iRhythm Technologies $IRTC Stock Position Lowered by Artisan Partners Limited Partnership

Key Points

• Artisan Partners cut its iRhythm Technologies stake by 41.1% in the fourth quarter, though it still held 1.51 million shares worth about $268.3 million at the end of the period.
• Analyst sentiment remains generally positive, with iRhythm carrying a Moderate Buy consensus and a target price of $187.38, despite several firms trimming their price targets recently.
• The company reported stronger-than-expected first-quarter results, with EPS of ($0.35) versus an expected ($0.56) and revenue of $199.39 million, up 25.6% year over year.

Artisan Partners Limited Partnership lessened its position in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 41.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,511,992 shares of the company's stock after selling 1,055,521 shares during the period. Artisan Partners Limited Partnership owned approximately 4.69% of iRhythm Technologies worth $268,288,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Tudor Investment Corp ET AL acquired a new stake in shares of iRhythm Technologies during the third quarter worth $3,439,800,000. Arrowstreet Capital Limited Partnership raised its position in shares of iRhythm Technologies by 6,415.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company's stock worth $93,053,000 after purchasing an additional 532,735 shares during the period. Polar Capital Holdings Plc raised its position in shares of iRhythm Technologies by 24,782.1% during the third quarter. Polar Capital Holdings Plc now owns 335,908 shares of the company's stock worth $57,773,000 after purchasing an additional 334,558 shares during the period. Holocene Advisors LP raised its position in shares of iRhythm Technologies by 2,023.1% during the second quarter. Holocene Advisors LP now owns 313,094 shares of the company's stock worth $48,204,000 after purchasing an additional 298,347 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of iRhythm Technologies by 45.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 829,862 shares of the company's stock worth $147,251,000 after purchasing an additional 259,800 shares during the period.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on IRTC shares. Truist Financial cut their target price on iRhythm Technologies from $200.00 to $170.00 and set a "buy" rating on the stock in a research report on Wednesday, April 15th. Weiss Ratings lowered iRhythm Technologies from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, June 2nd. The Goldman Sachs Group dropped their price target 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. BTIG Research reissued a "buy" rating and set a $185.00 price target on shares of iRhythm Technologies in a research report on Wednesday, June 10th. Finally, Wall Street Zen lowered iRhythm Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, May 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, iRhythm Technologies has an average rating of "Moderate Buy" and a consensus target price of $187.38.

Insider Activity

In related news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the firm's stock in a transaction dated Monday, May 11th. The stock was bought at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the purchase, the director owned 25,611 shares in the company, valued at $274,293.81. The trade was a 26.17% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.98% of the company's stock.

iRhythm Technologies Stock Performance

Shares of NASDAQ IRTC opened at $108.84 on Wednesday. The business's 50-day moving average price is $116.85 and its two-hundred day moving average price is $140.09. The company has a debt-to-equity ratio of 4.03, a current ratio of 5.17 and a quick ratio of 4.98. iRhythm Technologies has a one year low of $101.75 and a one year high of $212.00. The company has a market capitalization 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 issued its earnings results on Thursday, April 30th. The company reported ($0.35) EPS for the quarter, beating analysts' consensus estimates of ($0.56) by $0.21. The firm had revenue of $199.39 million for the quarter, compared to the consensus estimate of $194.11 million. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The business's quarterly revenue was up 25.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.97) earnings per share. Analysts anticipate that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.

About iRhythm Technologies

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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