Principal Financial Group Inc. Reduces Position in Impinj, Inc. (NASDAQ:PI)

Principal Financial Group Inc. lessened its holdings in shares of Impinj, Inc. (NASDAQ:PI) by 2.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,054 shares of the company’s stock after selling 83 shares during the period. Principal Financial Group Inc.’s holdings in Impinj were worth $479,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. ARK & TLK Investments LLC bought a new stake in shares of Impinj during the second quarter valued at approximately $219,000. Panagora Asset Management Inc. raised its stake in Impinj by 79.1% in the second quarter. Panagora Asset Management Inc. now owns 66,361 shares of the company’s stock worth $10,403,000 after buying an additional 29,299 shares in the last quarter. K.J. Harrison & Partners Inc raised its stake in Impinj by 102.6% in the second quarter. K.J. Harrison & Partners Inc now owns 23,700 shares of the company’s stock worth $3,715,000 after buying an additional 12,000 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Impinj by 6.6% in the second quarter. Bank of New York Mellon Corp now owns 121,159 shares of the company’s stock worth $18,994,000 after buying an additional 7,496 shares in the last quarter. Finally, Raymond James & Associates raised its stake in Impinj by 30.2% in the second quarter. Raymond James & Associates now owns 18,861 shares of the company’s stock worth $2,957,000 after buying an additional 4,373 shares in the last quarter.

Insider Activity

In related news, CRO Jeffrey Dossett sold 739 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $149.88, for a total transaction of $110,761.32. Following the completion of the transaction, the executive now owns 61,986 shares of the company’s stock, valued at approximately $9,290,461.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CRO Jeffrey Dossett sold 739 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $149.88, for a total transaction of $110,761.32. Following the completion of the transaction, the executive now owns 61,986 shares of the company’s stock, valued at approximately $9,290,461.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 completion of the transaction, the insider now directly owns 16,669 shares of the company’s stock, valued at approximately $2,459,010.88. The disclosure for this sale can be found here. Insiders sold a total of 43,304 shares of company stock valued at $6,751,133 in the last 90 days. Company insiders own 51.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PI. Susquehanna boosted their price objective on shares of Impinj from $150.00 to $215.00 and gave the stock a “positive” rating in a research note on Wednesday, July 17th. Evercore ISI boosted their price objective on shares of Impinj from $172.00 to $205.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. The Goldman Sachs Group lowered shares of Impinj from a “buy” rating to a “neutral” rating and set a $156.00 price objective on the stock. in a report on Monday, May 20th. StockNews.com raised shares of Impinj from a “sell” rating to a “hold” rating in a report on Friday, July 26th. Finally, Lake Street Capital upped their price target on shares of Impinj from $155.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Impinj has an average rating of “Moderate Buy” and an average target price of $187.10.

Impinj Stock Up 1.0 %

PI opened at $185.92 on Friday. The company has a market cap of $5.23 billion, a PE ratio of -531.20 and a beta of 1.78. Impinj, Inc. has a twelve month low of $48.39 and a twelve month high of $190.09. The company has a 50-day moving average price of $162.58 and a 200 day moving average price of $148.96.

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

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.