Segall Bryant & Hamill LLC Lowers Stake in iRhythm Technologies $IRTC

Segall Bryant & Hamill LLC lessened its stake in iRhythm Technologies (NASDAQ:IRTC) by 10.7% in the 1st quarter, Holdings Channel reports. The firm owned 99,796 shares of the company’s stock after selling 11,901 shares during the period. Segall Bryant & Hamill LLC’s holdings in iRhythm Technologies were worth $11,778,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

IRTC has been the topic of a number of research reports. Truist Financial reduced their target price on shares of iRhythm Technologies from $174.00 to $160.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. Weiss Ratings upgraded shares of iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 18th. Needham & Company LLC upped their price objective on iRhythm Technologies from $254.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Wall Street Zen upgraded iRhythm Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, July 18th. Finally, BTIG Research reiterated a “buy” rating and issued a $185.00 target price on shares of iRhythm Technologies in a report on Monday, June 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $184.71.

iRhythm Technologies Price Performance

IRTC stock opened at $117.17 on Monday. The company’s 50 day moving average price is $113.83 and its 200 day moving average price is $125.63. The firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of -136.24 and a beta of 1.30. iRhythm Technologies has a fifty-two week low of $100.85 and a fifty-two week high of $212.00. The company has a debt-to-equity ratio of 4.03, a quick ratio of 4.98 and a current ratio of 5.17.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly 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 net margin of 3.53% and a negative return on equity of 10.26%. The company had revenue of $199.39 million during the quarter, compared to the consensus estimate of $194.11 million. During the same quarter in the previous year, the firm earned ($0.97) earnings per share. The firm’s quarterly revenue was up 25.6% on a year-over-year basis. On average, equities research analysts anticipate that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

Insider Activity at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar acquired 5,312 shares of iRhythm Technologies stock in a transaction dated Monday, May 11th. The shares were acquired at an average cost of $10.71 per share, for a total transaction of $56,891.52. Following the acquisition, the director owned 25,611 shares of the company’s stock, valued at $274,293.81. This trade represents a 26.17% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.98% of the company’s stock.

iRhythm Technologies Company 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.