Artisan Partners Limited Partnership Sells 1,055,521 Shares of iRhythm Technologies $IRTC

Artisan Partners Limited Partnership decreased its holdings in shares of iRhythm Technologies (NASDAQ:IRTC) by 41.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 1,511,992 shares of the company’s stock after selling 1,055,521 shares during the quarter. Artisan Partners Limited Partnership’s holdings in iRhythm Technologies were worth $268,288,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in IRTC. Tudor Investment Corp ET AL bought a new stake in iRhythm Technologies during the 3rd quarter valued at approximately $3,439,800,000. Arrowstreet Capital Limited Partnership boosted its stake in iRhythm Technologies by 6,415.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company’s stock valued at $93,053,000 after purchasing an additional 532,735 shares during the period. Polar Capital Holdings Plc boosted its stake in iRhythm Technologies by 24,782.1% during the 3rd quarter. Polar Capital Holdings Plc now owns 335,908 shares of the company’s stock valued at $57,773,000 after purchasing an additional 334,558 shares during the period. Holocene Advisors LP boosted its stake in iRhythm Technologies by 2,023.1% during the 2nd quarter. Holocene Advisors LP now owns 313,094 shares of the company’s stock valued at $48,204,000 after purchasing an additional 298,347 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in iRhythm Technologies by 45.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 829,862 shares of the company’s stock valued at $147,251,000 after purchasing an additional 259,800 shares during the period.

iRhythm Technologies Trading Down 4.3%

iRhythm Technologies stock opened at $108.84 on Wednesday. iRhythm Technologies has a 12 month low of $101.75 and a 12 month high of $212.00. The company has a quick ratio of 4.98, a current ratio of 5.17 and a debt-to-equity ratio of 4.03. The business has a 50 day moving average price of $116.85 and a two-hundred day moving average price of $140.09. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of -126.56 and a beta of 1.27.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.21. The business had revenue of $199.39 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 25.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.97) EPS. As a group, equities analysts forecast that iRhythm Technologies will post 0.13 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on IRTC shares. Wall Street Zen cut iRhythm Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 30th. JPMorgan Chase & Co. cut their price target on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Weiss Ratings cut iRhythm Technologies from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 2nd. Truist Financial cut their price target on iRhythm Technologies from $200.00 to $170.00 and set a “buy” rating for the company in a report on Wednesday, April 15th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $185.00 price target on shares of iRhythm Technologies in a report on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $187.38.

Insider Buying and Selling

In related news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were acquired at an average price of $10.71 per share, with a total value of $56,891.52. Following the purchase, the director directly owned 25,611 shares in the company, valued at $274,293.81. This 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 through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is currently 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.