Envestnet Asset Management Inc. Acquires 26,785 Shares of Impinj, Inc. (NASDAQ:PI)

Key Points

• Envestnet Asset Management Inc. increased its stake in Impinj, Inc. by 450.1% in Q1, holding 32,736 shares valued at approximately $2.97 million.
• Several analysts have recently raised their target prices for Impinj, with Evercore ISI setting a new target of $117.00 and Piper Sandler increasing theirs to $140.00.
• Impinj has seen a notable rise in its stock price, up 2.9% recently, and it currently has a market cap of $3.60 billion.

Envestnet Asset Management Inc. raised its stake in shares of Impinj, Inc. (NASDAQ:PI - Free Report) by 450.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 32,736 shares of the company's stock after buying an additional 26,785 shares during the period. Envestnet Asset Management Inc. owned about 0.11% of Impinj worth $2,969,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in PI. Sylebra Capital LLC lifted its holdings in shares of Impinj by 8.6% in the 4th quarter. Sylebra Capital LLC now owns 3,472,116 shares of the company's stock valued at $504,360,000 after acquiring an additional 274,764 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Impinj by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 3,442,164 shares of the company's stock valued at $500,009,000 after purchasing an additional 104,861 shares in the last quarter. Capital International Investors boosted its stake in shares of Impinj by 45.0% during the fourth quarter. Capital International Investors now owns 1,527,587 shares of the company's stock valued at $221,897,000 after purchasing an additional 473,721 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Impinj by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 546,823 shares of the company's stock valued at $79,654,000 after purchasing an additional 3,899 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in Impinj by 3,824.4% in the fourth quarter. Janus Henderson Group PLC now owns 435,960 shares of the company's stock valued at $63,310,000 after acquiring an additional 424,851 shares in the last quarter.

Analyst Upgrades and Downgrades

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

Impinj Stock Performance

PI stock traded up $38.45 during trading on Thursday, hitting $160.66. 962,884 shares of the company's stock traded hands, compared to its average volume of 634,990. The company has a quick ratio of 7.46, a current ratio of 10.96 and a debt-to-equity ratio of 1.77. Impinj, Inc. has a 52 week low of $60.85 and a 52 week high of $239.88. The stock has a fifty day moving average price of $113.91 and a two-hundred day moving average price of $105.04. The stock has a market capitalization of $4.66 billion, a price-to-earnings ratio of -4,005.85 and a beta of 1.64.

Impinj (NASDAQ:PI - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.80 EPS for the quarter, topping analysts' consensus estimates of $0.72 by $0.08. Impinj had a negative net margin of 0.26% and a positive return on equity of 6.45%. The company had revenue of $97.89 million for the quarter, compared to the consensus estimate of $93.78 million. During the same period in the previous year, the firm earned $0.83 EPS. Impinj's revenue was down 4.5% on a year-over-year basis. As a group, equities analysts anticipate that Impinj, Inc. will post -0.47 EPS for the current fiscal year.

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.