Black Creek Investment Management Inc. Decreases Position in Impinj, Inc. (NASDAQ:PI)

Black Creek Investment Management Inc. decreased its position in shares of Impinj, Inc. (NASDAQ:PI) by 40.0% during the second quarter, HoldingsChannel reports. The institutional investor owned 7,500 shares of the company’s stock after selling 5,000 shares during the period. Black Creek Investment Management Inc.’s holdings in Impinj were worth $1,176,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Future Financial Wealth Managment LLC bought a new stake in Impinj in the 1st quarter worth about $32,000. SouthState Corp purchased a new position in shares of Impinj during the second quarter valued at approximately $94,000. nVerses Capital LLC lifted its position in Impinj by 75.0% during the second quarter. nVerses Capital LLC now owns 700 shares of the company’s stock valued at $110,000 after purchasing an additional 300 shares during the period. Benjamin F. Edwards & Company Inc. boosted its holdings in Impinj by 117.9% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 963 shares of the company’s stock worth $124,000 after purchasing an additional 521 shares during the last quarter. Finally, Jamison Private Wealth Management Inc. grew its position in Impinj by 211.2% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 809 shares of the company’s stock worth $127,000 after purchasing an additional 549 shares during the period.

Wall Street Analysts Forecast Growth

PI has been the topic of several research analyst reports. The Goldman Sachs Group cut Impinj from a “buy” rating to a “neutral” rating and set a $156.00 price target on the stock. in a report on Monday, May 20th. Cantor Fitzgerald reissued an “overweight” rating and issued a $205.00 target price on shares of Impinj in a research report on Thursday, July 25th. Roth Mkm upped their price target on shares of Impinj from $145.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Lake Street Capital raised their price objective on shares of Impinj from $155.00 to $190.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $195.00 target price on shares of Impinj in a report on Thursday, July 25th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Impinj currently has a consensus rating of “Moderate Buy” and an average target price of $187.10.

Impinj Price Performance

PI opened at $185.92 on Monday. The firm has a market cap of $5.23 billion, a P/E ratio of -531.20 and a beta of 1.78. Impinj, Inc. has a 1-year low of $48.39 and a 1-year high of $190.09. The company has a 50 day simple moving average of $162.58 and a two-hundred day simple moving average of $149.60.

Impinj (NASDAQ:PI) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. The business had revenue of $102.50 million during the quarter, compared to analyst estimates of $97.47 million. Impinj had a negative return on equity of 21.12% and a net margin of 3.93%. Impinj’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.14) EPS. Equities analysts anticipate that Impinj, Inc. will post 0.31 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Cathal G. Phelan sold 677 shares of Impinj stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $162.46, for a total transaction of $109,985.42. Following the sale, the insider now owns 17,367 shares in the company, valued at $2,821,442.82. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Impinj news, CFO Cary Baker sold 503 shares of the stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $147.64, for a total transaction of $74,262.92. Following the completion of the transaction, the chief financial officer now owns 69,179 shares of the company’s stock, valued at approximately $10,213,587.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Cathal G. Phelan sold 677 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $162.46, for a total value of $109,985.42. Following the transaction, the insider now owns 17,367 shares of the company’s stock, valued at approximately $2,821,442.82. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 41,762 shares of company stock worth $6,519,990. 51.00% of the stock is owned by corporate 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.