Jennison Associates LLC Purchases Shares of 280,187 iRhythm Technologies (NASDAQ:IRTC)

Jennison Associates LLC bought a new position in iRhythm Technologies (NASDAQ:IRTC - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Xponance Inc. raised its holdings in shares of iRhythm Technologies by 6.1% during the 1st quarter. Xponance Inc. now owns 2,390 shares of the company's stock valued at $250,000 after purchasing an additional 137 shares in the last quarter. CWM LLC raised its holdings 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 purchasing an additional 182 shares in the last quarter. Bank Pictet & Cie Europe AG raised its holdings 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 purchasing an additional 184 shares in the last quarter. Invesco Ltd. raised its holdings 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 purchasing an additional 207 shares in the last quarter. Finally, Summit Investment Advisors Inc. raised its holdings 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 purchasing an additional 210 shares in the last quarter.

iRhythm Technologies Stock Performance

NASDAQ IRTC traded up $0.48 during midday trading on Friday, hitting $136.24. The company had a trading volume of 433,891 shares, compared to its average volume of 492,646. The company has a quick ratio of 5.58, a current ratio of 5.71 and a debt-to-equity ratio of 7.47. The stock has a market cap of $4.35 billion, a price-to-earnings ratio of -43.39 and a beta of 1.41. The firm has a fifty day simple moving average of $143.06 and a two-hundred day simple moving average of $119.47. iRhythm Technologies has a fifty-two week low of $55.92 and a fifty-two week 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 the consensus estimate 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 return on equity of 101.04% and a negative net margin of 15.90%. The business's revenue for the quarter was up 20.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.23) earnings per share. Equities analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Chad Patterson sold 936 shares of iRhythm Technologies stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $150.00, for a total transaction of $140,400.00. Following the sale, the insider directly owned 48,929 shares in the company, valued at approximately $7,339,350. The trade was 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, CFO Daniel G. Wilson sold 3,000 shares of iRhythm Technologies stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $150.00, for a total transaction of $450,000.00. Following the sale, the chief financial officer owned 40,307 shares in the company, valued at approximately $6,046,050. This trade represents a 6.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,356 shares of company stock worth $796,882. Corporate insiders own 1.10% of the company's stock.

Analyst Upgrades and Downgrades

IRTC has been the topic of several recent analyst reports. Wells Fargo & Company upgraded shares of iRhythm Technologies from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $104.00 to $130.00 in a report on Friday, May 2nd. Canaccord Genuity Group dropped their target price on shares of iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Wall Street Zen downgraded shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Robert W. Baird lifted their target price on shares of iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Finally, Citigroup lifted their target price on shares of iRhythm Technologies from $130.00 to $167.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. 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's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price 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.