Fred Alger Management, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. US markets performed strongly in Q1, with the S&P Index up 10.56%. Investor confidence rose with the anticipated soft landing of the market. However, Class A shares of the fund underperformed the Russell 2500 Growth Index in the quarter. Communication services and real estate sectors boosted the relative performance while information technology and industrials weighed down. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Alger Weatherbie Specialized Growth Fund highlighted stocks like Impinj, Inc. (NASDAQ:PI) in the first quarter 2024 investor letter. Impinj, Inc. (NASDAQ:PI) offers a cloud connectivity platform. Impinj, Inc.’s one-month return (NASDAQ:PI) was 1.51%, and its shares gained 57.80% of their value over the last 52 weeks. On May 31, 2024, Impinj, Inc. (NASDAQ:PI) stock closed at $163.67 per share with a market capitalization of $4.536 billion.
Alger Weatherbie Specialized Growth Fund stated the following regarding Impinj, Inc. (NASDAQ:PI) in its first quarter 2024 investor letter:
“Impinj, Inc. (NASDAQ:PI) engages in the development and sale of RAIN, a radio frequency identification solution. Its platform allows inventory management, patient safety, asset tracking and item authentication for the retail, healthcare, supply chain and logistics. hospitality, food and beverage, ‘and industrial manufacturing industries. During the quarter, shares contributed to performance as the company reported better-than- expected fiscal fourth quarter results, driven by strong revenue growth and profitability. Further, management raised fiscal first quarter guidance above analyst estimates, noting that the company is beginning to see a recovery in the North American retail market, along with year-end channel inventory approaching more normalized levels – both of which had been headwinds for growth in the second half of 2023. The company also noted that key large-scale enterprise deployments appear to be on track, supporting key new use cases for the company’s RFID technology in supply chain, logistics and general merchandise applications Separately, in March, Impinj announced a favorable litigation settlement with a top competitor who will be paying Impinj an annual licensing tee going forward.”
A professional looking suit clad figure interacting with one of the companies radio-frequency identification products. .
Impinj, Inc. (NASDAQ:PI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Impinj, Inc. (NASDAQ:PI) at the end of the first quarter which was 16 in the previous quarter.
Impinj, Inc. (NASDAQ:PI) reported a robust first quarter. The revenue and profitability exceeded both Q4 2023 results and Q1 guidance. Impinj, Inc.’s (NASDAQ:PI) revenue for the first quarter was $76.8 million, an increase of 9% sequentially from $70.7 million in Q4 2023, and down 11% year-over-year from $86.0 million in the Q1 2023.
In another article, we discussed Impinj, Inc. (NASDAQ:PI) and shared Wasatch Micro Cap Value Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
