Arizona State Retirement System Cuts Holdings in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Arizona State Retirement System decreased its stake in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 1.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,549 shares of the company’s stock after selling 127 shares during the quarter. Arizona State Retirement System’s holdings in iRhythm Technologies were worth $915,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of IRTC. Norges Bank purchased a new stake in iRhythm Technologies during the 4th quarter worth about $54,467,000. Capital Research Global Investors increased its holdings in shares of iRhythm Technologies by 60.9% in the 1st quarter. Capital Research Global Investors now owns 1,411,300 shares of the company’s stock valued at $222,237,000 after acquiring an additional 534,300 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of iRhythm Technologies by 259.5% in the 1st quarter. Bank of America Corp DE now owns 548,028 shares of the company’s stock valued at $67,972,000 after acquiring an additional 395,570 shares during the last quarter. Artisan Partners Limited Partnership increased its holdings in shares of iRhythm Technologies by 22.5% in the 3rd quarter. Artisan Partners Limited Partnership now owns 1,962,625 shares of the company’s stock valued at $184,997,000 after acquiring an additional 359,908 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of iRhythm Technologies by 67.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 572,358 shares of the company’s stock valued at $53,950,000 after acquiring an additional 231,077 shares during the last quarter.

iRhythm Technologies Trading Up 0.3 %

NASDAQ:IRTC opened at $109.85 on Wednesday. The stock’s 50 day moving average price is $111.98 and its 200 day moving average price is $100.91. The company has a market capitalization of $3.42 billion, a PE ratio of -27.12 and a beta of 1.31. The company has a quick ratio of 2.02, a current ratio of 2.15 and a debt-to-equity ratio of 0.17. iRhythm Technologies, Inc. has a 52-week low of $70.24 and a 52-week high of $140.23.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, February 22nd. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.66). iRhythm Technologies had a negative return on equity of 56.38% and a negative net margin of 25.05%. The firm had revenue of $132.51 million for the quarter, compared to analysts’ expectations of $131.14 million. On average, research analysts anticipate that iRhythm Technologies, Inc. will post -3.14 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on IRTC shares. Needham & Company LLC increased their price objective on iRhythm Technologies from $136.00 to $137.00 and gave the company a “buy” rating in a report on Friday, February 23rd. JPMorgan Chase & Co. dropped their price objective on iRhythm Technologies from $142.00 to $133.00 and set an “overweight” rating on the stock in a report on Friday, February 23rd. Truist Financial increased their price objective on iRhythm Technologies from $115.00 to $133.00 and gave the company a “buy” rating in a report on Friday, December 22nd. Finally, Canaccord Genuity Group increased their price objective on iRhythm Technologies from $121.00 to $133.00 and gave the company a “buy” rating in a report on Friday, February 23rd. One investment analyst has rated the stock with a sell rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $135.11.

Insiders Place Their Bets

In other iRhythm Technologies news, CEO Quentin S. Blackford sold 24,701 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $121.96, for a total transaction of $3,012,533.96. Following the completion of the sale, the chief executive officer now directly owns 180,015 shares of the company’s stock, valued at approximately $21,954,629.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other iRhythm Technologies news, insider Patrick Michael Murphy sold 7,615 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $121.96, for a total transaction of $928,725.40. Following the completion of the sale, the insider now directly owns 48,962 shares of the company’s stock, valued at approximately $5,971,405.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Quentin S. Blackford sold 24,701 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $121.96, for a total value of $3,012,533.96. Following the sale, the chief executive officer now directly owns 180,015 shares of the company’s stock, valued at $21,954,629.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,052 shares of company stock valued at $4,274,942. 0.43% of the stock is owned by company insiders.

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.