Principal Financial Group Inc. Lowers Position in Impinj, Inc. (NASDAQ:PI)

Principal Financial Group Inc. lowered its position in Impinj, Inc. (NASDAQ:PI - Free Report) by 10.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 136,585 shares of the company's stock after selling 16,322 shares during the quarter. Principal Financial Group Inc. owned about 0.47% of Impinj worth $12,388,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PI. Canada Pension Plan Investment Board bought a new position in Impinj in the fourth quarter valued at $29,000. Jones Financial Companies Lllp increased its stake in Impinj by 205.9% in the fourth quarter. Jones Financial Companies Lllp now owns 260 shares of the company's stock valued at $38,000 after acquiring an additional 175 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 acquiring an additional 294 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 acquiring an additional 318 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Impinj in the fourth quarter valued at $156,000.

Impinj Trading Up 0.6%

Shares of Impinj stock traded up $0.72 during trading on Wednesday, reaching $112.37. 394,604 shares of the stock were exchanged, compared to its average volume of 598,407. The company has a quick ratio of 7.46, a current ratio of 10.96 and a debt-to-equity ratio of 1.77. The stock's fifty day moving average is $112.97 and its 200 day moving average is $106.97. The firm has a market cap of $3.26 billion, a price-to-earnings ratio of -2,808.55 and a beta of 1.64. Impinj, Inc. has a 1 year low of $60.85 and a 1 year high of $239.88.

Impinj (NASDAQ:PI - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The company reported $0.21 earnings per share for the quarter, topping analysts' consensus estimates of $0.09 by $0.12. The company had revenue of $74.28 million during the quarter, compared to analyst estimates of $71.73 million. Impinj had a negative net margin of 0.26% and a positive return on equity of 6.45%. Impinj's revenue for the quarter was down 3.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.21 earnings per share. As a group, equities research analysts expect that Impinj, Inc. will post -0.47 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PI shares. Needham & Company LLC reduced their target price on Impinj from $130.00 to $115.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $133.00 price objective on shares of Impinj in a research note on Thursday, April 24th. Evercore ISI raised their price objective on Impinj from $99.00 to $117.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $100.00 price objective on shares of Impinj in a research note on Thursday, June 12th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $155.38.

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.