California State Teachers Retirement System Buys 5,204,446 Shares of iRhythm Technologies $IRTC

Key Points

• CalSTRS dramatically increased its iRhythm Technologies stake, buying 5.2 million additional shares in the second quarter to own 5.24 million shares, or 15.9% of the company, valued at approximately $623.5 million.
• iRhythm reported stronger-than-expected quarterly results, with EPS of $0.58 versus estimates for a $0.04 loss and revenue of $224.2 million, up 20.1% year over year.
• Analysts remain broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $179.93, well above its reported price of $114.72.

California State Teachers Retirement System raised its stake in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 13,944.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,241,770 shares of the company's stock after purchasing an additional 5,204,446 shares during the quarter. California State Teachers Retirement System owned 15.90% of iRhythm Technologies worth $623,509,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of IRTC. The Manufacturers Life Insurance Company boosted its holdings in iRhythm Technologies by 99.2% in the first quarter. The Manufacturers Life Insurance Company now owns 390,577 shares of the company's stock worth $46,096,000 after purchasing an additional 194,502 shares during the last quarter. Granahan Investment Management LLC raised its stake in iRhythm Technologies by 567.9% during the 1st quarter. Granahan Investment Management LLC now owns 96,022 shares of the company's stock valued at $11,333,000 after buying an additional 81,645 shares during the last quarter. Geode Capital Management LLC raised its stake in iRhythm Technologies by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 858,405 shares of the company's stock valued at $152,337,000 after buying an additional 68,301 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of iRhythm Technologies by 12.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 606,969 shares of the company's stock valued at $107,701,000 after buying an additional 65,930 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of iRhythm Technologies by 14.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 467,113 shares of the company's stock worth $55,222,000 after buying an additional 59,704 shares during the last quarter.

iRhythm Technologies Stock Up 3.0%

IRTC opened at $114.72 on Tuesday. The stock has a market cap of $3.78 billion, a price-to-earnings ratio of -266.79 and a beta of 1.31. The company has a debt-to-equity ratio of 3.50, a quick ratio of 3.74 and a current ratio of 3.86. The firm's fifty day moving average is $119.44 and its 200 day moving average is $118.52. iRhythm Technologies has a fifty-two week low of $100.85 and a fifty-two week high of $212.00.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.62. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%.The business had revenue of $224.17 million during the quarter, compared to analyst estimates of $219.30 million. During the same quarter in the prior year, the business posted ($0.32) EPS. iRhythm Technologies's revenue for the quarter was up 20.1% compared to the same quarter last year. On average, sell-side analysts forecast that iRhythm Technologies will post 0.6 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on IRTC shares. Weiss Ratings raised iRhythm Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, June 18th. Truist Financial upped their price target on shares of iRhythm Technologies from $160.00 to $168.00 and gave the company a "buy" rating in a research report on Monday, August 10th. Bank of America dropped their price objective on shares of iRhythm Technologies from $225.00 to $180.00 and set a "buy" rating on the stock in a report on Monday, May 18th. Stephens assumed coverage on shares of iRhythm Technologies in a report on Thursday, July 23rd. They set an "overweight" rating and a $160.00 target price for the company. Finally, Canaccord Genuity Group decreased their price target on shares of iRhythm Technologies from $180.00 to $152.00 and set a "buy" rating on the stock in a research report on Monday, June 1st. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, iRhythm Technologies has an average rating of "Moderate Buy" and a consensus price target of $179.93.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a digital health company focused on ambulatory cardiac monitoring and the detection of cardiac arrhythmias. The company combines wearable electrocardiogram (ECG) sensors, cloud-based data analysis and clinical support services to help healthcare professionals identify and manage irregular heart rhythms.

Its product portfolio includes the Zio monitor and related services, including Zio XT and Zio AT. These single-use, wearable devices continuously record cardiac activity over an extended period, after which iRhythm analyzes the data and provides reports to physicians.

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