had a net margin of 11.15% and a return on equity of 7.11%. Equities analysts expect that Impinj, Inc. will post -0.47 EPS for the current fiscal year.

Insider Transactions at Impinj

In other Impinj news, CEO Chris Ph.D. Diorio sold 841 shares of the business’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $141.02, for a total transaction of $118,597.82. Following the completion of the sale, the chief executive officer now owns 333,856 shares of the company’s stock, valued at approximately $47,080,373.12. The trade was a 0.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Cary Baker sold 290 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $140.96, for a total value of $40,878.40. Following the completion of the transaction, the chief financial officer now owns 71,754 shares in the company, valued at approximately $10,114,443.84. This trade represents a 0.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,704 shares of company stock worth $1,925,748 in the last three months. Company insiders own 51.00% of the company’s stock.

Analysts Set New Price Targets

PI has been the topic of several research reports. Cantor Fitzgerald raised Impinj to a “strong-buy” rating in a report on Thursday, February 27th. Susquehanna lowered their price objective on shares of Impinj from $260.00 to $220.00 and set a “positive” rating on the stock in a research note on Wednesday, January 22nd. The Goldman Sachs Group cut their target price on shares of Impinj from $200.00 to $132.00 and set a “neutral” rating for the company in a research report on Thursday, February 6th. Piper Sandler lowered their price target on shares of Impinj from $235.00 to $140.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. Finally, StockNews.com cut shares of Impinj from a “hold” rating to a “sell” rating in a research note on Friday, January 24th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $183.44.

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.