Envestnet Asset Management Inc. Grows Position in iRhythm Technologies (NASDAQ:IRTC)

Envestnet Asset Management Inc. lifted its holdings in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 118.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 35,816 shares of the company's stock after purchasing an additional 19,447 shares during the quarter. Envestnet Asset Management Inc. owned about 0.11% of iRhythm Technologies worth $3,749,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Raiffeisen Bank International AG purchased a new position in shares of iRhythm Technologies during the 4th quarter worth $60,000. Avanza Fonder AB purchased a new position in shares of iRhythm Technologies during the 1st quarter worth $123,000. Xponance Inc. acquired a new position in iRhythm Technologies during the 4th quarter worth about $203,000. SeaCrest Wealth Management LLC acquired a new position in iRhythm Technologies during the 1st quarter worth about $212,000. Finally, LPL Financial LLC acquired a new position in iRhythm Technologies during the 4th quarter worth about $243,000.

iRhythm Technologies Price Performance

IRTC stock opened at $134.18 on Friday. The company has a debt-to-equity ratio of 7.47, a current ratio of 5.71 and a quick ratio of 5.58. The firm has a market capitalization of $4.28 billion, a P/E ratio of -42.73 and a beta of 1.41. The business's 50-day moving average is $142.46 and its two-hundred day moving average is $120.95. iRhythm Technologies has a 1 year low of $55.92 and a 1 year high of $157.13.

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

Insider Transactions at iRhythm Technologies

In other news, insider Chad Patterson sold 936 shares of the firm's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $150.00, for a total transaction of $140,400.00. Following the sale, the insider owned 48,929 shares of the company's stock, valued at approximately $7,339,350. This trade represents a 1.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Minang Turakhia sold 1,420 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The stock was 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 $6,018,956.13. This trade represents a 3.32% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,356 shares of company stock valued at $796,882. Corporate insiders own 1.10% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Canaccord Genuity Group decreased their target price on iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Morgan Stanley decreased their target price on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 15th. Wall Street Zen lowered iRhythm Technologies from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. Needham & Company LLC increased their target price on iRhythm Technologies from $138.00 to $151.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Finally, Wells Fargo & Company raised iRhythm Technologies from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $104.00 to $130.00 in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, iRhythm Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $137.30.

iRhythm Technologies Company Profile

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.

Want to see what other hedge funds are holding IRTC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for iRhythm Technologies (NASDAQ:IRTC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.