State Street Corp Buys 11,992 Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC)

State Street Corp boosted its stake in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 1.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 908,843 shares of the company’s stock after purchasing an additional 11,992 shares during the period. State Street Corp owned about 2.90% of iRhythm Technologies worth $67,473,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. SeaCrest Wealth Management LLC lifted its stake in iRhythm Technologies by 7.6% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after purchasing an additional 150 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of iRhythm Technologies by 79.6% during the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after acquiring an additional 277 shares during the last quarter. Arizona State Retirement System raised its stake in shares of iRhythm Technologies by 3.4% during the second quarter. Arizona State Retirement System now owns 8,711 shares of the company’s stock valued at $938,000 after acquiring an additional 287 shares during the last quarter. Oppenheimer Asset Management Inc. raised its stake in shares of iRhythm Technologies by 6.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 7,909 shares of the company’s stock valued at $851,000 after acquiring an additional 482 shares during the last quarter. Finally, Bank Pictet & Cie Europe AG raised its stake in shares of iRhythm Technologies by 22.3% during the third quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock valued at $231,000 after acquiring an additional 567 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on IRTC shares. Needham & Company LLC dropped their price target on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. StockNews.com downgraded shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. The Goldman Sachs Group started coverage on shares of iRhythm Technologies in a research note on Friday, October 4th. They set a “neutral” rating and a $78.00 price target for the company. Truist Financial raised their price target on shares of iRhythm Technologies from $80.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Robert W. Baird decreased their price objective on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $107.82.

Insiders Place Their Bets

In other news, insider Patrick Michael Murphy sold 2,492 shares of iRhythm Technologies stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $85.89, for a total transaction of $214,037.88. Following the completion of the transaction, the insider now directly owns 35,327 shares in the company, valued at $3,034,236.03. This trade represents a 6.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Quentin S. Blackford sold 16,145 shares of iRhythm Technologies stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the transaction, the chief executive officer now owns 159,929 shares of the company’s stock, valued at $12,380,103.89. This represents a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.

iRhythm Technologies Trading Up 1.2 %

NASDAQ:IRTC opened at $91.45 on Wednesday. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of -18.82 and a beta of 1.26. The firm has a fifty day simple moving average of $78.56 and a two-hundred day simple moving average of $81.16. iRhythm Technologies, Inc. has a 12 month low of $55.92 and a 12 month high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). The company had revenue of $147.54 million during the quarter, compared to analyst estimates of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.89) earnings per share. Analysts expect that iRhythm Technologies, Inc. will post -3.44 EPS for the current fiscal year.

About iRhythm Technologies

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.