Allspring Global Investments Holdings LLC Acquires 59,704 Shares of iRhythm Technologies $IRTC

Allspring Global Investments Holdings LLC boosted its holdings in shares of iRhythm Technologies (NASDAQ:IRTC) by 14.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 467,113 shares of the company’s stock after acquiring an additional 59,704 shares during the period. Allspring Global Investments Holdings LLC owned 1.42% of iRhythm Technologies worth $55,222,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC raised its stake in iRhythm Technologies by 48.4% during the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock worth $33,000 after buying an additional 60 shares during the period. Ascent Group LLC increased its holdings in iRhythm Technologies by 0.7% during the 4th quarter. Ascent Group LLC now owns 9,587 shares of the company’s stock worth $1,701,000 after purchasing an additional 70 shares in the last quarter. WoodTrust Financial Corp increased its holdings in iRhythm Technologies by 0.7% during the 4th quarter. WoodTrust Financial Corp now owns 10,070 shares of the company’s stock worth $1,787,000 after purchasing an additional 70 shares in the last quarter. US Bancorp DE raised its stake in shares of iRhythm Technologies by 7.8% in the 3rd quarter. US Bancorp DE now owns 1,042 shares of the company’s stock valued at $179,000 after purchasing an additional 75 shares during the period. Finally, State of Wyoming raised its stake in shares of iRhythm Technologies by 16.0% in the 4th quarter. State of Wyoming now owns 616 shares of the company’s stock valued at $109,000 after purchasing an additional 85 shares during the period.

iRhythm Technologies Stock Performance

IRTC opened at $110.88 on Friday. iRhythm Technologies has a 1 year low of $100.85 and a 1 year high of $212.00. The company has a market capitalization of $3.64 billion, a PE ratio of -128.93 and a beta of 1.27. The business has a fifty day simple moving average of $114.28 and a 200 day simple moving average of $130.70. The company has a debt-to-equity ratio of 4.03, a current ratio of 5.17 and a quick ratio of 4.98.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.21. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. The business had revenue of $199.39 million during the quarter, compared to analysts’ expectations of $194.11 million. During the same quarter in the previous year, the company earned ($0.97) EPS. The business’s revenue was up 25.6% on a year-over-year basis. Research analysts expect that iRhythm Technologies will post 0.13 EPS for the current year.

Insider Activity

In related news, Director Abhijit Y. Talwalkar bought 5,312 shares of iRhythm Technologies stock in a transaction dated Monday, May 11th. The shares were bought at an average cost of $10.71 per share, with a total value of $56,891.52. Following the acquisition, the director owned 25,611 shares in the company, valued at $274,293.81. This trade represents a 26.17% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on IRTC shares. Needham & Company LLC lifted their price objective on shares of iRhythm Technologies from $254.00 to $255.00 and gave the company a “buy” rating in a report on Friday, May 1st. JPMorgan Chase & Co. reduced their price objective on shares of iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Canaccord Genuity Group decreased their price objective on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating for the company in a report on Monday, June 1st. Weiss Ratings raised iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 18th. Finally, Citigroup lifted their price target on iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $186.62.

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.