Peregrine Investment Management Inc. Makes New Investment in Impinj, Inc. (NASDAQ:PI)

Peregrine Investment Management Inc. acquired a new stake in Impinj, Inc. (NASDAQ:PI) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 26,000 shares of the company’s stock, valued at approximately $3,777,000. Impinj comprises approximately 2.2% of Peregrine Investment Management Inc.’s investment portfolio, making the stock its 23rd largest holding. Peregrine Investment Management Inc. owned about 0.09% of Impinj at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. First Bank & Trust grew its stake in Impinj by 3.2% in the third quarter. First Bank & Trust now owns 1,768 shares of the company’s stock valued at $383,000 after purchasing an additional 55 shares in the last quarter. Louisiana State Employees Retirement System grew its stake in shares of Impinj by 0.9% in the fourth quarter. Louisiana State Employees Retirement System now owns 11,100 shares of the company’s stock valued at $1,612,000 after buying an additional 100 shares in the last quarter. National Bank of Canada FI acquired a new position in Impinj during the third quarter worth $30,000. Farther Finance Advisors LLC raised its position in Impinj by 1,084.6% during the third quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock worth $33,000 after acquiring an additional 141 shares in the last quarter. Finally, KBC Group NV lifted its stake in Impinj by 29.7% in the third quarter. KBC Group NV now owns 681 shares of the company’s stock valued at $147,000 after acquiring an additional 156 shares during the last quarter.

Insider Activity at Impinj

In related news, 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 transaction of $219,914.88. Following the completion of the transaction, the chief executive officer now directly owns 331,572 shares in the company, valued at $48,482,457.84. This represents a 0.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Hussein Mecklai sold 338 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $141.02, for a total transaction of $47,664.76. Following the completion of the sale, the chief operating officer now owns 61,586 shares in the company, valued at $8,684,857.72. This represents a 0.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,466 shares of company stock valued at $789,298 over the last three months. 51.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Evercore ISI restated an “outperform” rating and issued a $270.00 price objective (up previously from $205.00) on shares of Impinj in a research note on Thursday, October 24th. Lake Street Capital increased their price target on Impinj from $190.00 to $251.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Needham & Company LLC reduced their price objective 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. Susquehanna dropped their price objective on shares of Impinj from $260.00 to $220.00 and set a “positive” rating on the stock in a research report on Wednesday, January 22nd. Finally, Cantor Fitzgerald reduced their target price on shares of Impinj from $260.00 to $133.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $180.10.

Impinj Stock Performance

NASDAQ:PI opened at $103.82 on Friday. The company has a market cap of $2.94 billion, a price-to-earnings ratio of 76.34 and a beta of 1.88. Impinj, Inc. has a fifty-two week low of $97.77 and a fifty-two week high of $239.88. The stock has a fifty day moving average price of $137.62 and a 200-day moving average price of $170.28.

Impinj (NASDAQ:PI) last posted its quarterly earnings data 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 return on equity of 7.69% and a net margin of 11.15%. Research analysts predict that Impinj, Inc. will post 1.05 EPS for the current fiscal year.

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.