Man Group plc Sells 22,321 Shares of Impinj, Inc. (NASDAQ:PI)

Man Group plc lessened its stake in Impinj, Inc. (NASDAQ:PI) by 37.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 36,755 shares of the company’s stock after selling 22,321 shares during the period. Man Group plc’s holdings in Impinj were worth $5,339,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of PI. Asset Management One Co. Ltd. raised its position in Impinj by 85.2% during the 4th quarter. Asset Management One Co. Ltd. now owns 1,178 shares of the company’s stock valued at $174,000 after purchasing an additional 542 shares during the last quarter. TimesSquare Capital Management LLC raised its position in Impinj by 92.1% during the 4th quarter. TimesSquare Capital Management LLC now owns 140,812 shares of the company’s stock valued at $20,454,000 after purchasing an additional 67,510 shares during the last quarter. Victory Capital Management Inc. raised its position in Impinj by 7.0% during the 4th quarter. Victory Capital Management Inc. now owns 20,825 shares of the company’s stock valued at $3,025,000 after purchasing an additional 1,363 shares during the last quarter. KBC Group NV raised its position in Impinj by 33.5% during the 4th quarter. KBC Group NV now owns 909 shares of the company’s stock valued at $132,000 after purchasing an additional 228 shares during the last quarter. Finally, Norges Bank bought a new position in Impinj during the 4th quarter valued at approximately $40,100,000.

Impinj Stock Up 0.0%

Impinj stock opened at $123.33 on Wednesday. The company has a market capitalization of $3.57 billion, a P/E ratio of 90.68 and a beta of 1.64. The stock’s 50 day moving average is $89.03 and its 200 day moving average is $124.17. Impinj, Inc. has a twelve month low of $60.85 and a twelve month high of $239.88.

Impinj (NASDAQ:PI) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.12. The company had revenue of $74.28 million for the quarter, compared to the consensus estimate of $71.73 million. Impinj had a return on equity of 7.11% and a net margin of 11.15%. The firm’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.21 EPS. As a group, equities analysts expect that Impinj, Inc. will post -0.47 EPS for the current year.

Insider Buying and Selling

In other Impinj news, CRO Jeffrey Dossett sold 2,666 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $98.81, for a total transaction 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 SEC, which is accessible through this hyperlink. 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 sale, the insider now owns 7,925 shares in the company, valued at approximately $782,752.25. This represents a 6.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,857 shares of company stock worth $1,665,290 in the last 90 days. Insiders own 12.40% of the company’s stock.

Analyst Upgrades and Downgrades

PI has been the subject of a number of recent analyst reports. Evercore ISI upped their price target on Impinj from $99.00 to $117.00 and gave the company an “outperform” rating in a research report on Thursday, April 24th. Cantor Fitzgerald reiterated an “overweight” rating and set a $133.00 target price on shares of Impinj in a report on Thursday, April 24th. Piper Sandler reduced their target price on Impinj from $140.00 to $100.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. 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 report on Thursday, April 24th. Finally, Susquehanna reduced their target price on Impinj from $260.00 to $220.00 and set a “positive” rating on the stock in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average 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.