Fred Alger Management LLC Decreases Stock Holdings in iRhythm Technologies, Inc. (NASDAQ:IRTC)

Fred Alger Management LLC reduced its stake in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 13.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 272,773 shares of the company’s stock after selling 41,344 shares during the period. Fred Alger Management LLC owned 0.87% of iRhythm Technologies worth $24,596,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Barclays PLC raised its stake in shares of iRhythm Technologies by 34.3% during the third quarter. Barclays PLC now owns 209,247 shares of the company’s stock worth $15,534,000 after purchasing an additional 53,498 shares during the last quarter. Stephens Investment Management Group LLC grew its holdings in iRhythm Technologies by 25.6% in the fourth quarter. Stephens Investment Management Group LLC now owns 502,925 shares of the company’s stock valued at $45,349,000 after purchasing an additional 102,600 shares during the period. Allspring Global Investments Holdings LLC increased its stake in iRhythm Technologies by 9.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 570,048 shares of the company’s stock worth $50,991,000 after acquiring an additional 50,075 shares during the last quarter. KBC Group NV boosted its position in iRhythm Technologies by 45.1% during the 4th quarter. KBC Group NV now owns 1,319 shares of the company’s stock worth $119,000 after purchasing an additional 410 shares during the period. Finally, Invesco Ltd. lifted its position in iRhythm Technologies by 1.1% during the 4th quarter. Invesco Ltd. now owns 19,200 shares of the company’s stock worth $1,731,000 after acquiring an additional 207 shares in the last quarter.

Analysts Set New Price Targets

IRTC has been the subject of a number of research analyst reports. Canaccord Genuity Group lowered their price target on iRhythm Technologies from $152.00 to $139.00 and set a “buy” rating for the company in a report on Friday, May 2nd. Truist Financial upped their price target on shares of iRhythm Technologies from $111.00 to $145.00 and gave the company a “buy” rating in a report on Friday, February 21st. Robert W. Baird raised their target price on shares of iRhythm Technologies from $133.00 to $150.00 and gave the stock an “outperform” rating in a report on Friday, May 2nd. Wells Fargo & Company raised shares of iRhythm Technologies from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $104.00 to $130.00 in a research report on Friday, May 2nd. Finally, StockNews.com cut shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $128.55.

iRhythm Technologies Stock Performance

NASDAQ IRTC opened at $137.04 on Friday. iRhythm Technologies, Inc. has a twelve month low of $55.92 and a twelve month high of $140.73. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. The stock has a market cap of $4.38 billion, a P/E ratio of -37.65 and a beta of 1.34. The company’s 50-day simple moving average is $106.30 and its 200 day simple moving average is $98.47.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, May 1st. The company reported ($0.95) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.06). The company had revenue of $158.68 million during the quarter, compared to analyst estimates of $153.39 million. iRhythm Technologies had a negative return on equity of 118.83% and a negative net margin of 19.14%. The company’s quarterly revenue was up 20.3% on a year-over-year basis. During the same period in the previous year, the company posted ($1.23) earnings per share. As a group, research analysts forecast that iRhythm Technologies, Inc. will post -1.98 earnings per share for the current fiscal year.

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.