Fred Alger Management LLC Sells 9,517 Shares of iRhythm Technologies $IRTC

Fred Alger Management LLC trimmed its stake in shares of iRhythm Technologies (NASDAQ:IRTC) by 3.0% during the 4th quarter, Holdings Channel.com reports. The fund owned 310,582 shares of the company’s stock after selling 9,517 shares during the quarter. Fred Alger Management LLC’s holdings in iRhythm Technologies were worth $55,110,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of IRTC. Royal Bank of Canada grew its position in iRhythm Technologies by 423.0% during the 1st quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock worth $793,000 after acquiring an additional 6,125 shares during the last quarter. Goldman Sachs Group Inc. grew its position in iRhythm Technologies by 33.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock worth $45,408,000 after acquiring an additional 108,941 shares during the last quarter. Strs Ohio bought a new position in iRhythm Technologies during the 1st quarter worth approximately $147,000. Arrowstreet Capital Limited Partnership bought a new position in iRhythm Technologies during the 2nd quarter worth approximately $1,278,000. Finally, First Trust Advisors LP grew its position in iRhythm Technologies by 66.0% during the 2nd quarter. First Trust Advisors LP now owns 56,197 shares of the company’s stock worth $8,652,000 after acquiring an additional 22,337 shares during the last quarter.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the business’s stock in a transaction on Monday, May 11th. The stock was acquired at an average price of $10.71 per share, with a total value of $56,891.52. Following the acquisition, the director directly owned 25,611 shares of the company’s stock, valued at $274,293.81. This trade represents a 26.17% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is owned by corporate insiders.

iRhythm Technologies Stock Performance

Shares of NASDAQ:IRTC opened at $108.84 on Wednesday. The company has a market capitalization of $3.58 billion, a price-to-earnings ratio of -126.56 and a beta of 1.27. The firm’s 50 day simple moving average is $116.85 and its 200 day simple moving average is $140.09. The company has a debt-to-equity ratio of 4.03, a current ratio of 5.17 and a quick ratio of 4.98. iRhythm Technologies has a fifty-two week low of $101.75 and a fifty-two week high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $194.11 million. During the same period in the prior year, the business earned ($0.97) EPS. iRhythm Technologies’s revenue for the quarter was up 25.6% compared to the same quarter last year. As a group, sell-side analysts forecast that iRhythm Technologies will post 0.13 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on IRTC shares. Citigroup lifted their price objective on iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Robert W. Baird cut their price objective 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. Bank of America cut their price objective on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a research report on Monday, May 18th. Wall Street Zen lowered iRhythm Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 30th. Finally, Canaccord Genuity Group cut their price objective on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a research report on Monday, June 1st. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $187.38.

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.