Stephens Investment Management Group LLC Decreases Stock Holdings in iRhythm Technologies $IRTC

Stephens Investment Management Group LLC cut its stake in iRhythm Technologies (NASDAQ:IRTC) by 6.0% in the third quarter, Holdings Channel.com reports. The firm owned 519,958 shares of the company’s stock after selling 32,958 shares during the quarter. iRhythm Technologies makes up approximately 1.2% of Stephens Investment Management Group LLC’s investment portfolio, making the stock its 23rd biggest position. Stephens Investment Management Group LLC’s holdings in iRhythm Technologies were worth $89,428,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in IRTC. ANTIPODES PARTNERS Ltd purchased a new stake in iRhythm Technologies in the 2nd quarter valued at $39,000. Lazard Asset Management LLC acquired a new position in shares of iRhythm Technologies during the 2nd quarter valued at about $72,000. Strs Ohio purchased a new stake in shares of iRhythm Technologies in the first quarter valued at about $147,000. CWM LLC increased its position in iRhythm Technologies by 73.6% during the third quarter. CWM LLC now owns 979 shares of the company’s stock worth $168,000 after purchasing an additional 415 shares during the last quarter. Finally, State of Wyoming purchased a new position in iRhythm Technologies during the second quarter worth about $179,000.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Morgan Stanley reissued an “overweight” rating on shares of iRhythm Technologies in a research note on Monday. Citigroup increased their price objective on iRhythm Technologies from $205.00 to $242.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Truist Financial cut their target price on iRhythm Technologies from $230.00 to $215.00 and set a “buy” rating for the company in a research note on Thursday, December 18th. Canaccord Genuity Group lifted their target price on iRhythm Technologies from $193.00 to $212.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Finally, BTIG Research increased their price target on iRhythm Technologies from $195.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $219.23.

iRhythm Technologies Stock Down 2.8%

NASDAQ:IRTC opened at $167.16 on Friday. The company has a quick ratio of 4.50, a current ratio of 4.63 and a debt-to-equity ratio of 5.32. The stock’s fifty day moving average is $175.87 and its two-hundred day moving average is $168.71. iRhythm Technologies has a 52 week low of $92.52 and a 52 week high of $212.00. The stock has a market capitalization of $5.39 billion, a price-to-earnings ratio of -103.83 and a beta of 1.12.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, October 30th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.30. The business had revenue of $192.88 million during the quarter, compared to analysts’ expectations of $184.75 million. iRhythm Technologies had a negative return on equity of 41.86% and a negative net margin of 7.32%.The company’s revenue was up 30.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.26) earnings per share. Research analysts anticipate that iRhythm Technologies will post -1.98 EPS for the current year.

Insider Transactions at iRhythm Technologies

In related news, insider Chad Patterson sold 280 shares of iRhythm Technologies stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $184.83, for a total value of $51,752.40. Following the completion of the transaction, the insider owned 43,387 shares in the company, valued at approximately $8,019,219.21. The trade was a 0.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Daniel G. Wilson sold 8,000 shares of the company’s stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $207.44, for a total transaction of $1,659,520.00. Following the sale, the chief financial officer directly owned 26,470 shares in the company, valued at approximately $5,490,936.80. The trade was a 23.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 24,817 shares of company stock valued at $4,741,235. 1.10% of the stock is owned by insiders.

About iRhythm Technologies

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.