Jennison Associates LLC Decreases Stake in iRhythm Technologies $IRTC

Key Points

• Jennison Associates reduced its stake in iRhythm Technologies by 11.6% in Q4, selling 18,217 shares and finishing with 139,059 shares valued at about $24.675 million.
• iRhythm beat Q1 expectations with revenue of $199.4M (up 25.6% YoY) and EPS of ($0.35), and issued FY2026 revenue guidance of approximately $875–$885M.
• Analyst sentiment is mixed — the stock has a consensus “Moderate Buy” and an average price target of $197.77 amid several target cuts (but a Needham raise to $255) — while insiders sold about 94,509 shares (~$12.7M) in the last three months.

Jennison Associates LLC lessened its stake in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 11.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 139,059 shares of the company's stock after selling 18,217 shares during the quarter. Jennison Associates LLC owned about 0.43% of iRhythm Technologies worth $24,675,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Torren Management LLC purchased a new position in shares of iRhythm Technologies during the 4th quarter valued at approximately $53,000. M&T Bank Corp acquired a new stake in shares of iRhythm Technologies during the fourth quarter worth $207,000. Pictet Asset Management Holding SA lifted its position in shares of iRhythm Technologies by 6.1% in the 4th quarter. Pictet Asset Management Holding SA now owns 4,912 shares of the company's stock worth $872,000 after buying an additional 282 shares during the last quarter. UBS Group AG lifted its position in shares of iRhythm Technologies by 190.3% in the 4th quarter. UBS Group AG now owns 153,218 shares of the company's stock worth $27,187,000 after buying an additional 100,435 shares during the last quarter. Finally, Quent Capital LLC bought a new position in shares of iRhythm Technologies in the 4th quarter worth about $355,000.

Analyst Upgrades and Downgrades

Several research firms have recently commented on IRTC. Truist Financial decreased their price target on shares of iRhythm Technologies from $200.00 to $170.00 and set a "buy" rating for the company in a report on Wednesday, April 15th. Robert W. Baird decreased their price target on shares of iRhythm Technologies from $220.00 to $200.00 and set an "outperform" rating for the company in a report on Friday, February 20th. Wells Fargo & Company decreased their price target on shares of iRhythm Technologies from $200.00 to $180.00 and set an "overweight" rating for the company in a report on Friday. Needham & Company LLC lifted their price target on shares of iRhythm Technologies from $254.00 to $255.00 and gave the company a "buy" rating in a report on Friday. Finally, Citigroup decreased their price target on shares of iRhythm Technologies from $242.00 to $214.00 and set a "buy" rating for the company in a report on Wednesday, March 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $197.77.

iRhythm Technologies Stock Performance

IRTC stock opened at $120.80 on Friday. The company has a debt-to-equity ratio of 4.25, a quick ratio of 4.48 and a current ratio of 4.63. The stock has a market capitalization of $3.97 billion, a price-to-earnings ratio of -86.29 and a beta of 1.18. iRhythm Technologies has a 1 year low of $112.31 and a 1 year high of $212.00. The stock's fifty day moving average is $122.93 and its two-hundred day moving average is $154.60.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.56) by $0.21. The company had revenue of $199.39 million for the quarter, compared to analysts' expectations of $194.11 million. iRhythm Technologies had a negative return on equity of 10.97% and a negative net margin of 3.53%.The firm's quarterly revenue was up 25.6% compared to the same quarter last year. During the same period last year, the business posted ($0.97) earnings per share. On average, research analysts predict that iRhythm Technologies will post -0.16 EPS for the current year.

Insider Buying and Selling

In other news, EVP Sumi Shrishrimal sold 2,830 shares of the firm's stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $128.44, for a total transaction of $363,485.20. Following the transaction, the executive vice president directly owned 41,870 shares of the company's stock, valued at approximately $5,377,782.80. This trade represents a 6.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Patrick Michael Murphy sold 4,357 shares of the firm's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $128.44, for a total value of $559,613.08. Following the transaction, the insider directly owned 63,203 shares in the company, valued at $8,117,793.32. This trade represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 94,509 shares of company stock valued at $12,734,195 in the last three months. 1.10% of the stock is owned by corporate insiders.

Key Stories Impacting iRhythm Technologies

Here are the key news stories impacting iRhythm Technologies this week:

• Positive Sentiment: Q1 results beat on revenue and EPS trends: iRhythm reported $199.4M in revenue (up 25.6% YoY) and a loss per share that was smaller than expected, indicating improving unit economics and topline momentum. This supports longer‑term growth expectations. IRTC Q1 results and call (MarketBeat)
• Positive Sentiment: Needham raised its price target slightly to $255 and keeps a "buy" rating, signaling conviction from at least one growth‑oriented shop and providing a bullish anchor for longer‑term upside. Needham raises PT to $255 (Benzinga)
• Neutral Sentiment: Company guidance: iRhythm issued FY2026 revenue guidance (~$875–$885M) roughly in line with consensus, which is steady but not clearly bullish; EPS guidance was not meaningfully changed. Guidance that meets expectations can temper upside momentum. IRTC Q1 financial results press release (GlobeNewswire)
• Neutral Sentiment: Additional context available from the Q1 earnings call transcript and analyst previews/deep dives — useful for investors evaluating margin progression, reimbursement/regulatory updates and AI initiatives but not immediate price catalysts by themselves. Q1 earnings call transcript (Seeking Alpha)
• Negative Sentiment: Analyst price‑target cuts from JPMorgan (PT lowered to $175 from $215) and Wells Fargo (PT lowered to $180 from $200) are exerting immediate downward pressure by reducing visible upside and prompting some investors to trim positions. JPMorgan & Wells Fargo lower PTs (Benzinga)
• Negative Sentiment: Truist and other outlets flagged cuts to targets in their Q1 previews, adding to the sell‑side pushback; persistent negative margins and a negative return on equity keep valuation sensitive to near‑term profitability improvements. Truist cuts PT on IRTC (Yahoo Finance)

iRhythm Technologies Company Profile

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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