Frank Rimerman Advisors LLC Buys Shares of 2,045 iRhythm Technologies (NASDAQ:IRTC)

Key Points

• Frank Rimerman Advisors LLC has invested approximately $214,000 in iRhythm Technologies by acquiring 2,045 shares during the first quarter.
• Wall Street analysts have shown strong optimism towards iRhythm Technologies, with several raising their price targets, including Wells Fargo increasing the target from $130 to $180.
• Insider trading activity includes iRhythm's CEO Quentin S. Blackford selling 30,000 shares for over $4.8 million, reducing his ownership by 14.35%.

Frank Rimerman Advisors LLC acquired a new stake in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,045 shares of the company's stock, valued at approximately $214,000.

A number of other institutional investors have also modified their holdings of IRTC. Xponance Inc. grew its stake in iRhythm Technologies by 6.1% in the 1st quarter. Xponance Inc. now owns 2,390 shares of the company's stock valued at $250,000 after buying an additional 137 shares during the last quarter. CWM LLC grew its stake in iRhythm Technologies by 54.3% in the 1st quarter. CWM LLC now owns 517 shares of the company's stock valued at $54,000 after buying an additional 182 shares during the last quarter. Bank Pictet & Cie Europe AG grew its stake in iRhythm Technologies by 5.9% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock valued at $297,000 after buying an additional 184 shares during the last quarter. Invesco Ltd. grew its stake in iRhythm Technologies by 1.1% in the 4th quarter. Invesco Ltd. now owns 19,200 shares of the company's stock valued at $1,731,000 after buying an additional 207 shares during the last quarter. Finally, Summit Investment Advisors Inc. boosted its holdings in iRhythm Technologies by 6.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 3,271 shares of the company's stock valued at $295,000 after purchasing an additional 210 shares during the period.

iRhythm Technologies Stock Down 0.5%

IRTC traded down $0.75 during trading on Friday, reaching $161.36. The company had a trading volume of 177,214 shares, compared to its average volume of 476,204. The company has a debt-to-equity ratio of 6.25, a current ratio of 5.02 and a quick ratio of 4.88. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $168.32. The company has a market cap of $5.18 billion, a P/E ratio of -55.01 and a beta of 1.41. The business's fifty day moving average price is $145.96 and its 200 day moving average price is $125.69.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share for the quarter, topping 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 90.03%. The business had revenue of $186.69 million for the quarter, compared to the consensus estimate of $173.94 million. During the same period in the previous year, the company earned ($0.61) earnings per share. The firm's revenue for the quarter was up 26.1% on a year-over-year basis. Equities analysts anticipate that iRhythm Technologies will post -1.98 EPS for the current year.

Analyst Upgrades and Downgrades

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 report on Tuesday, July 15th. William Blair raised shares of iRhythm Technologies to a "strong-buy" rating in a report on Friday, August 1st. JPMorgan Chase & Co. raised their price objective on shares of iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Wall Street Zen cut shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Finally, Robert W. Baird increased their target price on shares of iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $157.30.

Insider Transactions at iRhythm Technologies

In other news, CFO Daniel G. Wilson sold 3,000 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $6,046,050. The trade was a 6.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Quentin S. Blackford sold 30,000 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $160.54, for a total transaction of $4,816,200.00. Following the completion of the sale, the chief executive officer directly owned 179,038 shares of the company's stock, valued at approximately $28,742,760.52. The trade was a 14.35% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,772 shares of company stock valued at $7,440,739. Corporate insiders own 1.10% of the company's stock.

iRhythm Technologies 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.