Blair William & Co. IL Cuts Stock Holdings in iRhythm Technologies $IRTC

Key Points

• Blair William & Co. IL trimmed its iRhythm Technologies stake by 3.0% in the fourth quarter, selling 21,924 shares and ending with 718,797 shares worth about $127.5 million.
• Other institutional investors were active in the stock, with firms like Goldman Sachs and First Trust Advisors increasing their holdings while some others opened new positions.
• Analysts remain generally positive on iRhythm Technologies, with a Moderate Buy consensus and an average price target of $187.38, even though some firms have recently cut targets or downgraded the stock.

Blair William & Co. IL reduced its position in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 3.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 718,797 shares of the company's stock after selling 21,924 shares during the period. Blair William & Co. IL owned about 2.23% of iRhythm Technologies worth $127,543,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in IRTC. Royal Bank of Canada increased its holdings in iRhythm Technologies by 423.0% in the first quarter. Royal Bank of Canada now owns 7,573 shares of the company's stock valued at $793,000 after buying an additional 6,125 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of iRhythm Technologies by 33.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company's stock worth $45,408,000 after acquiring an additional 108,941 shares in the last quarter. Strs Ohio acquired a new stake in shares of iRhythm Technologies during the 1st quarter valued at about $147,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of iRhythm Technologies during the 2nd quarter valued at about $1,278,000. Finally, First Trust Advisors LP increased its stake in shares of iRhythm Technologies by 66.0% in the 2nd quarter. First Trust Advisors LP now owns 56,197 shares of the company's stock valued at $8,652,000 after purchasing an additional 22,337 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. BTIG Research reiterated a "buy" rating and set a $185.00 price target on shares of iRhythm Technologies in a research report on Wednesday, June 10th. Robert W. Baird cut their price objective on iRhythm Technologies from $220.00 to $200.00 and set an "outperform" rating for the company in a research report on Friday, February 20th. Wall Street Zen downgraded iRhythm Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, May 30th. The Goldman Sachs Group decreased their target price on iRhythm Technologies from $184.00 to $147.00 and set a "neutral" rating on the stock in a research report on Thursday, April 9th. Finally, Truist Financial dropped their price target on shares of iRhythm Technologies from $200.00 to $170.00 and set a "buy" rating on the stock in a research note on Wednesday, April 15th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $187.38.

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were purchased at an average cost of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the transaction, the director owned 25,611 shares of the company's stock, valued at $274,293.81. The trade was a 26.17% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.98% of the company's stock.

iRhythm Technologies Stock Down 4.3%

NASDAQ IRTC opened at $108.84 on Wednesday. The business has a fifty day moving average price of $116.85 and a 200 day moving average price of $140.09. iRhythm Technologies has a one year low of $101.75 and a one year high of $212.00. The company has a debt-to-equity ratio of 4.03, a quick ratio of 4.98 and a current ratio of 5.17. The company has a market cap of $3.58 billion, a P/E ratio of -126.56 and a beta of 1.27.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.21. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. The company had revenue of $199.39 million for the quarter, compared to analysts' expectations of $194.11 million. During the same quarter in the previous year, the company posted ($0.97) EPS. The firm's quarterly revenue was up 25.6% on a year-over-year basis. Research analysts anticipate that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

iRhythm Technologies 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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