Allspring Global Investments Holdings LLC Increases Stock Position in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Allspring Global Investments Holdings LLC grew its stake in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 13.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 415,026 shares of the company’s stock after buying an additional 49,168 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.33% of iRhythm Technologies worth $48,143,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in IRTC. Vanguard Group Inc. lifted its position in iRhythm Technologies by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 2,993,443 shares of the company’s stock worth $320,418,000 after buying an additional 35,694 shares during the last quarter. Capital Research Global Investors lifted its holdings in shares of iRhythm Technologies by 5.1% in the 4th quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock worth $267,132,000 after acquiring an additional 121,709 shares during the last quarter. Artisan Partners Limited Partnership lifted its holdings in shares of iRhythm Technologies by 5.5% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,071,500 shares of the company’s stock worth $221,733,000 after acquiring an additional 108,875 shares during the last quarter. Fiera Capital Corp boosted its stake in shares of iRhythm Technologies by 0.4% in the 4th quarter. Fiera Capital Corp now owns 399,200 shares of the company’s stock valued at $42,730,000 after purchasing an additional 1,421 shares in the last quarter. Finally, Stephens Investment Management Group LLC grew its holdings in shares of iRhythm Technologies by 17.4% during the 4th quarter. Stephens Investment Management Group LLC now owns 359,225 shares of the company’s stock valued at $38,451,000 after purchasing an additional 53,219 shares during the last quarter.

Insider Activity at iRhythm Technologies

In related news, CAO Marc W. Rosenbaum sold 510 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $88.91, for a total value of $45,344.10. Following the completion of the transaction, the chief accounting officer now directly owns 8,174 shares of the company’s stock, valued at $726,750.34. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CAO Marc W. Rosenbaum sold 510 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $88.91, for a total transaction of $45,344.10. Following the sale, the chief accounting officer now owns 8,174 shares of the company’s stock, valued at $726,750.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CMO Minang Turakhia sold 1,404 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $105.65, for a total value of $148,332.60. Following the completion of the sale, the chief marketing officer now owns 27,255 shares in the company, valued at approximately $2,879,490.75. The disclosure for this sale can be found here. Insiders have sold 3,045 shares of company stock worth $294,234 over the last 90 days. 0.68% of the stock is owned by company insiders.

iRhythm Technologies Price Performance

IRTC opened at $96.76 on Thursday. The company has a debt-to-equity ratio of 7.13, a quick ratio of 6.95 and a current ratio of 7.10. The stock has a market capitalization of $3.01 billion, a PE ratio of -22.87 and a beta of 1.24. The stock’s 50 day moving average price is $98.45 and its 200-day moving average price is $107.02. iRhythm Technologies, Inc. has a 52-week low of $70.24 and a 52-week high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($1.47) earnings per share for the quarter, missing the consensus estimate of ($0.99) by ($0.48). iRhythm Technologies had a negative net margin of 25.33% and a negative return on equity of 69.87%. The company had revenue of $131.93 million during the quarter, compared to the consensus estimate of $128.87 million. On average, equities research analysts predict that iRhythm Technologies, Inc. will post -3.22 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on IRTC. Canaccord Genuity Group cut their price target on shares of iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Wolfe Research upgraded iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 target price for the company in a report on Thursday, June 20th. Finally, Needham & Company LLC lifted their price target on iRhythm Technologies from $137.00 to $138.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. One research analyst has rated the stock with a sell rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $131.22.

iRhythm Technologies 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.