Raymond James Financial Inc. Invests $27.70 Million in Impinj, Inc. (NASDAQ:PI)

Raymond James Financial Inc. purchased a new stake in shares of Impinj, Inc. (NASDAQ:PI) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 190,685 shares of the company’s stock, valued at approximately $27,699,000. Raymond James Financial Inc. owned about 0.67% of Impinj as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its stake in shares of Impinj by 3.5% in the fourth quarter. Renaissance Technologies LLC now owns 224,400 shares of the company’s stock valued at $32,596,000 after acquiring an additional 7,500 shares during the last quarter. Bank of Montreal Can increased its holdings in Impinj by 10.3% during the 4th quarter. Bank of Montreal Can now owns 2,781 shares of the company’s stock valued at $404,000 after purchasing an additional 260 shares in the last quarter. Polymer Capital Management HK LTD bought a new position in Impinj in the 4th quarter valued at $1,961,000. Federated Hermes Inc. boosted its stake in Impinj by 272.6% in the fourth quarter. Federated Hermes Inc. now owns 193,480 shares of the company’s stock worth $28,105,000 after purchasing an additional 141,554 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Impinj during the fourth quarter worth $344,000.

Impinj Stock Up 4.0 %

PI stock opened at $68.67 on Friday. Impinj, Inc. has a twelve month low of $60.85 and a twelve month high of $239.88. The business’s fifty day moving average is $88.34 and its 200-day moving average is $143.45. The company has a market cap of $1.96 billion, a P/E ratio of 50.49 and a beta of 1.74.

Impinj (NASDAQ:PI) last released 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%. Research analysts anticipate that Impinj, Inc. will post -0.47 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Piper Sandler reduced their price target on shares of Impinj from $235.00 to $140.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. Needham & Company LLC reduced their target price on shares of Impinj from $182.00 to $130.00 and set a “buy” rating on the stock in a research report on Thursday, February 6th. Cantor Fitzgerald raised shares of Impinj to a “strong-buy” rating in a research note on Thursday, February 27th. StockNews.com cut shares of Impinj from a “hold” rating to a “sell” rating in a research report on Friday, January 24th. Finally, Susquehanna decreased their price objective on Impinj from $260.00 to $220.00 and set a “positive” rating on the stock in a research report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $183.44.

Insider Activity at Impinj

In other news, COO Hussein Mecklai sold 3,739 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $98.81, for a total transaction of $369,450.59. Following the sale, the chief operating officer now owns 70,347 shares of the company’s stock, valued at $6,950,987.07. This trade represents a 5.05 % 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, CEO Chris Ph.D. Diorio sold 8,334 shares of Impinj stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $98.78, for a total value of $823,232.52. Following the transaction, the chief executive officer now owns 354,076 shares in the company, valued at $34,975,627.28. This trade represents a 2.30 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,857 shares of company stock worth $1,665,290. 51.00% of the stock is currently owned by company insiders.

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.