The Manufacturers Life Insurance Company Boosts Stake in Impinj, Inc. (NASDAQ:PI)

The Manufacturers Life Insurance Company lifted its holdings in shares of Impinj, Inc. (NASDAQ:PI) by 7.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,736 shares of the company’s stock after buying an additional 983 shares during the period. The Manufacturers Life Insurance Company’s holdings in Impinj were worth $2,974,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PI. Farther Finance Advisors LLC raised its stake in Impinj by 1,084.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock valued at $33,000 after buying an additional 141 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in Impinj during the third quarter valued at $54,000. SouthState Corp purchased a new stake in Impinj during the second quarter valued at $94,000. Asset Management One Co. Ltd. bought a new position in Impinj in the third quarter valued at about $138,000. Finally, USA Financial Formulas boosted its position in Impinj by 82.0% in the third quarter. USA Financial Formulas now owns 657 shares of the company’s stock worth $142,000 after purchasing an additional 296 shares during the last quarter.

Impinj Price Performance

NASDAQ PI opened at $165.25 on Friday. The stock has a market capitalization of $4.67 billion, a PE ratio of 185.67 and a beta of 1.80. Impinj, Inc. has a 1-year low of $78.17 and a 1-year high of $239.88. The business has a 50 day simple moving average of $202.75 and a two-hundred day simple moving average of $178.23.

Impinj (NASDAQ:PI) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $92.86 million. During the same quarter 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. On average, analysts anticipate that Impinj, Inc. will post 0.4 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were purchased at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the transaction, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. This trade represents a 14.81 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Cary Baker sold 496 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $209.17, for a total value of $103,748.32. Following the completion of the sale, the chief financial officer now owns 70,524 shares of the company’s stock, valued at approximately $14,751,505.08. This represents a 0.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 655,674 shares of company stock worth $131,623,305. 51.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $235.00 price target (up previously from $225.00) on shares of Impinj in a research report on Thursday, October 24th. The Goldman Sachs Group lifted their price target on shares of Impinj from $165.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Cantor Fitzgerald boosted their price objective on shares of Impinj from $205.00 to $260.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. StockNews.com cut Impinj from a “hold” rating to a “sell” rating in a report on Friday, October 25th. Finally, 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. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $224.60.

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.