Impinj, Inc. (NASDAQ:PI) Shares Bought by Cynosure Group LLC

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 raised its stake in Impinj, Inc. (NASDAQ:PI - Free Report) by 92.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,752 shares of the company's stock after acquiring 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 quarter.

A number of other institutional investors also recently made changes to their positions in PI. Cambridge Investment Research Advisors Inc. increased its stake in Impinj by 7.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,169 shares of the company's stock valued at $741,000 after purchasing an additional 535 shares during the last quarter. KBC Group NV increased its stake in Impinj by 35.0% in the first quarter. KBC Group NV now owns 1,227 shares of the company's stock valued at $111,000 after purchasing an additional 318 shares during the last quarter. GAMMA Investing LLC increased its stake in Impinj by 68.7% in the first quarter. GAMMA Investing LLC now owns 722 shares of the company's stock valued at $65,000 after purchasing an additional 294 shares during the last quarter. Bank of Montreal Can increased its stake in Impinj by 10.3% in the fourth 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 during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its stake in Impinj by 46.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 3,083 shares of the company's stock valued at $280,000 after purchasing an additional 975 shares during the last quarter.

Impinj Price Performance

Shares of NASDAQ PI opened at $153.73 on Monday. Impinj, Inc. has a 1-year low of $60.85 and a 1-year high of $239.88. The business has a 50-day moving average of $120.03 and a 200-day moving average of $105.53. The company has a debt-to-equity ratio of 1.51, a current ratio of 11.64 and a quick ratio of 8.44. The company has a market capitalization of $4.47 billion, a price-to-earnings ratio of 15,388.39 and a beta of 1.74.

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

Analysts Set New Price Targets

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

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.

Want to see what other hedge funds are holding PI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Impinj, Inc. (NASDAQ:PI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.