Bank of New York Mellon Corp Trims Stake in Impinj, Inc. (NASDAQ:PI)

Bank of New York Mellon Corp trimmed its holdings in shares of Impinj, Inc. (NASDAQ:PI) by 7.8% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 165,664 shares of the company’s stock after selling 14,005 shares during the period. Bank of New York Mellon Corp’s holdings in Impinj were worth $24,064,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. IFP Advisors Inc grew its position in Impinj by 116.5% during the fourth quarter. IFP Advisors Inc now owns 368 shares of the company’s stock worth $53,000 after buying an additional 198 shares in the last quarter. First Bank & Trust grew its position in Impinj by 9.5% during the fourth quarter. First Bank & Trust now owns 1,936 shares of the company’s stock worth $281,000 after buying an additional 168 shares in the last quarter. TimesSquare Capital Management LLC grew its position in Impinj by 92.1% during the fourth quarter. TimesSquare Capital Management LLC now owns 140,812 shares of the company’s stock worth $20,454,000 after buying an additional 67,510 shares in the last quarter. New York State Common Retirement Fund grew its position in Impinj by 7.0% during the fourth quarter. New York State Common Retirement Fund now owns 7,658 shares of the company’s stock worth $1,112,000 after buying an additional 500 shares in the last quarter. Finally, D.A. Davidson & CO. grew its position in Impinj by 12.4% during the fourth quarter. D.A. Davidson & CO. now owns 3,210 shares of the company’s stock worth $466,000 after buying an additional 355 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PI. Susquehanna cut their price objective on Impinj from $260.00 to $220.00 and set a “positive” rating for the company in a report on Wednesday, January 22nd. Cantor Fitzgerald upgraded Impinj to a “strong-buy” rating in a report on Thursday, February 27th. The Goldman Sachs Group cut their price objective on Impinj from $200.00 to $132.00 and set a “neutral” rating for the company in a report on Thursday, February 6th. Needham & Company LLC cut their price objective on Impinj from $182.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, February 6th. Finally, StockNews.com cut Impinj from a “hold” rating to a “sell” rating in a report on Friday, January 24th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Impinj has an average rating of “Moderate Buy” and an average price target of $180.10.

Impinj Price Performance

Shares of PI stock opened at $100.45 on Monday. The stock has a market capitalization of $2.87 billion, a PE ratio of 73.86 and a beta of 1.98. Impinj, Inc. has a 1-year low of $84.17 and a 1-year high of $239.88. The business has a 50-day moving average of $121.44 and a 200 day moving average of $164.58.

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

Insider Activity at Impinj

In other Impinj news, insider Cathal G. Phelan sold 210 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $146.06, for a total transaction of $30,672.60. Following the completion of the transaction, the insider now owns 6,979 shares of the company’s stock, valued at $1,019,352.74. This represents a 2.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Chris Ph.D. Diorio sold 1,504 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $146.22, for a total value of $219,914.88. Following the transaction, the chief executive officer now directly owns 331,572 shares of the company’s stock, valued at $48,482,457.84. The trade was a 0.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 22,323 shares of company stock worth $2,454,588 in the last ninety days. 51.00% of the stock is owned by company 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.