Principal Financial Group Inc. Trims Holdings in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Principal Financial Group Inc. trimmed its stake in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 45.0% during the third quarter, HoldingsChannel.com reports. The firm owned 2,908 shares of the company’s stock after selling 2,383 shares during the quarter. Principal Financial Group Inc.’s holdings in iRhythm Technologies were worth $216,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. Nisa Investment Advisors LLC grew its holdings in 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 buying an additional 277 shares in the last quarter. nVerses Capital LLC boosted its position in shares of iRhythm Technologies by 400.0% in 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 during the period. Russell Investments Group Ltd. grew its stake in 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 acquiring an additional 1,594 shares in the last quarter. SeaCrest Wealth Management LLC increased its holdings in iRhythm Technologies by 7.6% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock worth $229,000 after acquiring an additional 150 shares during the period. Finally, Bank Pictet & Cie Europe AG lifted its stake in iRhythm Technologies by 22.3% in the 3rd quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock worth $231,000 after purchasing an additional 567 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Citigroup decreased their price target on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. StockNews.com lowered iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. Truist Financial lifted their price target on iRhythm Technologies from $80.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. decreased 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 report on Friday, August 2nd. Finally, The Goldman Sachs Group initiated 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 research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $108.50.

iRhythm Technologies Trading Up 11.3 %

IRTC stock opened at $82.32 on Tuesday. The company has a market capitalization of $2.58 billion, a PE ratio of -16.94 and a beta of 1.23. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. iRhythm Technologies, Inc. has a one year low of $55.92 and a one year high of $124.11. The company’s 50 day moving average price is $72.93 and its two-hundred day moving average price is $81.81.

iRhythm Technologies (NASDAQ:IRTC) last issued its 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 return on equity of 120.86% and a negative net margin of 26.90%. The business had revenue of $147.54 million during the quarter, compared to analysts’ expectations of $146.69 million. During the same quarter in the previous year, the business earned ($0.89) EPS. iRhythm Technologies’s revenue for the quarter was up 18.4% compared to the same quarter last year. As a group, analysts predict that iRhythm Technologies, Inc. will post -3.44 earnings per share for the current fiscal year.

Insider Activity

In related news, 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 transaction of $1,249,784.45. Following the completion of the sale, 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Abhijit Y. Talwalkar purchased 6,664 shares of the company’s stock in a transaction on Monday, November 4th. The shares were purchased at an average cost of $75.16 per share, with a total value of $500,866.24. Following the transaction, the director now directly owns 18,941 shares in the company, valued at $1,423,605.56. This trade represents a 54.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.68% of the stock is currently owned by corporate insiders.

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.