KLP Kapitalforvaltning AS Takes Position in Impinj, Inc. (NASDAQ:PI)

KLP Kapitalforvaltning AS purchased a new position in Impinj, Inc. (NASDAQ:PI) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 4,700 shares of the company’s stock, valued at approximately $683,000.

Several other large investors also recently modified their holdings of the company. Nordea Investment Management AB purchased a new stake in Impinj during the fourth quarter valued at approximately $3,341,000. Teachers Retirement System of The State of Kentucky bought a new stake in shares of Impinj during the 3rd quarter valued at $846,000. Geode Capital Management LLC increased its stake in shares of Impinj by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 542,924 shares of the company’s stock worth $117,576,000 after purchasing an additional 7,676 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in Impinj by 85.2% in the 4th 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 period. Finally, Charles Schwab Investment Management Inc. lifted its position in Impinj by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 193,240 shares of the company’s stock valued at $41,840,000 after purchasing an additional 6,232 shares in the last quarter.

Impinj Stock Performance

Shares of NASDAQ PI opened at $88.40 on Wednesday. The company has a market cap of $2.52 billion, a P/E ratio of 65.00 and a beta of 1.98. Impinj, Inc. has a 52-week low of $83.53 and a 52-week high of $239.88. The firm’s fifty day moving average is $103.71 and its two-hundred day moving average is $155.39.

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

Wall Street Analyst Weigh In

Several research firms have recently commented on PI. Piper Sandler decreased their price objective on Impinj from $235.00 to $140.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. The Goldman Sachs Group decreased their target price on shares of Impinj from $200.00 to $132.00 and set a “neutral” rating on the stock in a research note on Thursday, February 6th. Needham & Company LLC dropped their price target on shares of Impinj from $182.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, February 6th. StockNews.com cut shares of Impinj from a “hold” rating to a “sell” rating in a research note on Friday, January 24th. Finally, Cantor Fitzgerald upgraded Impinj to a “strong-buy” rating in a research note on Thursday, February 27th. 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $183.44.

Insiders Place Their Bets

In other Impinj news, insider Cathal G. Phelan sold 565 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $98.77, for a total transaction of $55,805.05. Following the sale, the insider now directly owns 7,925 shares in the company, valued at $782,752.25. This represents a 6.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Chris Ph.D. Diorio sold 8,334 shares of Impinj stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $98.78, for a total value of $823,232.52. Following the completion of the transaction, the chief executive officer now owns 354,076 shares of the company’s stock, valued at approximately $34,975,627.28. This trade represents a 2.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,704 shares of company stock valued at $1,925,748 in the last quarter. 51.00% of the stock is currently owned by insiders.

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.