Telemark Asset Management LLC Takes $12.99 Million Position in Impinj, Inc. (NASDAQ:PI)

Telemark Asset Management LLC purchased a new position in Impinj, Inc. (NASDAQ:PI) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 60,000 shares of the company’s stock, valued at approximately $12,991,000. Impinj accounts for about 1.3% of Telemark Asset Management LLC’s investment portfolio, making the stock its 27th largest position. Telemark Asset Management LLC owned about 0.21% of Impinj at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Impinj by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 2,510,583 shares of the company’s stock valued at $322,384,000 after purchasing an additional 35,893 shares during the period. Assenagon Asset Management S.A. bought a new position in Impinj in the second quarter worth $103,252,000. Janus Henderson Group PLC increased its stake in shares of Impinj by 0.6% in the 1st quarter. Janus Henderson Group PLC now owns 439,562 shares of the company’s stock worth $56,376,000 after acquiring an additional 2,681 shares in the last quarter. Jennison Associates LLC grew its holdings in Impinj by 15.0% in the third quarter. Jennison Associates LLC now owns 239,140 shares of the company’s stock worth $51,779,000 after purchasing an additional 31,269 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Impinj by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 193,240 shares of the company’s stock valued at $41,840,000 after purchasing an additional 6,232 shares during the last quarter.

Impinj Price Performance

PI stock opened at $188.30 on Friday. Impinj, Inc. has a 1-year low of $78.17 and a 1-year high of $239.88. The business has a 50 day simple moving average of $206.07 and a two-hundred day simple moving average of $176.56. The company has a market capitalization of $5.33 billion, a price-to-earnings ratio of 211.57 and a beta of 1.81.

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

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Susquehanna upped their target price on shares of Impinj from $215.00 to $260.00 and gave the stock a “positive” rating in a research note on Monday, October 21st. The Goldman Sachs Group upped their price target on shares of Impinj from $165.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Roth Mkm upped their price objective on Impinj from $145.00 to $175.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Cantor Fitzgerald boosted their price target on Impinj from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Finally, Lake Street Capital raised their price objective on Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Impinj has an average rating of “Moderate Buy” and a consensus price target of $224.60.

Insiders Place Their Bets

In related news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was purchased at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the acquisition, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. This trade represents a 14.81 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Jeffrey Dossett sold 7,500 shares of the stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $181.17, for a total transaction of $1,358,775.00. Following the completion of the sale, the executive now directly owns 65,294 shares in the company, valued at approximately $11,829,313.98. This represents a 10.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 655,674 shares of company stock valued at $131,623,305 in the last quarter. 51.00% of the stock is currently owned by insiders.

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.