Cynosure Group LLC Buys New Stake in Impinj, Inc. (NASDAQ:PI)

Cynosure Group LLC acquired a new stake in Impinj, Inc. (NASDAQ:PI) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,811 shares of the company’s stock, valued at approximately $392,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PI. Assenagon Asset Management S.A. acquired a new position in shares of Impinj during the 2nd quarter valued at about $103,252,000. Renaissance Technologies LLC purchased a new stake in shares of Impinj during the 2nd quarter valued at $30,116,000. Principal Financial Group Inc. boosted its holdings in Impinj by 4,013.7% in the third quarter. Principal Financial Group Inc. now owns 125,633 shares of the company’s stock valued at $27,202,000 after acquiring an additional 122,579 shares during the last quarter. AXA S.A. purchased a new stake in Impinj during the second quarter worth approximately $11,574,000. Finally, FMR LLC boosted its position in Impinj by 1.5% during the 3rd quarter. FMR LLC now owns 4,217,403 shares of the company’s stock worth $913,152,000 after purchasing an additional 60,461 shares during the period.

Impinj Stock Performance

Shares of NASDAQ PI opened at $189.25 on Thursday. The stock has a fifty day moving average price of $206.38 and a two-hundred day moving average price of $177.50. Impinj, Inc. has a 1 year low of $78.17 and a 1 year high of $239.88. The firm has a market cap of $5.35 billion, a P/E ratio of 212.64 and a beta of 1.81.

Impinj (NASDAQ:PI) last issued its earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $92.86 million. During the same period in the previous year, the firm posted ($0.36) EPS. The company’s quarterly revenue was up 46.5% on a year-over-year basis. On average, research analysts predict that Impinj, Inc. will post 0.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently commented on PI. Susquehanna boosted their price target on Impinj from $215.00 to $260.00 and gave the stock a “positive” rating in a research report on Monday, October 21st. Evercore ISI reaffirmed an “outperform” rating and issued a $270.00 target price (up from $205.00) on shares of Impinj in a research report on Thursday, October 24th. Needham & Company LLC boosted their target price on shares of Impinj from $195.00 to $245.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. The Goldman Sachs Group boosted their price objective on Impinj from $165.00 to $200.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Finally, Cantor Fitzgerald lifted their target price on Impinj from $205.00 to $260.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $224.60.

Insiders Place Their Bets

In other news, insider Cathal G. Phelan sold 209 shares of the stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $209.15, for a total transaction of $43,712.35. Following the transaction, the insider now owns 17,647 shares in the company, valued at $3,690,870.05. This represents a 1.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were bought at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the purchase, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. This represents a 14.81 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 655,674 shares of company stock worth $131,623,305 over the last ninety days. 51.00% of the stock is currently owned by company insiders.

About Impinj

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.