Principal Financial Group Inc. Sells 2,383 Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC)

Principal Financial Group Inc. trimmed its holdings in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 45.0% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor 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 filing with the SEC.

Other large investors also recently modified their holdings of the company. Nisa Investment Advisors LLC lifted its position in shares of iRhythm Technologies by 79.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after acquiring an additional 277 shares during the period. nVerses Capital LLC raised its holdings 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 purchasing an additional 1,600 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of iRhythm Technologies by 79,700.0% during the first quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock valued at $185,000 after purchasing an additional 1,594 shares during the period. SeaCrest Wealth Management LLC grew its stake in shares of iRhythm Technologies by 7.6% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after buying an additional 150 shares during the period. Finally, Bank Pictet & Cie Europe AG grew its stake in shares of iRhythm Technologies by 22.3% in the 3rd quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock valued at $231,000 after buying an additional 567 shares during the period.

Insider Transactions at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar bought 6,664 shares of the stock in a transaction on Monday, November 4th. The shares were purchased at an average cost of $75.16 per share, for a total transaction of $500,866.24. Following the completion of the purchase, the director now directly owns 18,941 shares in the company, valued at $1,423,605.56. This represents a 54.28 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Quentin S. Blackford sold 16,145 shares of the company’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $77.41, for a total value of $1,249,784.45. Following the transaction, the chief executive officer now directly owns 159,929 shares in the company, valued at $12,380,103.89. This represents a 9.17 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. StockNews.com lowered iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. Oppenheimer cut their target price on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Canaccord Genuity Group boosted their price target on shares of iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. JPMorgan Chase & Co. dropped their price objective 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. Finally, The Goldman Sachs Group began coverage on shares of iRhythm Technologies in a research report on Friday, October 4th. They set a “neutral” rating and a $78.00 target price for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $108.50.

iRhythm Technologies Trading Up 11.3 %

NASDAQ:IRTC opened at $82.32 on Tuesday. iRhythm Technologies, Inc. has a 52 week low of $55.92 and a 52 week high of $124.11. The firm has a 50-day moving average price of $72.93 and a two-hundred day moving average price of $81.81. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of -16.94 and a beta of 1.23.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The business had revenue of $147.54 million for the quarter, compared to analysts’ expectations of $146.69 million. During the same period in the previous year, the business posted ($0.89) earnings per share. The business’s revenue was up 18.4% compared to the same quarter last year. On average, equities analysts expect that iRhythm Technologies, Inc. will post -3.44 earnings per share for the current fiscal year.

About iRhythm Technologies

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.