Jennison Associates LLC Invests $29.33 Million in iRhythm Technologies (NASDAQ:IRTC)

Jennison Associates LLC bought a new position in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 280,187 shares of the company's stock, valued at approximately $29,330,000. Jennison Associates LLC owned approximately 0.88% of iRhythm Technologies at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in IRTC. Xponance Inc. increased its holdings in shares of iRhythm Technologies by 6.1% in the first quarter. Xponance Inc. now owns 2,390 shares of the company's stock valued at $250,000 after buying an additional 137 shares in the last quarter. CWM LLC boosted its position in shares of iRhythm Technologies by 54.3% in the first quarter. CWM LLC now owns 517 shares of the company's stock worth $54,000 after buying an additional 182 shares during the period. Bank Pictet & Cie Europe AG boosted its position in shares of iRhythm Technologies by 5.9% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock worth $297,000 after buying an additional 184 shares during the period. Invesco Ltd. boosted its position in shares of iRhythm Technologies by 1.1% in the fourth quarter. Invesco Ltd. now owns 19,200 shares of the company's stock worth $1,731,000 after buying an additional 207 shares during the period. Finally, Summit Investment Advisors Inc. boosted its position in shares of iRhythm Technologies by 6.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,271 shares of the company's stock worth $295,000 after buying an additional 210 shares during the period.

Insider Transactions at iRhythm Technologies

In related news, insider Chad Patterson sold 936 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total value of $140,400.00. Following the completion of the sale, the insider owned 48,929 shares of the company's stock, valued at $7,339,350. This trade represents a 1.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Daniel G. Wilson sold 3,000 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total transaction of $450,000.00. Following the completion of the sale, the chief financial officer directly owned 40,307 shares of the company's stock, valued at approximately $6,046,050. This represents a 6.93% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,356 shares of company stock valued at $796,882. Corporate insiders own 0.68% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on IRTC. Wall Street Zen cut iRhythm Technologies from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Robert W. Baird raised their target price on iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. Canaccord Genuity Group dropped their price target on shares of 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 dropped their price target on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 15th. Finally, Needham & Company LLC upped their price target on shares of iRhythm Technologies from $138.00 to $151.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $137.30.

iRhythm Technologies Stock Performance

Shares of NASDAQ IRTC traded up $0.64 during mid-day trading on Wednesday, hitting $134.02. The company had a trading volume of 59,194 shares, compared to its average volume of 490,199. 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 business's 50-day simple moving average is $143.06 and its 200-day simple moving average is $119.68. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $157.13. The firm has a market cap of $4.28 billion, a P/E ratio of -42.68 and a beta of 1.41.

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 the consensus estimate of ($0.89) by ($0.06). iRhythm Technologies had a negative return on equity of 101.04% and a negative net margin of 15.90%. The business had revenue of $158.68 million during the quarter, compared to analyst estimates of $153.39 million. During the same period last year, the company earned ($1.23) EPS. The business's revenue for the quarter was up 20.3% on a year-over-year basis. As a group, analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

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.