Geode Capital Management LLC Buys 68,301 Shares of iRhythm Technologies $IRTC

Geode Capital Management LLC grew its stake in shares of iRhythm Technologies (NASDAQ:IRTC) by 8.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 858,405 shares of the company’s stock after acquiring an additional 68,301 shares during the quarter. Geode Capital Management LLC owned about 2.66% of iRhythm Technologies worth $152,337,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of IRTC. Measured Wealth Private Client Group LLC bought a new stake in shares of iRhythm Technologies during the 3rd quarter valued at $30,000. GAMMA Investing LLC lifted its position in shares of iRhythm Technologies by 48.4% during 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 period. Smartleaf Asset Management LLC lifted its position in shares of iRhythm Technologies by 100.0% during 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 period. FNY Investment Advisers LLC bought a new stake in shares of iRhythm Technologies during the 3rd quarter valued at $34,000. Finally, Optiver Holding B.V. bought a new stake in shares of iRhythm Technologies during the 3rd quarter valued at $35,000.

iRhythm Technologies Price Performance

Shares of IRTC stock opened at $107.35 on Friday. The company has a quick ratio of 4.98, a current ratio of 5.17 and a debt-to-equity ratio of 4.03. iRhythm Technologies has a twelve month low of $101.75 and a twelve month high of $212.00. The company has a market cap of $3.53 billion, a P/E ratio of -124.82 and a beta of 1.27. The business has a fifty day simple moving average of $117.95 and a 200 day simple moving average of $143.74.

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

Analyst Upgrades and Downgrades

IRTC has been the subject of a number of recent analyst reports. 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 report on Friday, February 20th. HC Wainwright restated a “buy” rating on shares of iRhythm Technologies in a research report on Monday. Citigroup upped their price objective on iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Weiss Ratings downgraded iRhythm Technologies from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday. Finally, Wells Fargo & Company dropped their price objective on iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, iRhythm Technologies has a consensus rating of “Moderate Buy” and an average price target of $189.69.

Insider Buying and Selling

In other news, Director Abhijit Y. Talwalkar bought 5,312 shares of the company’s stock in a transaction on Monday, May 11th. The stock was purchased at an average cost of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the transaction, the director owned 25,611 shares of the company’s stock, valued at $274,293.81. This trade represents a 26.17% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.98% of the company’s stock.

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.