Raymond James & Associates Sells 124 Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC)

Raymond James & Associates cut its stake in shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) by 4.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 2,456 shares of the company’s stock after selling 124 shares during the quarter. Raymond James & Associates’ holdings in iRhythm Technologies were worth $263,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in IRTC. Covestor Ltd boosted its stake in shares of iRhythm Technologies by 285.2% in the 3rd quarter. Covestor Ltd now owns 312 shares of the company’s stock valued at $29,000 after purchasing an additional 231 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of iRhythm Technologies by 110.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 574 shares of the company’s stock valued at $54,000 after purchasing an additional 301 shares during the period. Diversified Trust Co bought a new stake in shares of iRhythm Technologies during the 4th quarter valued at about $212,000. Bank Pictet & Cie Europe AG boosted its position in shares of iRhythm Technologies by 21.6% during the 3rd quarter. Bank Pictet & Cie Europe AG now owns 2,564 shares of the company’s stock valued at $242,000 after purchasing an additional 456 shares in the last quarter. Finally, Nomura Holdings Inc. grew its stake in iRhythm Technologies by 50.0% during the third quarter. Nomura Holdings Inc. now owns 3,000 shares of the company’s stock worth $283,000 after purchasing an additional 1,000 shares during the period.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on IRTC shares. Needham & Company LLC boosted their price target on iRhythm Technologies from $136.00 to $137.00 and gave the company a “buy” rating in a research note on Friday, February 23rd. JPMorgan Chase & Co. cut their target price on shares of iRhythm Technologies from $142.00 to $133.00 and set an “overweight” rating on the stock in a research note on Friday, February 23rd. Finally, Canaccord Genuity Group lifted their price target on shares of iRhythm Technologies from $121.00 to $133.00 and gave the company a “buy” rating in a research note on Friday, February 23rd. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the company. According to data from MarketBeat, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $135.11.

iRhythm Technologies Stock Down 2.9 %

Shares of NASDAQ IRTC opened at $108.64 on Tuesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.15 and a quick ratio of 2.02. The company has a 50-day moving average price of $111.16 and a 200-day moving average price of $102.64. The stock has a market capitalization of $3.38 billion, a P/E ratio of -26.82 and a beta of 1.30. iRhythm Technologies, Inc. has a 1 year low of $70.24 and a 1 year high of $134.45.

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). The company had revenue of $132.51 million for the quarter, compared to analyst estimates of $131.14 million. iRhythm Technologies had a negative net margin of 25.05% and a negative return on equity of 56.38%. On average, equities research analysts forecast that iRhythm Technologies, Inc. will post -3.14 EPS for the current fiscal year.

Insider Activity at iRhythm Technologies

In related news, CEO Quentin S. Blackford sold 24,701 shares of the stock in a transaction 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 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 is available at this link. In other news, EVP Daniel G. Wilson sold 1,261 shares of the company’s 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 $153,791.56. Following the completion of the transaction, the executive vice president now directly owns 32,967 shares of the company’s stock, valued at $4,020,655.32. The transaction was disclosed in a filing with the SEC, which is accessible 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 shares were 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. Insiders have sold a total of 35,052 shares of company stock valued at $4,274,942 over the last 90 days. Insiders own 0.68% 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.