Harbor Capital Advisors Inc. Trims Stake in Impinj, Inc. (NASDAQ:PI)

Harbor Capital Advisors Inc. reduced its holdings in shares of Impinj, Inc. (NASDAQ:PI) by 68.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,217 shares of the company’s stock after selling 9,316 shares during the period. Harbor Capital Advisors Inc.’s holdings in Impinj were worth $913,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PI. Mirae Asset Global Investments Co. Ltd. increased its holdings in Impinj by 13.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 63,111 shares of the company’s stock valued at $7,990,000 after buying an additional 7,247 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Impinj in the first quarter worth $513,000. TimesSquare Capital Management LLC purchased a new stake in shares of Impinj in the first quarter worth $19,195,000. Swiss National Bank increased its stake in shares of Impinj by 0.9% in the first quarter. Swiss National Bank now owns 45,400 shares of the company’s stock worth $5,830,000 after purchasing an additional 400 shares in the last quarter. Finally, ProShare Advisors LLC increased its stake in shares of Impinj by 8.5% in the first quarter. ProShare Advisors LLC now owns 4,194 shares of the company’s stock worth $539,000 after purchasing an additional 330 shares in the last quarter.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. StockNews.com cut shares of Impinj from a “hold” rating to a “sell” rating in a research note on Friday, October 25th. Lake Street Capital increased their price objective on shares of Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Roth Mkm increased their price objective on shares of Impinj from $145.00 to $175.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Piper Sandler reaffirmed an “overweight” rating and set a $235.00 target price (up from $225.00) on shares of Impinj in a research note on Thursday, October 24th. Finally, The Goldman Sachs Group raised their target price on shares of Impinj from $165.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $224.60.

Insider Transactions at Impinj

In other news, major shareholder Sylebra Capital Llc sold 95,670 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $195.21, for a total value of $18,675,740.70. Following the completion of the sale, the insider now owns 2,903,505 shares in the company, valued at approximately $566,793,211.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Cary Baker sold 496 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were 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 in the company, valued at approximately $14,751,505.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Sylebra Capital Llc sold 95,670 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $195.21, for a total transaction of $18,675,740.70. Following the completion of the transaction, the insider now directly owns 2,903,505 shares in the company, valued at $566,793,211.05. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 216,327 shares of company stock worth $42,821,483. 51.00% of the stock is currently owned by insiders.

Impinj Stock Down 0.1 %

PI stock opened at $198.03 on Thursday. Impinj, Inc. has a 52 week low of $66.54 and a 52 week high of $239.88. The company has a fifty day simple moving average of $201.87 and a two-hundred day simple moving average of $173.49. The firm has a market capitalization of $5.60 billion, a P/E ratio of 222.51 and a beta of 1.81.

Impinj (NASDAQ:PI) last released its quarterly earnings data on Wednesday, October 23rd. The company reported $0.56 EPS for the quarter, beating 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 business had revenue of $95.20 million during the quarter, compared to analyst estimates of $92.86 million. During the same quarter last year, the business earned ($0.36) earnings per share. Impinj’s quarterly revenue was up 46.5% compared to the same quarter last year. As a group, analysts anticipate that Impinj, Inc. will post 0.4 EPS 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.