Franklin Resources Inc. Invests $702,000 in iRhythm Technologies $IRTC

Franklin Resources Inc. acquired a new stake in iRhythm Technologies (NASDAQ:IRTC) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,558 shares of the company’s stock, valued at approximately $702,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of IRTC. AlphaQuest LLC purchased a new position in iRhythm Technologies during the first quarter valued at approximately $30,000. ANTIPODES PARTNERS Ltd purchased a new stake in iRhythm Technologies during the second quarter worth $39,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in iRhythm Technologies during the first quarter worth $50,000. US Bancorp DE boosted its position in iRhythm Technologies by 61.9% during the 1st quarter. US Bancorp DE now owns 978 shares of the company’s stock valued at $102,000 after acquiring an additional 374 shares in the last quarter. Finally, Strs Ohio purchased a new position in shares of iRhythm Technologies in the 1st quarter valued at $147,000.

iRhythm Technologies Trading Down 1.6%

Shares of NASDAQ:IRTC opened at $178.37 on Monday. The business’s 50-day moving average is $178.40 and its 200 day moving average is $163.10. The company has a debt-to-equity ratio of 5.32, a current ratio of 4.63 and a quick ratio of 4.50. iRhythm Technologies has a 1 year low of $81.10 and a 1 year high of $212.00. The firm has a market capitalization of $5.75 billion, a P/E ratio of -110.79 and a beta of 1.10.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, October 30th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.30. iRhythm Technologies had a negative return on equity of 41.86% and a negative net margin of 7.32%.The business had revenue of $192.88 million during the quarter, compared to the consensus estimate of $184.75 million. During the same quarter last year, the company earned ($1.26) earnings per share. The company’s quarterly revenue was up 30.8% on a year-over-year basis. On average, research analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, CEO Quentin S. Blackford sold 14,059 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $182.94, for a total transaction of $2,571,953.46. Following the sale, the chief executive officer owned 164,979 shares of the company’s stock, valued at approximately $30,181,258.26. The trade was a 7.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel G. Wilson sold 8,000 shares of the company’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $207.44, for a total transaction of $1,659,520.00. Following the transaction, the chief financial officer owned 26,470 shares in the company, valued at $5,490,936.80. The trade was a 23.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 24,817 shares of company stock valued at $4,741,235 over the last 90 days. Company insiders own 0.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Needham & Company LLC boosted their price target on iRhythm Technologies from $193.00 to $244.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Morgan Stanley lifted their target price on iRhythm Technologies from $195.00 to $205.00 and gave the company an “overweight” rating in a research note on Tuesday, December 2nd. JPMorgan Chase & Co. boosted their target price on shares of iRhythm Technologies from $190.00 to $240.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. The Goldman Sachs Group increased their price target on shares of iRhythm Technologies from $180.00 to $202.00 and gave the company a “neutral” rating in a research report on Friday, October 31st. Finally, Evercore ISI cut their price objective on shares of iRhythm Technologies from $185.00 to $175.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $205.71.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.