Assenagon Asset Management S.A. Sells 248,060 Shares of iRhythm Technologies $IRTC

Key Points

• Assenagon Asset Management cut its iRhythm Technologies stake by 91.8% in the second quarter, selling 248,060 shares and retaining 22,161 shares worth approximately $2.64 million.
• Other institutional investors were more positive: Goldman Sachs, Royal Bank of Canada and First Trust increased their positions, while Arrowstreet Capital initiated a new stake.
• Analysts maintain a generally bullish view, with a consensus “Moderate Buy” rating and a $179.93 price target. iRhythm also reported quarterly revenue of $224.17 million, up 20.1% year over year, and earnings of $0.58 per share.

Assenagon Asset Management S.A. lessened its holdings in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 91.8% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,161 shares of the company's stock after selling 248,060 shares during the period. Assenagon Asset Management S.A. owned approximately 0.07% of iRhythm Technologies worth $2,636,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of IRTC. Royal Bank of Canada raised its holdings in shares of iRhythm Technologies by 423.0% in 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 during the period. Goldman Sachs Group Inc. boosted its stake in iRhythm Technologies by 33.5% during the first 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 during the first quarter worth about $147,000. Arrowstreet Capital Limited Partnership purchased a new position in iRhythm Technologies in the 2nd quarter worth approximately $1,278,000. Finally, First Trust Advisors LP grew its position in iRhythm Technologies by 66.0% in the second quarter. First Trust Advisors LP now owns 56,197 shares of the company's stock worth $8,652,000 after acquiring an additional 22,337 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on IRTC. HC Wainwright restated a "buy" rating on shares of iRhythm Technologies in a research report on Monday, June 1st. BTIG Research restated a "buy" rating and issued a $185.00 target price on shares of iRhythm Technologies in a report on Monday, June 22nd. Citigroup lifted their target price on shares of iRhythm Technologies from $155.00 to $157.00 and gave the stock a "buy" rating in a research note on Monday, May 4th. Stephens assumed 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. Finally, JPMorgan Chase & Co. dropped their price target on shares of iRhythm Technologies from $215.00 to $175.00 and set an "overweight" rating for the company in a research report on Friday, May 1st. Two 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 issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $179.93.

iRhythm Technologies Price Performance

Shares of IRTC opened at $123.16 on Friday. The company has a market capitalization of $4.06 billion, a P/E ratio of -286.42 and a beta of 1.30. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50. The firm has a 50 day moving average of $116.41 and a 200 day moving average of $123.15. iRhythm Technologies has a twelve month low of $100.85 and a twelve month high of $212.00.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.58 EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.62. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The business had revenue of $224.17 million during the quarter, compared to the consensus estimate of $219.30 million. During the same quarter in the previous year, the firm posted ($0.32) EPS. The firm's revenue was up 20.1% on a year-over-year basis. As a group, equities research analysts anticipate that iRhythm Technologies will post 0.43 earnings per share for the current fiscal year.

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.

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