Envestnet Asset Management Inc. Sells 913 Shares of Impinj, Inc. (NASDAQ:PI)

Envestnet Asset Management Inc. reduced its holdings in Impinj, Inc. (NASDAQ:PI) by 13.3% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,951 shares of the company’s stock after selling 913 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Impinj were worth $864,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PI. Dynamic Technology Lab Private Ltd bought a new stake in shares of Impinj during the 4th quarter worth $344,000. Wells Fargo & Company MN raised its position in Impinj by 41.0% during the fourth quarter. Wells Fargo & Company MN now owns 26,283 shares of the company’s stock valued at $3,818,000 after purchasing an additional 7,647 shares in the last quarter. Integrated Quantitative Investments LLC bought a new stake in Impinj during the fourth quarter worth about $873,000. Prudential PLC purchased a new position in shares of Impinj in the 4th quarter worth about $472,000. Finally, Cynosure Group LLC increased its position in shares of Impinj by 7.8% during the 4th quarter. Cynosure Group LLC now owns 1,953 shares of the company’s stock valued at $284,000 after purchasing an additional 142 shares during the last quarter.

Insider Buying and Selling

In related news, CFO Cary Baker sold 1,553 shares of Impinj stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $98.76, for a total transaction of $153,374.28. Following the sale, the chief financial officer now directly owns 76,451 shares in the company, valued at $7,550,300.76. The trade was a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Hussein Mecklai sold 3,739 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $98.81, for a total value of $369,450.59. Following the completion of the sale, the chief operating officer now directly owns 70,347 shares in the company, valued at approximately $6,950,987.07. The trade was a 5.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,857 shares of company stock valued at $1,665,290 over the last quarter. 51.00% of the stock is owned by company insiders.

Impinj Trading Up 3.0 %

Impinj stock opened at $94.93 on Friday. The firm has a market cap of $2.75 billion, a P/E ratio of 69.80 and a beta of 1.74. Impinj, Inc. has a 1-year low of $60.85 and a 1-year high of $239.88. The firm has a 50-day moving average of $84.65 and a 200-day moving average of $133.84.

Impinj (NASDAQ:PI) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.12. The business had revenue of $74.28 million during the quarter, compared to analyst estimates of $71.73 million. Impinj had a return on equity of 7.11% and a net margin of 11.15%. Impinj’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.21 EPS. Research analysts forecast that Impinj, Inc. will post -0.47 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PI. Piper Sandler reduced their price target on shares of Impinj from $140.00 to $100.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Needham & Company LLC reduced their target price on shares of Impinj from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. The Goldman Sachs Group lowered their price target on shares of Impinj from $200.00 to $132.00 and set a “neutral” rating for the company in a research note on Thursday, February 6th. StockNews.com cut Impinj from a “hold” rating to a “sell” rating in a research note on Friday, January 24th. Finally, Susquehanna lowered their target price on Impinj from $260.00 to $220.00 and set a “positive” rating for the company in a research note on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Impinj presently has a consensus rating of “Moderate Buy” and a consensus target price of $160.33.

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.