Northern Trust Corp Increases Stock Holdings in iRhythm Technologies $IRTC

Key Points

• Northern Trust Corp increased its stake in iRhythm Technologies by 1.6%, owning 292,009 shares worth approximately $30.57 million as of the latest quarter.
• Analysts from several firms, including Bank of America and Citigroup, have set bullish ratings and price targets for iRhythm Technologies, with targets reaching up to $200.00.
• Insider trading activity includes significant sales by Director Abhijit Y. Talwalkar and CEO Quentin S. Blackford, with total insider sales exceeding $7.5 million in the last quarter.

Northern Trust Corp increased its position in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 1.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 292,009 shares of the company's stock after acquiring an additional 4,675 shares during the quarter. Northern Trust Corp owned about 0.91% of iRhythm Technologies worth $30,568,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the stock. Raymond James Financial Inc. grew its holdings in iRhythm Technologies by 8.5% during the 1st quarter. Raymond James Financial Inc. now owns 110,126 shares of the company's stock valued at $11,528,000 after buying an additional 8,639 shares in the last quarter. Nuveen LLC bought a new position in iRhythm Technologies during the first quarter valued at approximately $9,707,000. Frank Rimerman Advisors LLC bought a new position in iRhythm Technologies during the first quarter valued at approximately $214,000. Blair William & Co. IL boosted its stake in iRhythm Technologies by 30.6% during the first quarter. Blair William & Co. IL now owns 789,999 shares of the company's stock valued at $82,697,000 after buying an additional 185,262 shares during the last quarter. Finally, Jefferies Financial Group Inc. bought a new position in iRhythm Technologies during the first quarter valued at approximately $2,287,000.

Analyst Ratings Changes

A number of research firms recently weighed in on IRTC. Bank of America started coverage on shares of iRhythm Technologies in a report on Wednesday, August 20th. They issued a "buy" rating and a $200.00 target price for the company. Needham & Company LLC increased their target price on shares of iRhythm Technologies from $180.00 to $193.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Citigroup increased their target price on shares of iRhythm Technologies from $167.00 to $183.00 and gave the stock a "buy" rating in a report on Thursday, August 21st. Wells Fargo & Company boosted their target price on shares of iRhythm Technologies from $130.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Canaccord Genuity Group boosted their target price on shares of iRhythm Technologies from $139.00 to $170.00 and gave the stock a "buy" rating in a report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, iRhythm Technologies currently has an average rating of "Buy" and an average price target of $163.82.

iRhythm Technologies Stock Performance

iRhythm Technologies stock traded up $6.11 during mid-day trading on Thursday, hitting $182.69. The company had a trading volume of 284,460 shares, compared to its average volume of 470,095. The company's fifty day moving average is $151.49 and its 200-day moving average is $131.20. iRhythm Technologies has a 12-month low of $55.92 and a 12-month high of $182.69. The company has a market capitalization of $5.87 billion, a price-to-earnings ratio of -62.35 and a beta of 1.10. The company has a current ratio of 5.02, a quick ratio of 4.88 and a debt-to-equity ratio of 6.25.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, topping the consensus estimate of ($0.53) by $0.21. The business had revenue of $186.69 million for the quarter, compared to analyst estimates of $173.94 million. iRhythm Technologies had a negative return on equity of 90.03% and a negative net margin of 14.06%.The company's quarterly revenue was up 26.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. Equities research analysts predict that iRhythm Technologies will post -1.98 EPS for the current year.

Insider Buying and Selling

In other iRhythm Technologies news, insider Chad Patterson sold 2,707 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $164.36, for a total value of $444,922.52. Following the transaction, the insider directly owned 46,222 shares in the company, valued at $7,597,047.92. This represents a 5.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Quentin S. Blackford sold 30,000 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $160.54, for a total transaction of $4,816,200.00. Following the completion of the transaction, 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 47,425 shares of company stock valued at $7,549,869 over the last three months. 0.68% of the stock is currently owned by insiders.

About iRhythm Technologies

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.