iRhythm Technologies $IRTC Shares Sold by Sands Capital Management LLC

Sands Capital Management LLC lessened its position in shares of iRhythm Technologies (NASDAQ:IRTC) by 24.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,699,645 shares of the company’s stock after selling 536,465 shares during the quarter. iRhythm Technologies makes up about 0.9% of Sands Capital Management LLC’s holdings, making the stock its 29th largest position. Sands Capital Management LLC owned about 5.28% of iRhythm Technologies worth $301,585,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Measured Wealth Private Client Group LLC acquired a new position in shares of iRhythm Technologies during the 3rd quarter worth $30,000. GAMMA Investing LLC raised its stake in shares of iRhythm Technologies by 48.4% during the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock worth $33,000 after buying an additional 60 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of iRhythm Technologies by 100.0% during the 3rd quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock worth $34,000 after buying an additional 99 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in shares of iRhythm Technologies during the 3rd quarter worth $34,000. Finally, Optiver Holding B.V. acquired a new position in shares of iRhythm Technologies during the 3rd quarter worth $35,000.

Insider Activity at iRhythm Technologies

In related news, Director Abhijit Y. Talwalkar acquired 5,312 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was bought at an average price of $10.71 per share, with a total value of $56,891.52. Following the purchase, the director directly owned 25,611 shares in the company, valued at $274,293.81. The trade was a 26.17% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is currently owned by corporate insiders.

iRhythm Technologies Stock Performance

Shares of IRTC stock opened at $113.65 on Monday. The firm has a 50-day moving average price of $117.07 and a 200 day moving average price of $141.17. iRhythm Technologies has a twelve month low of $101.75 and a twelve month high of $212.00. The company has a market capitalization of $3.73 billion, a price-to-earnings ratio of -132.15 and a beta of 1.27. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.21. The firm had revenue of $199.39 million during the quarter, compared to the consensus estimate of $194.11 million. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. The firm’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.97) EPS. Research analysts forecast that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

IRTC has been the subject of several research reports. Bank of America cut their price target on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating for the company in a research note on Monday, May 18th. Needham & Company LLC boosted their target price on shares of iRhythm Technologies from $254.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, May 1st. HC Wainwright reissued a “buy” rating on shares of iRhythm Technologies in a research note on Monday, June 1st. JPMorgan Chase & Co. cut their target price on shares of iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Finally, The Goldman Sachs Group cut their target price on shares of iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $187.38.

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.