Principal Financial Group Inc. Decreases Stock Position in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Principal Financial Group Inc. decreased its position in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 45.0% in the 3rd quarter, Holdings Channel reports. The fund owned 2,908 shares of the company’s stock after selling 2,383 shares during the period. Principal Financial Group Inc.’s holdings in iRhythm Technologies were worth $216,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Quarry LP acquired a new stake in iRhythm Technologies during the 3rd quarter valued at $59,000. Wilmington Savings Fund Society FSB purchased a new position in iRhythm Technologies in the 3rd quarter valued at about $119,000. nVerses Capital LLC grew its stake in shares of iRhythm Technologies by 400.0% during the third quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock valued at $148,000 after acquiring an additional 1,600 shares in the last quarter. Bank Pictet & Cie Europe AG grew its stake in shares of iRhythm Technologies by 22.3% during the third quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock valued at $231,000 after acquiring an additional 567 shares in the last quarter. Finally, Aigen Investment Management LP purchased a new stake in shares of iRhythm Technologies during the third quarter worth about $243,000.

Insider Buying and Selling

In related news, insider Patrick Michael Murphy sold 2,492 shares of iRhythm Technologies stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $85.89, for a total transaction of $214,037.88. Following the transaction, the insider now directly owns 35,327 shares of the company’s stock, valued at $3,034,236.03. The trade was a 6.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Quentin S. Blackford sold 16,145 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the completion of the sale, the chief executive officer now owns 159,929 shares in the company, valued at $12,380,103.89. The trade was a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on IRTC. Canaccord Genuity Group increased their price target on iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a report on Monday, December 9th. StockNews.com downgraded shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. Needham & Company LLC dropped their price target on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Wells Fargo & Company reiterated an “equal weight” rating and set a $86.00 price objective on shares of iRhythm Technologies in a research note on Tuesday, December 3rd. Finally, Truist Financial boosted their target price on shares of iRhythm Technologies from $85.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $109.27.

iRhythm Technologies Price Performance

Shares of NASDAQ:IRTC opened at $92.30 on Tuesday. The company has a market cap of $2.89 billion, a PE ratio of -18.99 and a beta of 1.26. iRhythm Technologies, Inc. has a fifty-two week low of $55.92 and a fifty-two week high of $124.11. The firm has a 50-day simple moving average of $84.83 and a 200 day simple moving average of $80.77. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). The company had revenue of $147.54 million during the quarter, compared to the consensus estimate of $146.69 million. iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The business’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.89) earnings per share. On average, sell-side analysts anticipate that iRhythm Technologies, Inc. will post -3.35 EPS for the current year.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.