Diversified Trust Co Lowers Stock Holdings in iRhythm Technologies $IRTC

Diversified Trust Co reduced its position in iRhythm Technologies (NASDAQ:IRTC) by 43.4% in the third quarter, Holdings Channel.com reports. The fund owned 4,245 shares of the company’s stock after selling 3,250 shares during the quarter. Diversified Trust Co’s holdings in iRhythm Technologies were worth $730,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. AlphaQuest LLC bought a new stake in iRhythm Technologies during the 1st quarter worth approximately $30,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of iRhythm Technologies during the 2nd quarter valued at $39,000. Lazard Asset Management LLC bought a new position in shares of iRhythm Technologies in the second quarter worth $72,000. Strs Ohio purchased a new stake in shares of iRhythm Technologies in the first quarter worth $147,000. Finally, CWM LLC raised its position in shares of iRhythm Technologies by 73.6% in the third quarter. CWM LLC now owns 979 shares of the company’s stock worth $168,000 after buying an additional 415 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research firms recently commented on IRTC. Morgan Stanley boosted their target price on iRhythm Technologies from $195.00 to $205.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 2nd. JPMorgan Chase & Co. lifted their price target on iRhythm Technologies from $190.00 to $240.00 and gave the company an “overweight” rating in a research report on Friday, October 31st. Canaccord Genuity Group boosted their price objective on iRhythm Technologies from $193.00 to $212.00 and gave the stock a “buy” rating in a report on Friday, October 31st. BTIG Research upped their price objective on shares of iRhythm Technologies from $195.00 to $215.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Finally, Robert W. Baird raised their target price on shares of iRhythm Technologies from $180.00 to $220.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $206.43.

Insider Buying and Selling at iRhythm Technologies

In related news, insider Patrick Michael Murphy sold 2,478 shares of the stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $184.83, for a total transaction of $458,008.74. Following the transaction, the insider owned 53,281 shares of the company’s stock, valued at approximately $9,847,927.23. This trade represents a 4.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Quentin S. Blackford sold 14,059 shares of iRhythm Technologies stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $182.94, for a total transaction of $2,571,953.46. Following the completion of the transaction, the chief executive officer owned 164,979 shares in the company, valued at approximately $30,181,258.26. The trade was a 7.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 24,817 shares of company stock worth $4,741,235 over the last 90 days. Company insiders own 1.10% of the company’s stock.

iRhythm Technologies Price Performance

Shares of iRhythm Technologies stock opened at $175.22 on Friday. The company has a current ratio of 4.63, a quick ratio of 4.50 and a debt-to-equity ratio of 5.32. The firm has a market capitalization of $5.65 billion, a PE ratio of -108.83 and a beta of 1.10. The business’s 50-day moving average price is $177.24 and its 200-day moving average price is $166.95. iRhythm Technologies has a 12 month low of $86.99 and a 12 month high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, October 30th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.30. The company had revenue of $192.88 million during the quarter, compared to the consensus estimate of $184.75 million. iRhythm Technologies had a negative return on equity of 41.86% and a negative net margin of 7.32%.iRhythm Technologies’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.26) EPS. Sell-side analysts forecast that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

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.