Silver Oak Securities Incorporated Acquires Shares of 2,863 iRhythm Technologies (NASDAQ:IRTC)

Silver Oak Securities Incorporated purchased a new position in shares of iRhythm Technologies (NASDAQ:IRTC - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,863 shares of the company's stock, valued at approximately $301,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. raised its stake in shares of iRhythm Technologies by 1,793.7% in the first quarter. Principal Financial Group Inc. now owns 50,449 shares of the company's stock worth $5,281,000 after purchasing an additional 47,785 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in iRhythm Technologies during the first quarter worth $479,000. Kampmann Melissa S. lifted its stake in shares of iRhythm Technologies by 4.6% in the 1st quarter. Kampmann Melissa S. now owns 25,025 shares of the company's stock valued at $2,620,000 after purchasing an additional 1,100 shares during the last quarter. Diversified Trust Co lifted its stake in shares of iRhythm Technologies by 8.1% in the 1st quarter. Diversified Trust Co now owns 8,944 shares of the company's stock valued at $936,000 after purchasing an additional 668 shares during the last quarter. Finally, Bessemer Group Inc. raised its holdings in shares of iRhythm Technologies by 1.1% in the 1st quarter. Bessemer Group Inc. now owns 574,053 shares of the company's stock valued at $60,092,000 after buying an additional 6,046 shares during the period.

iRhythm Technologies Stock Down 1.3%

iRhythm Technologies stock traded down $1.75 during mid-day trading on Wednesday, hitting $132.88. The company's stock had a trading volume of 767,168 shares, compared to its average volume of 487,173. The firm's 50 day moving average is $142.44 and its 200 day moving average is $116.99. The company has a market cap of $4.24 billion, a PE ratio of -42.32 and a beta of 1.41. The company has a debt-to-equity ratio of 7.47, a current ratio of 5.71 and a quick ratio of 5.58. iRhythm Technologies has a 52-week low of $55.92 and a 52-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 for the quarter, missing analysts' consensus estimates 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 firm had revenue of $158.68 million for the quarter, compared to analysts' expectations of $153.39 million. During the same period last year, the business earned ($1.23) earnings per share. The firm's revenue for the quarter was up 20.3% on a year-over-year basis. On average, analysts anticipate that iRhythm Technologies will post -1.98 earnings per share for the current year.

Analyst Ratings Changes

IRTC has been the topic of a number of research reports. Morgan Stanley raised their target price on shares of iRhythm Technologies from $130.00 to $160.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Canaccord Genuity Group dropped their price objective on iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Citigroup lifted their price target on iRhythm Technologies from $130.00 to $167.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. Robert W. Baird lifted their price target on iRhythm Technologies from $133.00 to $150.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. Finally, Needham & Company LLC boosted their target price on iRhythm Technologies from $138.00 to $151.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $138.60.

Insider Transactions at iRhythm Technologies

In other news, CFO Daniel G. Wilson sold 3,000 shares of the stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $150.00, for a total transaction of $450,000.00. Following the transaction, the chief financial officer 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Minang Turakhia sold 1,420 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $145.41, for a total value of $206,482.20. Following the completion of the sale, the executive vice president directly owned 41,393 shares in the company, valued at $6,018,956.13. This trade represents a 3.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,356 shares of company stock valued at $796,882 in the last three months. Corporate insiders own 1.10% of the company's stock.

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.