Blair William & Co. IL Acquires 185,262 Shares of iRhythm Technologies (NASDAQ:IRTC)

Key Points

• Blair William & Co. IL has increased its holdings in iRhythm Technologies by 30.6%, acquiring an additional 185,262 shares, bringing its total ownership to approximately 2.47% worth $82.7 million.
• Wall Street analysts have varied perspectives on iRhythm Technologies, with price estimates ranging from $130.00 to $180.00, and a consensus rating classified as a "Moderate Buy."
• iRhythm Technologies reported strong financials, with quarterly revenue rising by 26.1% year-over-year to $186.69 million, and a loss of ($0.32) EPS, beating analyst expectations.

Blair William & Co. IL increased its holdings in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 30.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 789,999 shares of the company's stock after acquiring an additional 185,262 shares during the period. Blair William & Co. IL owned approximately 2.47% of iRhythm Technologies worth $82,697,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of IRTC. First Light Asset Management LLC bought a new position in shares of iRhythm Technologies in the fourth quarter worth approximately $38,818,000. Bessemer Group Inc. increased its holdings in iRhythm Technologies by 111.7% during the fourth quarter. Bessemer Group Inc. now owns 568,007 shares of the company's stock valued at $51,217,000 after buying an additional 299,726 shares during the last quarter. Jennison Associates LLC purchased a new stake in iRhythm Technologies during the first quarter valued at approximately $29,330,000. Frontier Capital Management Co. LLC increased its holdings in iRhythm Technologies by 364.8% during the fourth quarter. Frontier Capital Management Co. LLC now owns 355,147 shares of the company's stock valued at $32,024,000 after buying an additional 278,743 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C purchased a new stake in iRhythm Technologies during the fourth quarter valued at approximately $14,068,000.

Wall Street Analyst Weigh In

IRTC has been the subject of a number of analyst reports. Morgan Stanley reduced their price objective on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Robert W. Baird increased their price objective 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. Wells Fargo & Company increased their price objective on shares of iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a research report on Friday. Wall Street Zen downgraded shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. Finally, Needham & Company LLC increased their target price on shares of iRhythm Technologies from $151.00 to $180.00 and gave the company a "buy" rating in a research note on Friday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, iRhythm Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price of $157.30.

iRhythm Technologies Trading Up 17.7%

NASDAQ IRTC opened at $164.97 on Friday. 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 company has a market capitalization of $5.27 billion, a price-to-earnings ratio of -56.30 and a beta of 1.41. The company's 50-day simple moving average is $142.68 and its two-hundred day simple moving average is $122.56. iRhythm Technologies has a one year low of $55.92 and a one year high of $168.32.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, beating analysts' consensus estimates of ($0.53) by $0.21. iRhythm Technologies had a negative net margin of 14.06% and a negative return on equity of 95.60%. The business had revenue of $186.69 million for the quarter, compared to the consensus estimate of $173.94 million. During the same quarter last year, the firm posted ($0.61) EPS. The company's revenue for the quarter was up 26.1% on a year-over-year basis. Equities analysts forecast that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insider Activity

In other news, EVP Minang Turakhia sold 1,420 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $145.41, for a total value of $206,482.20. Following the sale, the executive vice president directly owned 41,393 shares in the company, valued at approximately $6,018,956.13. This trade represents a 3.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Chad Patterson sold 936 shares of iRhythm Technologies stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $150.00, for a total transaction of $140,400.00. Following the completion of the sale, the insider owned 48,929 shares of the company's stock, valued at $7,339,350. This trade represents a 1.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,356 shares of company stock worth $796,882. Corporate insiders own 1.10% 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.

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