Fred Alger Management LLC Sells 14,209 Shares of Impinj, Inc. (NASDAQ:PI)

Fred Alger Management LLC trimmed its stake in shares of Impinj, Inc. (NASDAQ:PI - Free Report) by 11.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 106,908 shares of the company's stock after selling 14,209 shares during the quarter. Fred Alger Management LLC owned about 0.38% of Impinj worth $15,529,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PI. Capital International Investors lifted its position in shares of Impinj by 45.0% during the 4th quarter. Capital International Investors now owns 1,527,587 shares of the company's stock worth $221,897,000 after buying an additional 473,721 shares during the last quarter. Norges Bank bought a new stake in shares of Impinj during the 4th quarter worth $40,100,000. Raymond James Financial Inc. bought a new stake in shares of Impinj during the 4th quarter worth $27,699,000. Price T Rowe Associates Inc. MD lifted its position in shares of Impinj by 244.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 219,081 shares of the company's stock worth $31,825,000 after buying an additional 155,543 shares during the last quarter. Finally, Federated Hermes Inc. lifted its position in shares of Impinj by 272.6% during the 4th quarter. Federated Hermes Inc. now owns 193,480 shares of the company's stock worth $28,105,000 after buying an additional 141,554 shares during the last quarter.

Insider Buying and Selling

In related news, CFO Cary Baker sold 1,553 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $98.76, for a total transaction of $153,374.28. Following the completion of the sale, the chief financial officer now owns 76,451 shares of the company's stock, valued at $7,550,300.76. This trade represents a 1.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Chris Ph.D. Diorio sold 8,334 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $98.78, for a total value of $823,232.52. Following the sale, the chief executive officer now directly owns 354,076 shares of the company's stock, valued at $34,975,627.28. This represents a 2.30% decrease in their position. The disclosure for this sale can be found here. Insiders sold 16,857 shares of company stock valued at $1,665,290 over the last 90 days. Company insiders own 12.40% of the company's stock.

Wall Street Analysts Forecast Growth

PI has been the subject of several recent analyst reports. Susquehanna dropped their price objective on Impinj from $260.00 to $220.00 and set a "positive" rating for the company in a research report on Wednesday, January 22nd. Evercore ISI increased their target price on Impinj from $99.00 to $117.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Needham & Company LLC dropped their target price on Impinj from $130.00 to $115.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Piper Sandler dropped their target price on Impinj from $140.00 to $100.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Finally, StockNews.com downgraded Impinj from a "hold" rating to a "sell" rating in a research report on Friday, January 24th. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Impinj has a consensus rating of "Moderate Buy" and a consensus price target of $160.33.

Impinj Stock Performance

Shares of PI stock traded up $2.18 on Friday, hitting $100.00. The company had a trading volume of 486,747 shares, compared to its average volume of 587,485. The firm has a market cap of $2.90 billion, a P/E ratio of 73.53 and a beta of 1.64. The stock's 50-day moving average is $85.33 and its two-hundred day moving average is $127.38. Impinj, Inc. has a twelve month low of $60.85 and a twelve month high of $239.88.

Impinj (NASDAQ:PI - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.12. The company had revenue of $74.28 million during the quarter, compared to analysts' expectations of $71.73 million. Impinj had a return on equity of 7.11% and a net margin of 11.15%. The business's quarterly revenue was down 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.21 earnings per share. Equities research analysts predict that Impinj, Inc. will post -0.47 EPS for the current year.

Impinj Company 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.