TimesSquare Capital Management LLC Decreases Stake in iRhythm Technologies $IRTC

TimesSquare Capital Management LLC cut its holdings in iRhythm Technologies (NASDAQ:IRTC) by 11.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,822 shares of the company’s stock after selling 7,495 shares during the quarter. TimesSquare Capital Management LLC owned 0.19% of iRhythm Technologies worth $10,615,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Tudor Investment Corp ET AL purchased a new stake in iRhythm Technologies during the third quarter worth $3,439,800,000. Vanguard Group Inc. boosted its position in iRhythm Technologies by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 3,310,519 shares of the company’s stock worth $587,418,000 after purchasing an additional 70,420 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in iRhythm Technologies by 6,415.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company’s stock worth $93,053,000 after purchasing an additional 532,735 shares in the last quarter. Holocene Advisors LP boosted its position in iRhythm Technologies by 51.2% during the third quarter. Holocene Advisors LP now owns 473,280 shares of the company’s stock worth $81,399,000 after purchasing an additional 160,186 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in iRhythm Technologies by 33.5% during the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock worth $45,408,000 after purchasing an additional 108,941 shares in the last quarter.

iRhythm Technologies Stock Up 2.6%

Shares of NASDAQ:IRTC opened at $113.84 on Wednesday. The company has a quick ratio of 4.98, a current ratio of 5.17 and a debt-to-equity ratio of 4.03. iRhythm Technologies has a 52-week low of $108.81 and a 52-week high of $212.00. The stock’s fifty day simple moving average is $119.17 and its 200-day simple moving average is $149.31. The company has a market capitalization of $3.74 billion, a P/E ratio of -132.37 and a beta of 1.33.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $199.39 million for the quarter, compared to the consensus estimate of $194.11 million. During the same period in the prior year, the business earned ($0.97) earnings per share. The business’s revenue was up 25.6% on a year-over-year basis. As a group, equities research analysts forecast that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Chad Patterson sold 4,444 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $128.44, for a total value of $570,787.36. Following the sale, the insider directly owned 58,164 shares in the company, valued at $7,470,584.16. This represents a 7.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Minang Turakhia sold 4,027 shares of the company’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $128.45, for a total value of $517,268.15. Following the completion of the sale, the executive vice president owned 54,906 shares in the company, valued at $7,052,675.70. This represents a 6.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 94,509 shares of company stock valued at $12,734,195. Insiders own 0.98% of the company’s stock.

Analyst Upgrades and Downgrades

IRTC has been the topic of a number of research analyst reports. The Goldman Sachs Group decreased their target price on iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. Robert W. Baird decreased their target price on iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating on the stock in a research report on Friday, February 20th. JPMorgan Chase & Co. decreased their target price on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Wells Fargo & Company decreased their target price on iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Finally, Truist Financial decreased their target price on iRhythm Technologies from $200.00 to $170.00 and set a “buy” rating on the stock in a research report on Wednesday, April 15th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $191.85.

iRhythm Technologies Profile

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.