Next Century Growth Investors LLC Sells 16,244 Shares of iRhythm Technologies $IRTC

Key Points

• Next Century Growth Investors LLC trimmed its iRhythm Technologies stake by 8.6% in the fourth quarter, selling 16,244 shares and leaving it with 172,838 shares valued at about $30.7 million.
• iRhythm Technologies reported better-than-expected quarterly results, posting a smaller-than-expected loss of $0.35 per share and revenue of $199.39 million, up 25.6% from a year earlier.
• Wall Street remains largely positive on the stock, with analysts assigning a Moderate Buy consensus and an average target price of $187.38, while director Abhijit Y. Talwalkar also recently bought shares in a disclosed insider transaction.

Next Century Growth Investors LLC lessened its position in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) by 8.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 172,838 shares of the company's stock after selling 16,244 shares during the quarter. iRhythm Technologies comprises about 2.1% of Next Century Growth Investors LLC's investment portfolio, making the stock its 7th largest position. Next Century Growth Investors LLC owned approximately 0.54% of iRhythm Technologies worth $30,668,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. GAMMA Investing LLC lifted its stake in shares of iRhythm Technologies by 48.4% during the fourth quarter. GAMMA Investing LLC now owns 184 shares of the company's stock valued at $33,000 after acquiring an additional 60 shares during the period. Ascent Group LLC lifted its stake in shares of iRhythm Technologies by 0.7% during the fourth quarter. Ascent Group LLC now owns 9,587 shares of the company's stock valued at $1,701,000 after acquiring an additional 70 shares during the period. WoodTrust Financial Corp lifted its stake in shares of iRhythm Technologies by 0.7% during the fourth quarter. WoodTrust Financial Corp now owns 10,070 shares of the company's stock valued at $1,787,000 after acquiring an additional 70 shares during the period. US Bancorp DE lifted its stake in shares of iRhythm Technologies by 7.8% during the third quarter. US Bancorp DE now owns 1,042 shares of the company's stock valued at $179,000 after acquiring an additional 75 shares during the period. Finally, State of Wyoming lifted its stake in shares of iRhythm Technologies by 16.0% during the fourth quarter. State of Wyoming now owns 616 shares of the company's stock valued at $109,000 after acquiring an additional 85 shares during the period.

iRhythm Technologies Stock Up 0.9%

Shares of iRhythm Technologies stock opened at $113.65 on Friday. iRhythm Technologies has a 1 year low of $101.75 and a 1 year high of $212.00. The business has a 50-day moving average of $117.07 and a two-hundred day moving average of $141.46. The company has a market capitalization of $3.73 billion, a P/E ratio of -132.15 and a beta of 1.27. 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 (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.21. The company had revenue of $199.39 million during 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 company's revenue for the quarter was up 25.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.97) earnings per share. As a group, equities analysts predict that iRhythm Technologies will post 0.13 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on IRTC. Needham & Company LLC upped their price objective on iRhythm Technologies from $254.00 to $255.00 and gave the company a "buy" rating in a report on Friday, May 1st. Weiss Ratings downgraded iRhythm Technologies from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, June 2nd. Robert W. Baird dropped their price objective on iRhythm Technologies from $220.00 to $200.00 and set an "outperform" rating for the company in a report on Friday, February 20th. Citigroup upped their price objective on iRhythm Technologies from $155.00 to $157.00 and gave the company a "buy" rating in a report on Monday, May 4th. Finally, Wall Street Zen downgraded iRhythm Technologies from a "buy" rating to a "hold" rating in a report on Saturday, May 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $187.38.

Insider Activity

In other news, Director Abhijit Y. Talwalkar acquired 5,312 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The stock was acquired at an average cost of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the acquisition, the director owned 25,611 shares in the company, valued at $274,293.81. This represents a 26.17% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.98% of the company's stock.

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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