Westfield Capital Management Co. LP Reduces Stock Holdings in iRhythm Technologies (NASDAQ:IRTC)

Key Points

• Westfield Capital Management Co. LP reduced its holdings in iRhythm Technologies by 19.4% in Q1, owning 617,078 shares worth approximately $64.6 million after selling 148,175 shares.
• Several analysts have upgraded iRhythm Technologies, with target prices increasing to as high as $180.00, while the stock currently holds a consensus rating of "Moderate Buy" with an average target price of $157.30.
• iRhythm Technologies reported $186.69 million in revenue for the last quarter, beating analyst estimates and showing a 26.1% year-over-year increase.

Westfield Capital Management Co. LP decreased its holdings in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 19.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 617,078 shares of the company's stock after selling 148,175 shares during the quarter. Westfield Capital Management Co. LP owned 1.93% of iRhythm Technologies worth $64,596,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Xponance Inc. increased 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 position in shares of iRhythm Technologies by 54.3% during the 1st quarter. CWM LLC now owns 517 shares of the company's stock valued at $54,000 after acquiring an additional 182 shares during the period. Bank Pictet & Cie Europe AG grew its position in shares of iRhythm Technologies by 5.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock valued at $297,000 after acquiring an additional 184 shares during the period. Invesco Ltd. grew its position in shares of iRhythm Technologies by 1.1% during the 4th quarter. Invesco Ltd. now owns 19,200 shares of the company's stock valued at $1,731,000 after acquiring an additional 207 shares during the period. Finally, Summit Investment Advisors Inc. grew its position in shares of iRhythm Technologies by 6.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,271 shares of the company's stock valued at $295,000 after acquiring an additional 210 shares during the period.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Citigroup upped their price target on shares of iRhythm Technologies from $130.00 to $167.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. Needham & Company LLC upped their price target on shares of iRhythm Technologies from $151.00 to $180.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Wells Fargo & Company upped their price target on shares of iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Wall Street Zen lowered shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Finally, Canaccord Genuity Group boosted their price target on shares of iRhythm Technologies from $139.00 to $170.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. One 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 data from MarketBeat, iRhythm Technologies presently has a consensus rating of "Moderate Buy" and a consensus target price of $157.30.

iRhythm Technologies Trading Down 0.0%

Shares of NASDAQ IRTC traded down $0.05 during mid-day trading on Friday, hitting $160.94. The stock had a trading volume of 259,246 shares, compared to its average volume of 475,248. iRhythm Technologies has a 1 year low of $55.92 and a 1 year high of $168.32. The firm has a market cap of $5.17 billion, a P/E ratio of -54.93 and a beta of 1.41. The company has a debt-to-equity ratio of 6.25, a quick ratio of 4.88 and a current ratio of 5.02. The business has a 50 day moving average price of $143.70 and a two-hundred day moving average price of $123.55.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.53) by $0.21. The company had revenue of $186.69 million for the quarter, compared to the consensus estimate of $173.94 million. iRhythm Technologies had a negative return on equity of 90.03% and a negative net margin of 14.06%. iRhythm Technologies's revenue was up 26.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.61) EPS. On average, equities analysts anticipate that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insider Activity at iRhythm Technologies

In related news, EVP Minang Turakhia sold 1,420 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $145.41, for a total value of $206,482.20. Following the transaction, the executive vice president directly owned 41,393 shares of the company's stock, valued at approximately $6,018,956.13. The trade was a 3.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 stock was sold at an average price of $160.54, for a total value of $4,816,200.00. Following the completion of the sale, the chief executive officer owned 179,038 shares in the company, valued at $28,742,760.52. This represents a 14.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 41,234 shares of company stock valued at $6,565,419 over the last three months. 1.10% of the stock is owned by insiders.

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.