State of New Jersey Common Pension Fund D Trims Stock Holdings in iRhythm Technologies $IRTC

State of New Jersey Common Pension Fund D trimmed its holdings in iRhythm Technologies (NASDAQ:IRTC) by 18.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,223 shares of the company’s stock after selling 3,050 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in iRhythm Technologies were worth $2,036,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of iRhythm Technologies in the first quarter worth approximately $54,249,000. Cim Investment Management Inc. raised its holdings in shares of iRhythm Technologies by 97.6% in the first quarter. Cim Investment Management Inc. now owns 11,530 shares of the company’s stock worth $1,122,000 after buying an additional 5,696 shares during the period. Principal Financial Group Inc. increased its holdings in iRhythm Technologies by 1,793.7% during the 1st 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 period. Northern Trust Corp increased its holdings in iRhythm Technologies by 1.6% during the 1st quarter. Northern Trust Corp now owns 292,009 shares of the company’s stock worth $30,568,000 after purchasing an additional 4,675 shares during the period. Finally, Stephens Inc. AR purchased a new position in iRhythm Technologies during the 1st quarter worth $222,000.

iRhythm Technologies Stock Up 1.4%

Shares of NASDAQ IRTC opened at $185.29 on Thursday. The company has a current ratio of 5.02, a quick ratio of 4.88 and a debt-to-equity ratio of 6.25. The stock has a market capitalization of $5.95 billion, a PE ratio of -63.24 and a beta of 1.15. The stock’s fifty day simple moving average is $176.31 and its two-hundred day simple moving average is $151.81. iRhythm Technologies has a 12-month low of $67.92 and a 12-month high of $190.86.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.53) by $0.21. The business had revenue of $186.69 million for the quarter, compared to analysts’ expectations of $173.94 million. iRhythm Technologies had a negative return on equity of 90.03% and a negative net margin of 14.06%.The business’s revenue for the quarter was up 26.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.61) EPS. As a group, analysts expect that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on IRTC shares. BTIG Research raised their price objective on iRhythm Technologies from $190.00 to $195.00 and gave the stock a “buy” rating in a report on Monday, October 13th. Canaccord Genuity Group raised their price objective on iRhythm Technologies from $170.00 to $193.00 and gave the stock a “buy” rating in a report on Monday, September 29th. Bank of America started coverage on iRhythm Technologies in a report on Wednesday, August 20th. They set a “buy” rating and a $200.00 price objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of iRhythm Technologies in a report on Wednesday, October 8th. Finally, Citigroup raised their price objective on iRhythm Technologies from $183.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $184.85.

Insider Buying and Selling at iRhythm Technologies

In other news, EVP Sumi Shrishrimal sold 653 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $167.12, for a total value of $109,129.36. Following the completion of the sale, the executive vice president owned 34,032 shares of the company’s stock, valued at $5,687,427.84. This trade represents a 1.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Abhijit Y. Talwalkar sold 5,312 shares of the firm’s stock in a transaction on Monday, August 11th. The stock was sold at an average price of $158.02, for a total value of $839,402.24. Following the completion of the sale, the director directly owned 20,299 shares of the company’s stock, valued at $3,207,647.98. The trade was a 20.74% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 47,069 shares of company stock worth $7,627,986. 1.10% of the stock is currently owned by company insiders.

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.