Principal Financial Group Inc. Raises Stock Position in RadNet, Inc. (NASDAQ:RDNT)

Principal Financial Group Inc. grew its holdings in shares of RadNet, Inc. (NASDAQ:RDNT) by 8.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,506,545 shares of the medical research company’s stock after buying an additional 118,501 shares during the quarter. Principal Financial Group Inc. owned 2.04% of RadNet worth $104,539,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Franklin Resources Inc. lifted its stake in shares of RadNet by 12.0% in the 3rd quarter. Franklin Resources Inc. now owns 387,061 shares of the medical research company’s stock valued at $27,334,000 after purchasing an additional 41,381 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in RadNet in the third quarter worth $211,000. Virtue Capital Management LLC boosted its stake in RadNet by 1.4% during the third quarter. Virtue Capital Management LLC now owns 19,389 shares of the medical research company’s stock worth $1,345,000 after buying an additional 264 shares during the period. Geode Capital Management LLC increased its position in RadNet by 0.8% during the third quarter. Geode Capital Management LLC now owns 1,555,214 shares of the medical research company’s stock valued at $107,936,000 after acquiring an additional 11,613 shares during the last quarter. Finally, Barclays PLC raised its stake in shares of RadNet by 373.8% in the third quarter. Barclays PLC now owns 116,978 shares of the medical research company’s stock valued at $8,118,000 after acquiring an additional 92,291 shares during the period. Institutional investors own 77.90% of the company’s stock.

Insider Buying and Selling

In related news, insider Ranjan Jayanathan sold 38,557 shares of RadNet stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $80.00, for a total value of $3,084,560.00. Following the completion of the sale, the insider now directly owns 192,724 shares in the company, valued at $15,417,920. The trade was a 16.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP David Jeffrey Katz sold 12,300 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $81.65, for a total transaction of $1,004,295.00. Following the transaction, the executive vice president now owns 62,909 shares in the company, valued at approximately $5,136,519.85. The trade was a 16.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.12% of the stock is owned by insiders.

Wall Street Analyst Weigh In

RDNT has been the subject of a number of recent analyst reports. Jefferies Financial Group lifted their price target on shares of RadNet from $82.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Sidoti raised RadNet to a “strong-buy” rating in a research note on Friday, October 4th. Truist Financial increased their price target on RadNet from $80.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, November 29th. Finally, Barclays boosted their price objective on RadNet from $79.00 to $85.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $84.75.

RadNet Stock Performance

Shares of NASDAQ:RDNT opened at $72.70 on Friday. The firm’s 50 day simple moving average is $75.30 and its 200-day simple moving average is $67.08. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. RadNet, Inc. has a one year low of $33.44 and a one year high of $93.65. The firm has a market cap of $5.38 billion, a PE ratio of -1,038.42 and a beta of 1.77.

RadNet Profile

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. The company operates in two segments: Imaging Centers and Artificial Intelligence. Its services include magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy, and other related procedures, as well as multi-modality imaging services.