Principal Financial Group Inc. Sells 54,843 Shares of RadNet, Inc. (NASDAQ:RDNT)

Principal Financial Group Inc. reduced its holdings in RadNet, Inc. (NASDAQ:RDNT) by 3.8% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,388,044 shares of the medical research company’s stock after selling 54,843 shares during the quarter. Principal Financial Group Inc.’s holdings in RadNet were worth $81,784,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. RTW Investments LP acquired a new stake in shares of RadNet during the fourth quarter worth $23,073,000. Clearbridge Investments LLC acquired a new position in shares of RadNet during the 1st quarter worth about $26,617,000. Allspring Global Investments Holdings LLC increased its stake in shares of RadNet by 103.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,011,974 shares of the medical research company’s stock valued at $59,626,000 after acquiring an additional 515,342 shares during the last quarter. 8 Knots Management LLC acquired a new stake in shares of RadNet in the 1st quarter valued at approximately $20,273,000. Finally, Vanguard Group Inc. boosted its stake in RadNet by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 4,600,539 shares of the medical research company’s stock worth $223,862,000 after acquiring an additional 345,822 shares during the last quarter. 77.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on RDNT shares. StockNews.com downgraded shares of RadNet from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. Truist Financial raised their price objective on RadNet from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Raymond James boosted their target price on RadNet from $50.00 to $60.00 and gave the company an “outperform” rating in a research note on Friday, May 10th. Jefferies Financial Group raised their price target on RadNet from $61.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Finally, Barclays boosted their price objective on RadNet from $51.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, RadNet currently has a consensus rating of “Hold” and an average target price of $65.50.

Insider Buying and Selling at RadNet

In other news, EVP Michael N. Murdock sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $62.78, for a total transaction of $941,700.00. Following the completion of the transaction, the executive vice president now directly owns 48,144 shares of the company’s stock, valued at approximately $3,022,480.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Michael N. Murdock sold 15,000 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $62.78, for a total transaction of $941,700.00. Following the completion of the transaction, the executive vice president now directly owns 48,144 shares in the company, valued at approximately $3,022,480.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Lawrence L. Levitt sold 4,000 shares of RadNet stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $57.77, for a total value of $231,080.00. Following the completion of the sale, the director now directly owns 172,657 shares in the company, valued at approximately $9,974,394.89. The disclosure for this sale can be found here. In the last quarter, insiders have sold 114,730 shares of company stock worth $7,063,216. Corporate insiders own 5.12% of the company’s stock.

RadNet Price Performance

Shares of NASDAQ RDNT opened at $66.29 on Friday. The company has a fifty day moving average price of $61.17 and a 200 day moving average price of $54.05. The firm has a market cap of $4.90 billion, a PE ratio of 220.97 and a beta of 1.75. The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 0.76. RadNet, Inc. has a 1-year low of $25.11 and a 1-year high of $66.57.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings results on Wednesday, August 7th. The medical research company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The firm had revenue of $459.70 million during the quarter, compared to the consensus estimate of $438.53 million. RadNet had a net margin of 1.28% and a return on equity of 5.05%. The business’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.24 earnings per share. Research analysts predict that RadNet, Inc. will post 0.58 earnings per share for the current fiscal year.

RadNet Company Profile

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. The company operates in two segments: Imaging Centers and Artificial Intelligence. Its services include magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy, and other related procedures, as well as multi-modality imaging services.