Principal Financial Group Inc. Has $5.28 Million Position in iRhythm Technologies (NASDAQ:IRTC)

Principal Financial Group Inc. lifted its holdings in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 1,793.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 50,449 shares of the company's stock after buying an additional 47,785 shares during the period. Principal Financial Group Inc. owned about 0.16% of iRhythm Technologies worth $5,281,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Bank Pictet & Cie Europe AG boosted its stake in shares of iRhythm Technologies by 5.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock valued at $297,000 after buying an additional 184 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of iRhythm Technologies by 1.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 259,494 shares of the company's stock valued at $23,399,000 after buying an additional 3,791 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of iRhythm Technologies during the 4th quarter valued at $9,151,000. PNC Financial Services Group Inc. boosted its stake in shares of iRhythm Technologies by 32.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,980 shares of the company's stock valued at $449,000 after buying an additional 1,215 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of iRhythm Technologies by 15.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,198 shares of the company's stock valued at $739,000 after purchasing an additional 1,068 shares during the last quarter.

iRhythm Technologies Price Performance

Shares of IRTC stock traded up $0.48 during trading hours on Friday, reaching $136.24. 433,891 shares of the company were exchanged, compared to its average volume of 492,646. iRhythm Technologies has a fifty-two week low of $55.92 and a fifty-two week high of $157.13. The stock's fifty day moving average is $143.06 and its two-hundred day moving average is $119.47. The company has a market cap of $4.35 billion, a price-to-earnings ratio of -43.39 and a beta of 1.41. The company has a debt-to-equity ratio of 7.47, a current ratio of 5.71 and a quick ratio of 5.58.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.95) earnings per share for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.06). The business had revenue of $158.68 million for the quarter, compared to the consensus estimate of $153.39 million. iRhythm Technologies had a negative return on equity of 101.04% and a negative net margin of 15.90%. The company's quarterly revenue was up 20.3% on a year-over-year basis. During the same period last year, the firm earned ($1.23) earnings per share. Sell-side analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Wall Street Zen downgraded shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Canaccord Genuity Group dropped their target price on shares of iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Wells Fargo & Company upgraded shares of iRhythm Technologies from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $104.00 to $130.00 in a report on Friday, May 2nd. Morgan Stanley dropped their price objective on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Finally, Needham & Company LLC boosted their price objective on shares of iRhythm Technologies from $138.00 to $151.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. 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, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $137.30.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, CFO Daniel G. Wilson sold 3,000 shares of the stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total value of $450,000.00. Following the completion of the sale, the chief financial officer owned 40,307 shares in the company, valued at $6,046,050. This trade represents a 6.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Chad Patterson sold 936 shares of the stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total transaction of $140,400.00. Following the completion of the sale, the insider owned 48,929 shares of the company's stock, valued at approximately $7,339,350. This represents a 1.88% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,356 shares of company stock valued at $796,882 over the last quarter. Corporate insiders own 1.10% of the company's stock.

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.