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

Principal Financial Group Inc. lowered its position in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 91.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,291 shares of the company’s stock after selling 57,301 shares during the quarter. Principal Financial Group Inc.’s holdings in iRhythm Technologies were worth $570,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in IRTC. Artisan Partners Limited Partnership grew its holdings in shares of iRhythm Technologies by 5.5% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,071,500 shares of the company’s stock worth $221,733,000 after purchasing an additional 108,875 shares during the period. Sei Investments Co. raised its stake in shares of iRhythm Technologies by 7.0% in the 1st quarter. Sei Investments Co. now owns 235,361 shares of the company’s stock valued at $27,302,000 after acquiring an additional 15,381 shares during the period. Capital Research Global Investors boosted its position in iRhythm Technologies by 5.1% during the 4th quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock worth $267,132,000 after purchasing an additional 121,709 shares during the period. Daiwa Securities Group Inc. acquired a new stake in iRhythm Technologies in the 1st quarter valued at $1,925,000. Finally, Capstone Investment Advisors LLC purchased a new position in iRhythm Technologies in the first quarter valued at about $1,078,000.

iRhythm Technologies Stock Performance

IRTC stock opened at $76.61 on Friday. The firm has a market cap of $2.39 billion, a P/E ratio of -18.11 and a beta of 1.22. The stock’s 50 day simple moving average is $79.52 and its 200 day simple moving average is $95.49. The company has a current ratio of 6.92, a quick ratio of 6.76 and a debt-to-equity ratio of 6.50. iRhythm Technologies, Inc. has a 12-month low of $60.88 and a 12-month high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.28. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 84.14%. The company had revenue of $148.05 million for the quarter, compared to the consensus estimate of $146.15 million. During the same period last year, the firm posted ($0.61) EPS. The company’s revenue for the quarter was up 19.3% on a year-over-year basis. As a group, equities research analysts predict that iRhythm Technologies, Inc. will post -2.66 EPS for the current year.

Insider Transactions at iRhythm Technologies

In related news, CFO Brice Bobzien sold 1,372 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $70.34, for a total transaction of $96,506.48. Following the completion of the transaction, the chief financial officer now owns 24,428 shares in the company, valued at approximately $1,718,265.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Chad Patterson sold 3,012 shares of iRhythm Technologies stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total transaction of $224,875.92. Following the sale, the insider now owns 37,133 shares of the company’s stock, valued at $2,772,349.78. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Brice Bobzien sold 1,372 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $70.34, for a total value of $96,506.48. Following the completion of the transaction, the chief financial officer now directly owns 24,428 shares of the company’s stock, valued at $1,718,265.52. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,476 shares of company stock worth $521,081. 0.68% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on IRTC shares. Wolfe Research upgraded iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 target price on the stock in a report on Thursday, June 20th. JPMorgan Chase & Co. dropped their price target on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Truist Financial restated a “buy” rating and set a $117.00 target price (down from $134.00) on shares of iRhythm Technologies in a research note on Friday, August 2nd. Needham & Company LLC reduced their price target on iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, Oppenheimer dropped their price objective on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $118.67.

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.