iRhythm Technologies $IRTC Shares Purchased by Westfield Capital Management Co. LP

Westfield Capital Management Co. LP raised its holdings in iRhythm Technologies (NASDAQ:IRTC) by 11.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 323,980 shares of the company’s stock after buying an additional 33,410 shares during the period. Westfield Capital Management Co. LP’s holdings in iRhythm Technologies were worth $55,721,000 as of its most recent SEC filing.

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

iRhythm Technologies Trading Up 3.1%

NASDAQ:IRTC opened at $140.18 on Friday. iRhythm Technologies has a 12-month low of $92.52 and a 12-month high of $212.00. The company has a current ratio of 4.63, a quick ratio of 4.48 and a debt-to-equity ratio of 4.25. The stock’s 50 day simple moving average is $162.29 and its 200-day simple moving average is $170.73. The firm has a market cap of $4.53 billion, a P/E ratio of -100.13 and a beta of 1.06.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, February 19th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.27. The firm had revenue of $208.89 million during the quarter, compared to the consensus estimate 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 for the quarter was up 27.1% on a year-over-year basis. During the same period last year, the company earned ($0.04) earnings per share. Equities analysts anticipate that iRhythm Technologies will post -1.98 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Minang Turakhia sold 7,804 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 transaction of $1,056,817.68. Following the transaction, the executive vice president directly owned 48,899 shares in the company, valued at $6,621,902.58. The trade was a 13.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Quentin S. Blackford sold 25,540 shares of the stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total transaction of $3,458,626.80. Following the transaction, the chief executive officer directly owned 186,126 shares of the company’s stock, valued at $25,205,182.92. This represents a 12.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 79,441 shares of company stock valued at $10,954,336. Corporate insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on IRTC shares. BTIG Research upped their price objective on shares of iRhythm Technologies from $195.00 to $215.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Canaccord Genuity Group reduced their target price on iRhythm Technologies from $212.00 to $198.00 and set a “buy” rating for the company in a report on Friday, February 20th. Robert W. Baird decreased their target price on iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating for the company in a research report on Friday, February 20th. Evercore raised iRhythm Technologies from an “in-line” rating to an “outperform” rating and lifted their price target for the stock from $194.00 to $210.00 in a research report on Monday, January 5th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $244.00 price objective on shares of iRhythm Technologies in a report on Monday, January 12th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $211.62.

iRhythm Technologies News Roundup

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

• Positive Sentiment: Quarterly beat — iRhythm reported $0.29 EPS vs. $0.02 expected and revenue of $208.9M (+27% YoY), signaling accelerating sales growth that likely underpins today’s upside. MarketBeat: iRhythm earnings summary
• Positive Sentiment: Institutional support — large investors (Vanguard, Tudor, RTW, Geode, UBS AM) built or increased stakes in recent quarters, supplying a backstop of long-term demand. MarketBeat: Institutional holdings
• Neutral Sentiment: Analyst moves are mixed — several firms trimmed targets (Wells Fargo, JPMorgan, Canaccord) but maintained buy/overweight calls, while Citi lifted its target earlier; consensus remains a “Moderate Buy” with a ~ $212 average target. MarketBeat: Analyst coverage
• Negative Sentiment: Heavy insider selling — CEO Quentin Blackford sold 25,540 shares and multiple senior executives (CFO, CAO, several EVPs and other insiders) sold additional blocks on Feb 25 at ~ $135.42, materially reducing their positions; such coordinated executive sales can be viewed negatively by markets. CEO Form 4 (SEC)
• Negative Sentiment: Rising short interest — short interest climbed ~20% to ~3.4M shares (≈10.6% of float) with a ~5.1-day cover ratio, increasing downside risk if negative news follows or giving volatility if shorts cover.

About iRhythm Technologies

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.