Banque Pictet & Cie SA Sells 12,719 Shares of iRhythm Technologies (NASDAQ:IRTC)

Banque Pictet & Cie SA lowered its position in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 21.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 46,545 shares of the company's stock after selling 12,719 shares during the quarter. Banque Pictet & Cie SA owned approximately 0.15% of iRhythm Technologies worth $4,872,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in IRTC. Vanguard Group Inc. grew its stake in shares of iRhythm Technologies by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 3,136,370 shares of the company's stock worth $282,806,000 after purchasing an additional 18,442 shares during the period. Champlain Investment Partners LLC increased its holdings in shares of iRhythm Technologies by 8.9% in the fourth quarter. Champlain Investment Partners LLC now owns 726,262 shares of the company's stock worth $65,487,000 after acquiring an additional 59,161 shares in the last quarter. Bessemer Group Inc. increased its holdings in shares of iRhythm Technologies by 1.1% in the first quarter. Bessemer Group Inc. now owns 574,053 shares of the company's stock worth $60,092,000 after acquiring an additional 6,046 shares in the last quarter. First Light Asset Management LLC bought a new stake in shares of iRhythm Technologies in the fourth quarter worth about $38,818,000. Finally, Frontier Capital Management Co. LLC increased its holdings in shares of iRhythm Technologies by 364.8% in the fourth quarter. Frontier Capital Management Co. LLC now owns 355,147 shares of the company's stock worth $32,024,000 after acquiring an additional 278,743 shares in the last quarter.

iRhythm Technologies Stock Up 0.9%

NASDAQ IRTC traded up $1.23 during trading hours on Friday, hitting $135.94. 562,298 shares of the company traded hands, compared to its average volume of 490,555. The business's 50-day moving average is $143.06 and its 200-day moving average is $118.02. iRhythm Technologies has a twelve month low of $55.92 and a twelve month high of $157.13. The company has a debt-to-equity ratio of 7.47, a quick ratio of 5.58 and a current ratio of 5.71. The stock has a market capitalization of $4.34 billion, a price-to-earnings ratio of -43.29 and a beta of 1.41.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported ($0.95) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.06). iRhythm Technologies had a negative net margin of 15.90% and a negative return on equity of 101.04%. The company had revenue of $158.68 million for the quarter, compared to analyst estimates of $153.39 million. During the same period last year, the company posted ($1.23) earnings per share. The business's revenue for the quarter was up 20.3% on a year-over-year basis. Sell-side analysts anticipate that iRhythm Technologies will post -1.98 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on IRTC shares. Citigroup increased 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. Needham & Company LLC increased their price target on iRhythm Technologies from $138.00 to $151.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Wells Fargo & Company raised iRhythm Technologies from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $104.00 to $130.00 in a research report on Friday, May 2nd. Wall Street Zen cut iRhythm Technologies from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Finally, Canaccord Genuity Group reduced their price objective on iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating for the company 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 given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $138.60.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, insider Chad Patterson sold 936 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $150.00, for a total value of $140,400.00. Following the sale, the insider owned 48,929 shares in the company, valued at $7,339,350. This represents a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel G. Wilson sold 3,000 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total value of $450,000.00. Following the completion of the sale, the chief financial officer owned 40,307 shares in the company, valued at $6,046,050. This represents a 6.93% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,356 shares of company stock valued at $796,882. Insiders own 0.68% of the company's stock.

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.