Victory Capital Management Inc. Reduces Holdings in Impinj, Inc. (NASDAQ:PI)

Key Points

• Victory Capital Management Inc. has reduced its stake in Impinj, Inc. by 14.4%, now owning approximately 17,831 shares worth $1,617,000.
• Analysts have raised their price targets for Impinj, with Piper Sandler increasing theirs from $100.00 to $140.00, indicating a positive outlook for the stock.
• Impinj currently holds a consensus rating of "Moderate Buy" with a price target average of $146.86 as per MarketBeat.com.

Victory Capital Management Inc. reduced its stake in shares of Impinj, Inc. (NASDAQ:PI - Free Report) by 14.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 17,831 shares of the company's stock after selling 2,994 shares during the quarter. Victory Capital Management Inc. owned 0.06% of Impinj worth $1,617,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PI. Canada Pension Plan Investment Board acquired a new stake in Impinj in the fourth quarter valued at about $29,000. SBI Securities Co. Ltd. boosted its stake in Impinj by 75.3% in the first quarter. SBI Securities Co. Ltd. now owns 398 shares of the company's stock valued at $36,000 after buying an additional 171 shares in the last quarter. GAMMA Investing LLC boosted 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 buying an additional 294 shares in the last quarter. KBC Group NV boosted 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 buying an additional 318 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Impinj during the fourth quarter valued at about $156,000.

Impinj Stock Performance

Shares of NASDAQ:PI traded down $1.66 during midday trading on Friday, reaching $152.92. 1,027,589 shares of the company traded hands, compared to its average volume of 564,778. The company has a quick ratio of 7.46, a current ratio of 11.64 and a debt-to-equity ratio of 1.51. Impinj, Inc. has a 12 month low of $60.85 and a 12 month high of $239.88. The firm has a market capitalization of $4.45 billion, a price-to-earnings ratio of 15,307.31 and a beta of 1.74. The firm's fifty day moving average price is $114.70 and its two-hundred day moving average price is $105.10.

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

Wall Street Analyst Weigh In

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