Allspring Global Investments Holdings LLC Sells 51,430 Shares of iRhythm Technologies (NASDAQ:IRTC)

Allspring Global Investments Holdings LLC cut its position in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 9.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 518,618 shares of the company's stock after selling 51,430 shares during the quarter. Allspring Global Investments Holdings LLC owned 1.62% of iRhythm Technologies worth $55,430,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in IRTC. Raiffeisen Bank International AG bought a new position in iRhythm Technologies in the fourth quarter valued at about $60,000. Avanza Fonder AB bought a new stake in shares of iRhythm Technologies during the 1st quarter valued at approximately $123,000. Xponance Inc. acquired a new position in iRhythm Technologies during the 4th quarter worth approximately $203,000. SeaCrest Wealth Management LLC acquired a new position in iRhythm Technologies during the 1st quarter worth approximately $212,000. Finally, LPL Financial LLC acquired a new stake in iRhythm Technologies in the fourth quarter valued at approximately $243,000.

Insider Buying and Selling at iRhythm Technologies

In related news, EVP Minang Turakhia sold 1,420 shares of the stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $145.41, for a total transaction of $206,482.20. Following the transaction, the executive vice president directly owned 41,393 shares of the company's stock, valued at $6,018,956.13. This represents a 3.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel G. Wilson sold 3,000 shares of the firm's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $150.00, for a total transaction of $450,000.00. Following the completion of the sale, the chief financial officer owned 40,307 shares of the company's stock, valued at $6,046,050. The trade was a 6.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,356 shares of company stock valued at $796,882. 1.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on IRTC shares. Canaccord Genuity Group lowered their price target on shares of iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Wall Street Zen downgraded iRhythm Technologies from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Citigroup boosted their price target on iRhythm Technologies from $130.00 to $167.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. 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 research report on Friday, May 2nd. Finally, Robert W. Baird upped their price target on shares of iRhythm Technologies from $133.00 to $150.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, iRhythm Technologies currently has an average rating of "Moderate Buy" and an average price target of $138.60.

iRhythm Technologies Trading Down 0.3%

Shares of IRTC traded down $0.42 during trading hours on Thursday, hitting $142.37. 206,877 shares of the stock were exchanged, compared to its average volume of 482,165. iRhythm Technologies has a fifty-two week low of $55.92 and a fifty-two week high of $157.13. The business has a 50-day moving average of $139.23 and a 200-day moving average of $115.30. The firm has a market capitalization of $4.54 billion, a P/E ratio of -45.34 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 issued 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 analyst estimates of $153.39 million. iRhythm Technologies had a negative return on equity of 101.04% and a negative net margin of 15.90%. The business's revenue was up 20.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.23) earnings per share. On average, research analysts expect that iRhythm Technologies will post -1.98 EPS for the current year.

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.