Artisan Partners Limited Partnership Sells 173,328 Shares of iRhythm Technologies $IRTC

Artisan Partners Limited Partnership decreased its position in shares of iRhythm Technologies (NASDAQ:IRTC) by 6.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,567,513 shares of the company’s stock after selling 173,328 shares during the quarter. Artisan Partners Limited Partnership owned 7.97% of iRhythm Technologies worth $441,587,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Root Financial Partners LLC acquired a new position in iRhythm Technologies during the third quarter valued at approximately $30,000. Smartleaf Asset Management LLC increased its stake in shares of iRhythm Technologies by 100.0% in the 3rd quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock valued at $34,000 after purchasing an additional 99 shares during the last quarter. Optiver Holding B.V. acquired a new position in shares of iRhythm Technologies during the 3rd quarter worth $35,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of iRhythm Technologies during the 2nd quarter worth $39,000. Finally, Assetmark Inc. lifted its position in shares of iRhythm Technologies by 273.9% during the 3rd quarter. Assetmark Inc. now owns 415 shares of the company’s stock worth $71,000 after buying an additional 304 shares during the last quarter.

Insider Activity at iRhythm Technologies

In related news, insider Chad Patterson sold 8,967 shares of the stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total transaction of $1,214,311.14. Following the transaction, the insider directly owned 51,738 shares of the company’s stock, valued at $7,006,359.96. This represents a 14.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Quentin S. Blackford sold 25,540 shares of the business’s stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total value of $3,458,626.80. Following the completion of the sale, the chief executive officer directly owned 186,126 shares of the company’s stock, valued at $25,205,182.92. The trade was a 12.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 79,441 shares of company stock worth $10,954,336 over the last ninety days. 1.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on IRTC shares. The Goldman Sachs Group upped their price objective on shares of iRhythm Technologies from $180.00 to $202.00 and gave the stock a “neutral” rating in a research report on Friday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $244.00 target price on shares of iRhythm Technologies in a research note on Monday, January 12th. Loop Capital set a $220.00 price target on iRhythm Technologies in a research note on Friday, October 31st. BTIG Research raised their price objective on iRhythm Technologies from $195.00 to $215.00 and gave the company a “buy” rating in a report on Friday, October 31st. Finally, Morgan Stanley restated an “overweight” rating on shares of iRhythm Technologies in a research report on Monday, January 12th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, iRhythm Technologies has an average rating of “Moderate Buy” and a consensus price target of $211.62.

iRhythm Technologies News Roundup

Here are the key news stories impacting iRhythm Technologies this week:

• Positive Sentiment: Q4 results: iRhythm posted an EPS beat and revenue growth (quarterly revenue +27% y/y), which supports the bullish case on durable demand for its Zio monitoring service. Q4 Earnings / MarketBeat
• Positive Sentiment: Institutional support: several large funds (Vanguard, Tudor, RTW, UBS AM) hold or increased positions, providing steady buying interest beneath the stock. Institutional Holdings / MarketBeat
• Neutral Sentiment: Short-interest increase: short interest rose ~20% in February to ~3.4M shares (≈10.6% of float), raising volatility risk and creating potential short-squeeze dynamics but also indicating bearish positioning. (No single definitive directional signal.)
• Negative Sentiment: Large insider selling: multiple executives — including the CEO (25,540 shares) and several EVPs, the CFO and CAO — sold sizable blocks on Feb. 25. The concentrated sales (each a double-digit % reduction in those insiders’ holdings) are a clear near-term negative for sentiment. CEO Form 4
• Negative Sentiment: Analyst moves: several firms trimmed price targets (Wells Fargo, JPMorgan, Canaccord) even as others remain constructive; mixed analyst revisions add uncertainty to near-term guidance on valuation.

iRhythm Technologies Price Performance

IRTC stock opened at $140.18 on Friday. The company has a quick ratio of 4.48, a current ratio of 4.63 and a debt-to-equity ratio of 4.25. The firm has a market cap of $4.53 billion, a price-to-earnings ratio of -100.13 and a beta of 1.06. The company’s fifty day simple moving average is $162.29 and its 200 day simple moving average is $170.73. iRhythm Technologies has a 12-month low of $92.52 and a 12-month high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, February 19th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.27. The firm had revenue of $208.89 million for the quarter, compared to analyst estimates of $202.61 million. iRhythm Technologies had a negative return on equity of 28.15% and a negative net margin of 5.96%.The company’s revenue was up 27.1% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.04) earnings per share. On average, analysts expect that iRhythm Technologies will post -1.98 earnings per share for the current year.

iRhythm Technologies Company Profile

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.