CIBC Asset Management Inc Buys New Shares in Impinj, Inc. (NASDAQ:PI)

CIBC Asset Management Inc purchased a new position in shares of Impinj, Inc. (NASDAQ:PI) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,261 shares of the company’s stock, valued at approximately $273,000.

A number of other hedge funds also recently made changes to their positions in PI. Farther Finance Advisors LLC lifted its position in Impinj by 1,084.6% during the third quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock valued at $33,000 after buying an additional 141 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of Impinj in the 3rd quarter valued at $54,000. SouthState Corp acquired a new position in shares of Impinj during the 2nd quarter valued at $94,000. Asset Management One Co. Ltd. purchased a new stake in Impinj during the 3rd quarter worth $138,000. Finally, USA Financial Formulas increased its holdings in Impinj by 82.0% in the 3rd quarter. USA Financial Formulas now owns 657 shares of the company’s stock valued at $142,000 after purchasing an additional 296 shares in the last quarter.

Insiders Place Their Bets

In related news, CRO Jeffrey Dossett sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $181.17, for a total value of $1,358,775.00. Following the sale, the executive now directly owns 65,294 shares in the company, valued at $11,829,313.98. This trade represents a 10.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of Impinj stock in a transaction on Friday, September 13th. The shares were acquired at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the transaction, the insider now directly 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 disclosure for this purchase can be found here. Insiders have sold 655,674 shares of company stock valued at $131,623,305 over the last quarter. Insiders own 51.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PI shares. The Goldman Sachs Group increased their target price on Impinj from $165.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Lake Street Capital lifted their price objective on shares of Impinj from $190.00 to $251.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Piper Sandler restated an “overweight” rating and issued a $235.00 target price (up from $225.00) on shares of Impinj in a research note on Thursday, October 24th. Cantor Fitzgerald lifted their price target on shares of Impinj from $205.00 to $260.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Finally, Susquehanna raised their target price on Impinj from $215.00 to $260.00 and gave the company a “positive” rating in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Impinj currently has a consensus rating of “Moderate Buy” and an average target price of $224.60.

Impinj Stock Up 1.5 %

Shares of Impinj stock opened at $191.04 on Friday. The business has a 50-day moving average price of $206.07 and a 200 day moving average price of $176.56. Impinj, Inc. has a fifty-two week low of $78.17 and a fifty-two week high of $239.88. The firm has a market cap of $5.40 billion, a P/E ratio of 214.65 and a beta of 1.81.

Impinj (NASDAQ:PI) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.08. Impinj had a negative return on equity of 1.64% and a net margin of 8.21%. The business had revenue of $95.20 million for the quarter, compared to analyst estimates of $92.86 million. During the same period in the prior year, the company posted ($0.36) EPS. The business’s revenue was up 46.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Impinj, Inc. will post 0.4 earnings per share for the current year.

Impinj Company 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.