Stephens Investment Management Group LLC Increases Stock Position in iRhythm Technologies (NASDAQ:IRTC)

Stephens Investment Management Group LLC grew its holdings in iRhythm Technologies (NASDAQ:IRTC - Free Report) by 3.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 520,582 shares of the company's stock after acquiring an additional 17,657 shares during the period. Stephens Investment Management Group LLC owned about 1.63% of iRhythm Technologies worth $54,495,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in IRTC. First Light Asset Management LLC purchased a new stake in shares of iRhythm Technologies in the 4th quarter valued at $38,818,000. Bessemer Group Inc. boosted its holdings in iRhythm Technologies by 111.7% during the fourth quarter. Bessemer Group Inc. now owns 568,007 shares of the company's stock worth $51,217,000 after buying an additional 299,726 shares in the last quarter. Frontier Capital Management Co. LLC boosted its holdings in iRhythm Technologies by 364.8% during the fourth quarter. Frontier Capital Management Co. LLC now owns 355,147 shares of the company's stock worth $32,024,000 after buying an additional 278,743 shares in the last quarter. Deerfield Management Company L.P. Series C purchased a new stake in iRhythm Technologies during the fourth quarter worth $14,068,000. Finally, Raymond James Financial Inc. purchased a new stake in iRhythm Technologies during the fourth quarter worth $9,151,000.

Wall Street Analysts Forecast Growth

IRTC has been the topic of a number of recent analyst reports. Canaccord Genuity Group lowered their price target 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. Wells Fargo & Company raised shares of iRhythm Technologies from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $104.00 to $130.00 in a report on Friday, May 2nd. Robert W. Baird increased their price target 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. Citigroup increased their price target 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. Finally, Needham & Company LLC increased their price target on shares of iRhythm Technologies from $138.00 to $151.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $138.60.

iRhythm Technologies Price Performance

NASDAQ:IRTC traded up $1.23 during trading hours on Friday, reaching $135.94. 562,298 shares of the company were exchanged, compared to its average volume of 490,555. The company has a current ratio of 5.71, a quick ratio of 5.58 and a debt-to-equity ratio of 7.47. The stock's 50-day moving average is $143.06 and its 200-day moving average is $117.83. The firm has a market cap of $4.34 billion, a PE ratio of -43.29 and a beta of 1.41. iRhythm Technologies has a twelve month low of $55.92 and a twelve month high of $157.13.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings data 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). The company had revenue of $158.68 million for 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 was up 20.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.23) earnings per share. On average, sell-side analysts anticipate that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Daniel G. Wilson sold 3,000 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $150.00, for a total value of $450,000.00. Following the completion of the sale, the chief financial officer directly owned 40,307 shares in the company, valued at $6,046,050. This represents a 6.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Chad Patterson sold 936 shares of the 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 completion of the sale, the insider owned 48,929 shares of the company's stock, valued at $7,339,350. This trade represents a 1.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,356 shares of company stock worth $796,882 over the last three months. Insiders own 1.10% of the company's stock.

iRhythm Technologies 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.