Allspring Global Investments Holdings LLC Has $55.22 Million Stock Holdings in iRhythm Technologies $IRTC

Allspring Global Investments Holdings LLC lifted its position in shares of iRhythm Technologies (NASDAQ:IRTC) by 14.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 467,113 shares of the company’s stock after acquiring an additional 59,704 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in iRhythm Technologies were worth $55,222,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in IRTC. Hillsdale Investment Management Inc. increased its position in iRhythm Technologies by 2.6% in the 1st quarter. Hillsdale Investment Management Inc. now owns 34,950 shares of the company’s stock valued at $4,125,000 after acquiring an additional 900 shares during the period. Fifth Third Bancorp increased its stake in shares of iRhythm Technologies by 17,068.9% in the first quarter. Fifth Third Bancorp now owns 15,452 shares of the company’s stock valued at $1,824,000 after buying an additional 15,362 shares during the period. Stephens Investment Management Group LLC lifted its stake in shares of iRhythm Technologies by 8.1% in the first quarter. Stephens Investment Management Group LLC now owns 561,530 shares of the company’s stock worth $66,272,000 after acquiring an additional 42,205 shares during the period. Peregrine Capital Management LLC boosted its holdings in iRhythm Technologies by 15.8% in the first quarter. Peregrine Capital Management LLC now owns 65,875 shares of the company’s stock valued at $7,775,000 after acquiring an additional 9,007 shares during the last quarter. Finally, MRA Advisory Group boosted its holdings in iRhythm Technologies by 15.9% in the first quarter. MRA Advisory Group now owns 3,210 shares of the company’s stock valued at $379,000 after acquiring an additional 441 shares during the last quarter.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company dropped their price target on shares of iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Wall Street Zen raised iRhythm Technologies from a “hold” rating to a “buy” rating in a research note on Saturday. Canaccord Genuity Group lowered their target price on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating for the company in a report on Monday, June 1st. Needham & Company LLC boosted their price target on iRhythm Technologies from $254.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Finally, JPMorgan Chase & Co. cut their price target on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $186.62.

iRhythm Technologies Trading Down 3.9%

Shares of iRhythm Technologies stock opened at $110.88 on Friday. The stock has a market capitalization of $3.64 billion, a PE ratio of -128.93 and a beta of 1.27. iRhythm Technologies has a 52 week low of $100.85 and a 52 week high of $212.00. The stock has a 50 day moving average price of $114.28 and a two-hundred day moving average price of $130.70. The company has a debt-to-equity ratio of 4.03, a quick ratio of 4.98 and a current ratio of 5.17.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.21. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The company had revenue of $199.39 million for the quarter, compared to analyst estimates of $194.11 million. During the same period in the prior year, the firm earned ($0.97) earnings per share. iRhythm Technologies’s revenue for the quarter was up 25.6% on a year-over-year basis. As a group, equities analysts anticipate that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar bought 5,312 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were bought at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the acquisition, the director directly owned 25,611 shares of the company’s stock, valued at approximately $274,293.81. The trade was a 26.17% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is owned by corporate insiders.

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.