iRhythm Technologies $IRTC Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its stake in shares of iRhythm Technologies (NASDAQ:IRTC) by 23.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 53,476 shares of the company’s stock after selling 15,945 shares during the quarter. Principal Financial Group Inc. owned 0.16% of iRhythm Technologies worth $6,311,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of IRTC. Royal Bank of Canada grew its stake in iRhythm Technologies by 423.0% during the 1st quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock worth $793,000 after purchasing an additional 6,125 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of iRhythm Technologies by 33.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock valued at $45,408,000 after buying an additional 108,941 shares during the period. Strs Ohio purchased a new position in shares of iRhythm Technologies in the 1st quarter valued at about $147,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of iRhythm Technologies during the second quarter worth about $1,278,000. Finally, First Trust Advisors LP grew its position in shares of iRhythm Technologies by 66.0% during the second quarter. First Trust Advisors LP now owns 56,197 shares of the company’s stock worth $8,652,000 after buying an additional 22,337 shares in the last quarter.

Insider Buying and Selling

In related news, Director Abhijit Y. Talwalkar acquired 5,312 shares of the business’s stock in a transaction on Monday, May 11th. The shares were bought at an average price of $10.71 per share, with a total value of $56,891.52. Following the completion of the acquisition, the director owned 25,611 shares in the company, valued at $274,293.81. This trade represents a 26.17% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is owned by corporate insiders.

iRhythm Technologies Trading Up 2.7%

IRTC opened at $112.15 on Tuesday. iRhythm Technologies has a one year low of $100.85 and a one year high of $212.00. The company has a market cap of $3.69 billion, a P/E ratio of -130.41 and a beta of 1.27. The company has a debt-to-equity ratio of 4.03, a quick ratio of 4.98 and a current ratio of 5.17. The business’s 50-day simple moving average is $113.61 and its 200-day simple moving average is $127.38.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.21. The business had revenue of $199.39 million for the quarter, compared to analyst estimates of $194.11 million. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The business’s quarterly revenue was up 25.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.97) EPS. As a group, equities research analysts expect that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on IRTC. Needham & Company LLC upped their target price on shares of iRhythm Technologies from $254.00 to $255.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Truist Financial lowered their price target on shares of iRhythm Technologies from $174.00 to $160.00 and set a “buy” rating for the company in a report on Thursday, July 16th. Stephens began coverage on shares of iRhythm Technologies in a report on Thursday, July 23rd. They set an “overweight” rating and a $160.00 price target for the company. Weiss Ratings raised shares of iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, June 18th. Finally, HC Wainwright restated a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $184.71.

iRhythm Technologies Profile

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.