Bessemer Group Inc. Decreases Position in iRhythm Technologies $IRTC

Bessemer Group Inc. lessened its holdings in iRhythm Technologies (NASDAQ:IRTC) by 25.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 321,984 shares of the company’s stock after selling 112,251 shares during the period. Bessemer Group Inc. owned approximately 1.00% of iRhythm Technologies worth $57,132,000 as of its most recent SEC filing.

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

Insider Activity

In related news, EVP Mervin Smith sold 1,352 shares of iRhythm Technologies stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $128.44, for a total transaction of $173,650.88. Following the sale, the executive vice president directly owned 25,612 shares in the company, valued at $3,289,605.28. This trade represents a 5.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Chad Patterson sold 4,444 shares of iRhythm Technologies stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $128.44, for a total transaction of $570,787.36. Following the sale, the insider 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 94,509 shares of company stock worth $12,734,195 over the last three months. Company insiders own 0.98% of the company’s stock.

iRhythm Technologies Price Performance

Shares of NASDAQ:IRTC opened at $114.00 on Friday. The company’s fifty day moving average price is $119.69 and its 200 day moving average price is $150.55. iRhythm Technologies has a 12 month low of $112.31 and a 12 month high of $212.00. The company has a debt-to-equity ratio of 4.03, a current ratio of 5.17 and a quick ratio of 4.98. The firm has a market capitalization of $3.75 billion, a P/E ratio of -132.56 and a beta of 1.33.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.21. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. The firm had revenue of $199.39 million for the quarter, compared to analyst estimates of $194.11 million. During the same period last 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 predict that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

IRTC has been the topic of a number of analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Citigroup raised their price objective on shares of iRhythm Technologies from $155.00 to $157.00 and gave the company a “buy” rating in a report on Monday, May 4th. The Goldman Sachs Group reduced their price objective on shares of iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Canaccord Genuity Group reduced their price objective on shares of iRhythm Technologies from $198.00 to $180.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Finally, Robert W. Baird reduced their price objective on shares of iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating on the stock in a report on Friday, February 20th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has given 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 target price of $193.38.

About iRhythm Technologies

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.