iRhythm Technologies (NASDAQ:IRTC) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its position in shares of iRhythm Technologies (NASDAQ:IRTC) by 1,793.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,449 shares of the company’s stock after acquiring an additional 47,785 shares during the quarter. Principal Financial Group Inc. owned 0.16% of iRhythm Technologies worth $5,281,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in IRTC. Raiffeisen Bank International AG acquired a new stake in shares of iRhythm Technologies in the fourth quarter valued at approximately $60,000. Avanza Fonder AB purchased a new position in shares of iRhythm Technologies in the 1st quarter valued at $123,000. SeaCrest Wealth Management LLC acquired a new stake in iRhythm Technologies during the 1st quarter valued at $212,000. Xponance Inc. acquired a new stake in iRhythm Technologies during the 4th quarter valued at $203,000. Finally, LPL Financial LLC acquired a new position in iRhythm Technologies during the 4th quarter worth $243,000.

Wall Street Analyst Weigh In

Several research analysts have recently commented on IRTC shares. Needham & Company LLC lifted their price target on shares of iRhythm Technologies from $138.00 to $151.00 and gave the company a “buy” rating in a report on Friday, May 2nd. Morgan Stanley lowered their price objective on shares of iRhythm Technologies from $160.00 to $147.00 and set an “overweight” rating on the stock in a research report on Tuesday. Canaccord Genuity Group decreased their target price on shares of iRhythm Technologies from $152.00 to $139.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. Wells Fargo & Company upgraded shares of iRhythm Technologies from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $104.00 to $130.00 in a research note on Friday, May 2nd. Finally, Citigroup upped their target price on shares of iRhythm Technologies from $130.00 to $167.00 and gave the company a “buy” rating in a research note on Thursday, May 22nd. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $137.30.

Insider Activity

In related news, CFO Daniel G. Wilson sold 3,000 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total value of $450,000.00. Following the sale, the chief financial officer directly owned 40,307 shares in the company, valued at $6,046,050. This trade represents a 6.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Minang Turakhia sold 1,420 shares of the firm’s stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $145.41, for a total transaction of $206,482.20. Following the sale, the executive vice president owned 41,393 shares in the company, valued at $6,018,956.13. This trade represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,356 shares of company stock valued at $796,882. 1.10% of the stock is currently owned by insiders.

iRhythm Technologies Stock Up 2.3%

IRTC opened at $137.00 on Thursday. The firm’s 50-day simple moving average is $143.11 and its 200-day simple moving average is $118.61. The company has a debt-to-equity ratio of 7.47, a quick ratio of 5.58 and a current ratio of 5.71. iRhythm Technologies has a twelve month low of $55.92 and a twelve month high of $157.13. The firm has a market cap of $4.37 billion, a price-to-earnings ratio of -43.63 and a beta of 1.41.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, May 1st. The company reported ($0.95) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.06). The company had revenue of $158.68 million during the quarter, compared to analyst estimates of $153.39 million. iRhythm Technologies had a negative net margin of 15.90% and a negative return on equity of 101.04%. The company’s revenue was up 20.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.23) EPS. Equities research analysts anticipate that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

iRhythm Technologies 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.