Assenagon Asset Management S.A. Grows Position in iRhythm Technologies $IRTC

Assenagon Asset Management S.A. grew its holdings in iRhythm Technologies (NASDAQ:IRTC) by 189.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 225,205 shares of the company’s stock after buying an additional 147,329 shares during the quarter. Assenagon Asset Management S.A.’s holdings in iRhythm Technologies were worth $39,960,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of IRTC. Root Financial Partners LLC acquired a new position in iRhythm Technologies during the third quarter worth about $30,000. Measured Wealth Private Client Group LLC purchased a new stake in iRhythm Technologies during the 3rd quarter valued at about $30,000. GAMMA Investing LLC raised its holdings in iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after acquiring an additional 60 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in iRhythm Technologies by 100.0% in the 3rd quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock valued at $34,000 after acquiring an additional 99 shares during the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in iRhythm Technologies in the 3rd quarter worth approximately $34,000.

Insider Buying and Selling

In related news, EVP Sumi Shrishrimal sold 2,830 shares of the firm’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $128.44, for a total transaction of $363,485.20. Following the completion of the sale, the executive vice president directly owned 41,870 shares of the company’s stock, valued at approximately $5,377,782.80. This trade represents a 6.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Minang Turakhia sold 4,027 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $128.45, for a total transaction of $517,268.15. Following the completion of the sale, the executive vice president owned 54,906 shares in the company, valued at approximately $7,052,675.70. This trade represents a 6.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 94,509 shares of company stock valued at $12,734,195. 1.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Evercore upgraded iRhythm Technologies from an “in-line” rating to an “outperform” rating and upped their price target for the company from $194.00 to $210.00 in a research report on Monday, January 5th. Canaccord Genuity Group reduced their price objective on iRhythm Technologies from $212.00 to $198.00 and set a “buy” rating on the stock in a research report on Friday, February 20th. Needham & Company LLC reissued a “buy” rating and set a $244.00 price objective on shares of iRhythm Technologies in a research note on Monday, January 12th. Wall Street Zen upgraded iRhythm Technologies from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Finally, Robert W. Baird cut their target price on iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating for the company in a research note on Friday, February 20th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $209.46.

iRhythm Technologies Stock Up 2.6%

Shares of NASDAQ IRTC opened at $121.79 on Thursday. The company has a market capitalization of $3.94 billion, a P/E ratio of -86.99 and a beta of 1.09. The company has a debt-to-equity ratio of 4.25, a current ratio of 4.63 and a quick ratio of 4.48. The company has a 50 day simple moving average of $141.05 and a 200-day simple moving average of $164.55. iRhythm Technologies has a 1 year low of $92.52 and a 1 year high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Thursday, February 19th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.27. The firm had revenue of $208.89 million for the quarter, compared to analysts’ expectations of $202.61 million. iRhythm Technologies had a negative return on equity of 28.15% and a negative net margin of 5.96%.The firm’s quarterly revenue was up 27.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.04) earnings per share. On average, equities research analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current year.

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.