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

Principal Financial Group Inc. decreased its position in shares of iRhythm Technologies (NASDAQ:IRTC) by 23.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 53,476 shares of the company’s stock after selling 15,945 shares during the quarter. Principal Financial Group Inc.’s holdings in iRhythm Technologies were worth $6,311,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of iRhythm Technologies by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 3,310,519 shares of the company’s stock valued at $587,418,000 after purchasing an additional 70,420 shares during the period. RTW Investments LP acquired a new position in iRhythm Technologies during the fourth quarter worth approximately $209,732,000. Geode Capital Management LLC increased its position in iRhythm Technologies by 8.6% during the fourth quarter. Geode Capital Management LLC now owns 858,405 shares of the company’s stock worth $152,337,000 after buying an additional 68,301 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in iRhythm Technologies by 45.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 829,862 shares of the company’s stock valued at $147,251,000 after buying an additional 259,800 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in iRhythm Technologies by 197.4% in the fourth quarter. Millennium Management LLC now owns 826,376 shares of the company’s stock valued at $146,632,000 after buying an additional 548,519 shares during the last quarter.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company lowered their target price on shares of iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Stephens started coverage on shares of iRhythm Technologies in a research report on Thursday, July 23rd. They issued an “overweight” rating and a $160.00 price target for the company. Bank of America reduced their price target on shares of iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating for the company in a research report on Monday, May 18th. 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, The Goldman Sachs Group lowered their price objective on shares of iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $184.71.

iRhythm Technologies Stock Up 2.7%

iRhythm Technologies stock opened at $112.15 on Tuesday. iRhythm Technologies has a twelve month low of $100.85 and a twelve month high of $212.00. The stock has a 50 day moving average of $113.61 and a two-hundred day moving average of $127.38. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. The stock has a market capitalization of $3.69 billion, a price-to-earnings ratio of -130.41 and a beta of 1.27.

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

Insiders Place Their Bets

In other news, Director Abhijit Y. Talwalkar acquired 5,312 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were purchased at an average cost of $10.71 per share, for a total transaction of $56,891.52. Following the transaction, the director directly owned 25,611 shares in the company, valued at approximately $274,293.81. This represents a 26.17% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is currently owned by company insiders.

iRhythm Technologies Company 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.