Allspring Global Investments Holdings LLC Reduces Stake in iRhythm Technologies $IRTC

Allspring Global Investments Holdings LLC reduced its position in iRhythm Technologies (NASDAQ:IRTC) by 2.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 407,409 shares of the company’s stock after selling 8,108 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.26% of iRhythm Technologies worth $71,386,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Measured Wealth Private Client Group LLC bought a new stake in shares of iRhythm Technologies during the 3rd quarter valued at about $30,000. Root Financial Partners LLC bought a new position in shares of iRhythm Technologies in the 3rd quarter worth approximately $30,000. GAMMA Investing LLC boosted its holdings in shares of iRhythm Technologies by 48.4% in the fourth quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock worth $33,000 after buying an additional 60 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of iRhythm Technologies by 100.0% in the third quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock worth $34,000 after buying an additional 99 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in iRhythm Technologies during the third quarter valued at approximately $34,000.

Insider Buying and Selling at iRhythm Technologies

In other news, EVP Sumi Shrishrimal sold 2,830 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $128.44, for a total value of $363,485.20. Following the transaction, the executive vice president directly owned 41,870 shares in the company, valued at $5,377,782.80. The trade was a 6.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mervin Smith sold 1,352 shares of the company’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $128.44, for a total value of $173,650.88. Following the completion of the transaction, the executive vice president directly owned 25,612 shares of the company’s stock, valued at approximately $3,289,605.28. This trade represents a 5.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 94,509 shares of company stock valued at $12,734,195. 0.68% of the stock is currently owned by corporate insiders.

iRhythm Technologies Stock Performance

IRTC opened at $118.02 on Wednesday. The firm has a market cap of $3.81 billion, a P/E ratio of -84.30 and a beta of 1.09. iRhythm Technologies has a 1-year low of $92.52 and a 1-year high of $212.00. The company has a 50 day simple moving average of $137.07 and a two-hundred day simple moving average of $162.59. The company has a debt-to-equity ratio of 4.25, a current ratio of 4.63 and a quick ratio of 4.48.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, February 19th. The company reported $0.29 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 the consensus estimate of $202.61 million. iRhythm Technologies had a negative net margin of 5.96% and a negative return on equity of 28.15%. The company’s revenue was up 27.1% on a year-over-year basis. During the same period last year, the firm earned ($0.04) EPS. Equities analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $244.00 price target on shares of iRhythm Technologies in a research report on Monday, January 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of iRhythm Technologies in a research report on Thursday, January 22nd. Truist Financial restated a “buy” rating and issued a $200.00 price objective (down from $215.00) on shares of iRhythm Technologies in a research note on Friday, February 20th. Canaccord Genuity Group decreased their target price on iRhythm Technologies from $212.00 to $198.00 and set a “buy” rating on the stock in a report on Friday, February 20th. Finally, Robert W. Baird lowered their target price on iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating on the stock in a research report on Friday, February 20th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, iRhythm Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $209.46.

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.