iRhythm Technologies $IRTC Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. trimmed its holdings in iRhythm Technologies (NASDAQ:IRTC) by 99.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,432 shares of the company’s stock after selling 319,552 shares during the period. Bessemer Group Inc.’s holdings in iRhythm Technologies were worth $286,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of iRhythm Technologies by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 3,310,519 shares of the company’s stock worth $587,418,000 after purchasing an additional 70,420 shares during the period. RTW Investments LP acquired a new position in shares of iRhythm Technologies in the 4th quarter valued at about $209,732,000. Geode Capital Management LLC raised its stake in iRhythm Technologies by 8.6% during the fourth quarter. Geode Capital Management LLC now owns 858,405 shares of the company’s stock worth $152,337,000 after acquiring an additional 68,301 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in iRhythm Technologies by 45.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 829,862 shares of the company’s stock worth $147,251,000 after acquiring an additional 259,800 shares during the period. Finally, Millennium Management LLC lifted its holdings in iRhythm Technologies by 197.4% in the fourth quarter. Millennium Management LLC now owns 826,376 shares of the company’s stock worth $146,632,000 after acquiring an additional 548,519 shares during the last quarter.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on IRTC. Weiss Ratings upgraded iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, June 18th. Stephens began coverage on iRhythm Technologies in a research note on Thursday. They set an “overweight” rating and a $160.00 price objective for the company. Bank of America dropped their target price on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a research report on Monday, May 18th. Needham & Company LLC boosted their price target 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. Finally, Citigroup upped their price target on shares of iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $184.71.

iRhythm Technologies Price Performance

Shares of NASDAQ IRTC opened at $109.20 on Monday. iRhythm Technologies has a twelve month low of $100.85 and a twelve month high of $212.00. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. The firm has a 50-day moving average of $113.59 and a two-hundred day moving average of $127.90. The company has a market capitalization of $3.59 billion, a price-to-earnings ratio of -126.98 and a beta of 1.27.

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

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar bought 5,312 shares of the stock in a transaction on Monday, May 11th. The shares were bought at an average price of $10.71 per share, with a total value of $56,891.52. Following the purchase, the director directly owned 25,611 shares in the company, valued at $274,293.81. The trade was a 26.17% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.98% of the company’s stock.

iRhythm Technologies 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.