Allspring Global Investments Holdings LLC Cuts Holdings in iRhythm Technologies $IRTC

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in iRhythm Technologies by 16.2%, bringing its total holdings to 434,343 shares valued at approximately $63.4 million.
• Several institutional investors significantly increased their stakes in iRhythm Technologies during the first quarter of 2023, with UBS AM boosting its position by 169.7% to acquire 903,084 shares.
• iRhythm Technologies reported earnings of ($0.32) EPS for the last quarter, beating expectations, with revenue increasing by 26.1% year-over-year.

Allspring Global Investments Holdings LLC trimmed its position in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 16.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 434,343 shares of the company's stock after selling 84,275 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.36% of iRhythm Technologies worth $63,392,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of IRTC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in iRhythm Technologies by 169.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 903,084 shares of the company's stock valued at $94,535,000 after acquiring an additional 568,261 shares in the last quarter. Fuller & Thaler Asset Management Inc. acquired a new stake in iRhythm Technologies in the first quarter valued at approximately $54,249,000. Millennium Management LLC boosted its stake in iRhythm Technologies by 563.8% in the first quarter. Millennium Management LLC now owns 399,746 shares of the company's stock valued at $41,845,000 after acquiring an additional 339,529 shares in the last quarter. Jennison Associates LLC acquired a new stake in iRhythm Technologies in the first quarter valued at approximately $29,330,000. Finally, Next Century Growth Investors LLC acquired a new stake in iRhythm Technologies in the first quarter valued at approximately $21,796,000.

Insider Activity at iRhythm Technologies

In related news, EVP Sumi Shrishrimal sold 653 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $167.12, for a total transaction of $109,129.36. Following the completion of the transaction, the executive vice president directly owned 34,032 shares in the company, valued at $5,687,427.84. The trade was a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Chad Patterson sold 2,707 shares of the business's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $164.36, for a total transaction of $444,922.52. Following the transaction, the insider owned 46,222 shares of the company's stock, valued at $7,597,047.92. This represents a 5.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 47,069 shares of company stock valued at $7,627,986 over the last ninety days. Corporate insiders own 0.68% of the company's stock.

iRhythm Technologies Trading Down 0.3%

NASDAQ IRTC opened at $176.84 on Wednesday. The company has a market capitalization of $5.68 billion, a PE ratio of -60.35 and a beta of 1.15. The company has a fifty day moving average of $171.88 and a 200 day moving average of $145.47. iRhythm Technologies has a 1 year low of $57.43 and a 1 year high of $187.57. The company has a debt-to-equity ratio of 6.25, a current ratio of 5.02 and a quick ratio of 4.88.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.53) by $0.21. The company had revenue of $186.69 million during the quarter, compared to the consensus estimate of $173.94 million. iRhythm Technologies had a negative net margin of 14.06% and a negative return on equity of 90.03%. The firm's quarterly revenue was up 26.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.61) earnings per share. iRhythm Technologies has set its FY 2025 guidance at EPS. Research analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have weighed in on IRTC shares. Citigroup raised their target price on shares of iRhythm Technologies from $183.00 to $205.00 and gave the company a "buy" rating in a research note on Tuesday, October 7th. Robert W. Baird lifted their price objective on shares of iRhythm Technologies from $180.00 to $220.00 and gave the stock an "outperform" rating in a research note on Friday, October 10th. JPMorgan Chase & Co. lifted their price objective on shares of iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Canaccord Genuity Group lifted their price objective on shares of iRhythm Technologies from $170.00 to $193.00 and gave the stock a "buy" rating in a research note on Monday, September 29th. Finally, BTIG Research lifted their price objective on shares of iRhythm Technologies from $190.00 to $195.00 and gave the stock a "buy" rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $180.23.

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.

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