Lord Abbett & CO. LLC Lowers Stock Holdings in Impinj, Inc. (NASDAQ:PI)

Lord Abbett & CO. LLC decreased its stake in shares of Impinj, Inc. (NASDAQ:PI - Free Report) by 95.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 219,321 shares of the company's stock after selling 4,624,593 shares during the period. Lord Abbett & CO. LLC owned 0.78% of Impinj worth $31,858,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Virtu Financial LLC bought a new stake in shares of Impinj during the 3rd quarter worth approximately $1,749,000. Principal Financial Group Inc. raised its stake in Impinj by 4,013.7% in the third quarter. Principal Financial Group Inc. now owns 125,633 shares of the company's stock valued at $27,202,000 after purchasing an additional 122,579 shares in the last quarter. Nordea Investment Management AB bought a new position in Impinj in the fourth quarter valued at approximately $3,341,000. Diversified Trust Co lifted its position in shares of Impinj by 11.9% during the 4th quarter. Diversified Trust Co now owns 2,251 shares of the company's stock worth $327,000 after buying an additional 240 shares during the last quarter. Finally, Harbour Capital Advisors LLC grew its holdings in shares of Impinj by 14.1% during the 4th quarter. Harbour Capital Advisors LLC now owns 3,445 shares of the company's stock valued at $521,000 after purchasing an additional 425 shares during the last quarter.

Impinj Stock Up 4.6 %

Shares of Impinj stock traded up $4.33 on Friday, reaching $99.26. 247,431 shares of the stock were exchanged, compared to its average volume of 585,644. Impinj, Inc. has a twelve month low of $60.85 and a twelve month high of $239.88. The firm has a market capitalization of $2.88 billion, a price-to-earnings ratio of 72.98 and a beta of 1.74. The business has a 50 day moving average price of $84.65 and a two-hundred day moving average price of $133.84.

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

Insiders Place Their Bets

In other news, CRO Jeffrey Dossett sold 2,666 shares of the firm's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $98.81, for a total value of $263,427.46. Following the sale, the executive now directly owns 71,886 shares in the company, valued at approximately $7,103,055.66. This trade represents a 3.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Cathal G. Phelan sold 565 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $98.77, for a total value of $55,805.05. Following the completion of the transaction, the insider now directly owns 7,925 shares in the company, valued at $782,752.25. This trade represents a 6.65 % 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 in the last three months. 51.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Piper Sandler dropped their price target on shares of Impinj from $140.00 to $100.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. StockNews.com cut shares of Impinj from a "hold" rating to a "sell" rating in a report on Friday, January 24th. Evercore ISI raised their price objective on shares of Impinj from $99.00 to $117.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. The Goldman Sachs Group dropped their price target on Impinj from $200.00 to $132.00 and set a "neutral" rating on the stock in a research report on Thursday, February 6th. Finally, Needham & Company LLC lowered their price objective on Impinj from $130.00 to $115.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $160.33.

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.