Northern Trust Corp Acquires 68,477 Shares of Irhythm Tech (IRTC)
Northern Trust Corp grew its holdings in shares of Irhythm Tech (NASDAQ:IRTC) by 75.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 158,910 shares of the company’s stock after purchasing an additional 68,477 shares during the period. Northern Trust Corp owned approximately 0.71% of Irhythm Tech worth $6,752,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in IRTC. Franklin Resources Inc. raised its holdings in Irhythm Tech by 5.0% in the 2nd quarter. Franklin Resources Inc. now owns 1,109,613 shares of the company’s stock worth $47,147,000 after acquiring an additional 53,260 shares during the last quarter. TimesSquare Capital Management LLC raised its holdings in Irhythm Tech by 43.7% in the 2nd quarter. TimesSquare Capital Management LLC now owns 1,060,230 shares of the company’s stock worth $45,049,000 after acquiring an additional 322,300 shares during the last quarter. Alliancebernstein L.P. raised its holdings in Irhythm Tech by 644.3% in the 2nd quarter. Alliancebernstein L.P. now owns 883,986 shares of the company’s stock worth $37,561,000 after acquiring an additional 765,218 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Irhythm Tech by 2,702.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 607,054 shares of the company’s stock worth $25,794,000 after acquiring an additional 585,390 shares during the last quarter. Finally, Marshall Wace North America L.P. purchased a new position in Irhythm Tech in the 2nd quarter worth approximately $21,300,000. Hedge funds and other institutional investors own 95.22% of the company’s stock.
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In related news, Director Vijay K. Lathi sold 34,613 shares of the company’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $49.51, for a total value of $1,713,689.63. Following the completion of the transaction, the director now owns 1,405 shares of the company’s stock, valued at approximately $69,561.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Raymond W. Scott sold 4,661 shares of the company’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $48.02, for a total transaction of $223,821.22. Following the completion of the transaction, the director now directly owns 4,661 shares of the company’s stock, valued at approximately $223,821.22. The disclosure for this sale can be found here. In the last three months, insiders have sold 125,111 shares of company stock valued at $6,258,065. Insiders own 23.30% of the company’s stock.
Shares of Irhythm Tech (IRTC) opened at $48.31 on Monday. Irhythm Tech has a 1 year low of $23.03 and a 1 year high of $53.87. The company has a debt-to-equity ratio of 0.36, a quick ratio of 8.07 and a current ratio of 8.15.
Irhythm Tech (NASDAQ:IRTC) last issued its quarterly earnings data on Wednesday, November 1st. The company reported ($0.29) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.05. Irhythm Tech had a negative net margin of 27.56% and a negative return on equity of 27.33%. The firm had revenue of $25.04 million during the quarter, compared to the consensus estimate of $24.30 million. During the same quarter in the previous year, the firm posted ($2.80) EPS. The company’s revenue for the quarter was up 49.2% compared to the same quarter last year. sell-side analysts forecast that Irhythm Tech will post -1.16 earnings per share for the current fiscal year.
A number of equities analysts recently weighed in on IRTC shares. Zacks Investment Research upgraded shares of Irhythm Tech from a “sell” rating to a “hold” rating in a report on Monday, July 31st. Canaccord Genuity boosted their price objective on shares of Irhythm Tech from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, September 22nd. ValuEngine upgraded shares of Irhythm Tech from a “sell” rating to a “hold” rating in a report on Saturday, October 21st. Finally, Morgan Stanley boosted their target price on shares of Irhythm Tech from $50.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, November 3rd. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $48.80.
Irhythm Tech Profile
iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.
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