Chevy Chase Trust Holdings LLC Reduces Holdings in Impinj, Inc. (NASDAQ:PI)

Chevy Chase Trust Holdings LLC lowered its position in shares of Impinj, Inc. (NASDAQ:PI) by 6.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 858,343 shares of the company’s stock after selling 54,867 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 3.03% of Impinj worth $185,848,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PI. PDT Partners LLC bought a new stake in shares of Impinj in the third quarter worth $2,413,000. Fred Alger Management LLC increased its stake in shares of Impinj by 16.9% in the third quarter. Fred Alger Management LLC now owns 121,117 shares of the company’s stock worth $26,224,000 after buying an additional 17,515 shares during the last quarter. Captrust Financial Advisors increased its stake in shares of Impinj by 2.2% in the third quarter. Captrust Financial Advisors now owns 13,170 shares of the company’s stock worth $2,852,000 after buying an additional 284 shares during the last quarter. Public Sector Pension Investment Board bought a new stake in shares of Impinj in the third quarter worth $10,458,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Impinj by 5.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,406 shares of the company’s stock worth $1,171,000 after buying an additional 262 shares during the last quarter.

Impinj Stock Performance

Shares of PI opened at $193.40 on Monday. Impinj, Inc. has a 1 year low of $78.17 and a 1 year high of $239.88. The company has a market cap of $5.47 billion, a price-to-earnings ratio of 215.97 and a beta of 1.81. The firm has a fifty day moving average of $205.94 and a 200-day moving average of $177.89.

Impinj (NASDAQ:PI) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.08. Impinj had a net margin of 8.21% and a negative return on equity of 1.64%. The company had revenue of $95.20 million during the quarter, compared to the consensus estimate of $92.86 million. During the same quarter in the previous year, the company posted ($0.36) earnings per share. The company’s revenue for the quarter was up 46.5% compared to the same quarter last year. Analysts predict that Impinj, Inc. will post 0.4 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of Impinj stock in a transaction that occurred on Friday, September 13th. The stock was acquired at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the acquisition, the insider now directly owns 33,050,456 shares of the company’s stock, valued at $155,006,638.64. This trade represents a 14.81 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Chris Ph.D. Diorio sold 1,498 shares of the company’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $209.12, for a total transaction of $313,261.76. Following the completion of the sale, the chief executive officer now directly owns 292,532 shares of the company’s stock, valued at $61,174,291.84. The trade was a 0.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 655,674 shares of company stock valued at $131,623,305 over the last 90 days. 51.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Lake Street Capital lifted their price target on shares of Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Evercore ISI reaffirmed an “outperform” rating and issued a $270.00 price objective (up previously from $205.00) on shares of Impinj in a report on Thursday, October 24th. Cantor Fitzgerald lifted their price objective on shares of Impinj from $205.00 to $260.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Susquehanna lifted their price objective on shares of Impinj from $215.00 to $260.00 and gave the stock a “positive” rating in a report on Monday, October 21st. Finally, The Goldman Sachs Group lifted their price objective on shares of Impinj from $165.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $224.60.

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.