Cynosure Group LLC Buys 1,799 Shares of Impinj, Inc. (NASDAQ:PI)

Key Points

• Cynosure Group LLC significantly increased its stake in Impinj, Inc. by 92.1% during the first quarter, owning 3,752 shares worth approximately $340,000.
• Impinj reported quarterly revenue of $97.89 million, surpassing estimates, but experienced a 4.5% year-over-year decline in revenue.
• Several equities analysts raised price targets for Impinj, with a consensus average price target now at $163.29, indicating a generally positive outlook for the stock.

Cynosure Group LLC lifted its stake in Impinj, Inc. (NASDAQ:PI - Free Report) by 92.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,752 shares of the company's stock after purchasing an additional 1,799 shares during the quarter. Cynosure Group LLC's holdings in Impinj were worth $340,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PI. Swiss National Bank boosted its position in shares of Impinj by 4.9% during the first quarter. Swiss National Bank now owns 49,300 shares of the company's stock worth $4,472,000 after buying an additional 2,300 shares during the period. Deutsche Bank AG increased its holdings in Impinj by 12.2% during the 1st quarter. Deutsche Bank AG now owns 132,882 shares of the company's stock worth $12,052,000 after purchasing an additional 14,406 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Impinj by 0.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 214,483 shares of the company's stock worth $19,454,000 after purchasing an additional 1,085 shares during the period. Generali Investments Towarzystwo Funduszy Inwestycyjnych purchased a new stake in Impinj during the 1st quarter worth about $952,000. Finally, Shufro Rose & Co. LLC increased its holdings in Impinj by 235.3% during the 1st quarter. Shufro Rose & Co. LLC now owns 5,700 shares of the company's stock worth $517,000 after purchasing an additional 4,000 shares during the period.

Impinj Stock Down 3.4%

Shares of PI stock traded down $5.62 during trading hours on Friday, hitting $161.75. 133,623 shares of the company were exchanged, compared to its average volume of 636,949. The business has a 50 day moving average of $123.69 and a two-hundred day moving average of $106.75. The company has a current ratio of 11.64, a quick ratio of 8.44 and a debt-to-equity ratio of 1.51. Impinj, Inc. has a 52 week low of $60.85 and a 52 week high of $239.88. The company has a market capitalization of $4.71 billion, a PE ratio of 16,182.68 and a beta of 1.74.

Impinj (NASDAQ:PI - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.80 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.08. The firm had revenue of $97.89 million during the quarter, compared to analysts' expectations of $93.78 million. Impinj had a net margin of 0.18% and a return on equity of 8.14%. The company's revenue for the quarter was down 4.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.83 earnings per share. Analysts anticipate that Impinj, Inc. will post -0.47 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Susquehanna boosted their target price on Impinj from $130.00 to $140.00 and gave the company a "positive" rating in a report on Tuesday, July 22nd. Piper Sandler increased their price target on Impinj from $140.00 to $180.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Evercore ISI increased their price target on Impinj from $99.00 to $117.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Needham & Company LLC increased their price target on shares of Impinj from $115.00 to $165.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Finally, Cantor Fitzgerald raised their target price on shares of Impinj from $133.00 to $158.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $163.29.

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.