Principal Financial Group Inc. Purchases 47,785 Shares of iRhythm Technologies (NASDAQ:IRTC)

Principal Financial Group Inc. lifted its position in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 1,793.7% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 50,449 shares of the company's stock after buying an additional 47,785 shares during the quarter. Principal Financial Group Inc. owned approximately 0.16% of iRhythm Technologies worth $5,281,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of IRTC. Raiffeisen Bank International AG purchased a new position in shares of iRhythm Technologies during the 4th quarter valued at $60,000. Avanza Fonder AB purchased a new position in shares of iRhythm Technologies during the 1st quarter valued at $123,000. Xponance Inc. purchased a new position in shares of iRhythm Technologies during the 4th quarter valued at $203,000. SeaCrest Wealth Management LLC purchased a new position in shares of iRhythm Technologies during the 1st quarter valued at $212,000. Finally, LPL Financial LLC purchased a new position in shares of iRhythm Technologies during the 4th quarter valued at $243,000.

Analyst Upgrades and Downgrades

IRTC has been the topic of a number of analyst reports. Robert W. Baird lifted their target price on shares of iRhythm Technologies from $133.00 to $150.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. Canaccord Genuity Group decreased their price target on shares of iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Morgan Stanley decreased their price target on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a research note on Tuesday. Citigroup boosted their price target on shares of iRhythm Technologies from $130.00 to $167.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Finally, Needham & Company LLC boosted their price target on shares of iRhythm Technologies from $138.00 to $151.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. One research 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's stock. According to MarketBeat, iRhythm Technologies currently has a consensus rating of "Moderate Buy" and an average target price of $137.30.

Insider Activity

In other news, CFO Daniel G. Wilson sold 3,000 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $150.00, for a total transaction of $450,000.00. Following the sale, the chief financial officer directly owned 40,307 shares in the company, valued at approximately $6,046,050. This represents a 6.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Chad Patterson sold 936 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $150.00, for a total transaction of $140,400.00. Following the transaction, the insider owned 48,929 shares in the company, valued at $7,339,350. The trade was a 1.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,356 shares of company stock worth $796,882. 1.10% of the stock is currently owned by corporate insiders.

iRhythm Technologies Price Performance

Shares of NASDAQ IRTC traded down $1.24 during mid-day trading on Thursday, hitting $135.76. 375,513 shares of the company's stock traded hands, compared to its average volume of 490,663. The company's 50-day moving average is $143.11 and its two-hundred day moving average is $118.61. The company has a debt-to-equity ratio of 7.47, a current ratio of 5.71 and a quick ratio of 5.58. The company has a market capitalization of $4.33 billion, a P/E ratio of -43.24 and a beta of 1.41. iRhythm Technologies has a 1 year low of $55.92 and a 1 year high of $157.13.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.89) by ($0.06). The business had revenue of $158.68 million for the quarter, compared to analysts' expectations of $153.39 million. iRhythm Technologies had a negative net margin of 15.90% and a negative return on equity of 101.04%. The firm's quarterly revenue was up 20.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.23) earnings per share. On average, equities analysts anticipate that iRhythm Technologies will post -1.98 EPS 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.