State Street Corp Purchases 11,992 Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC)

State Street Corp increased its stake in iRhythm Technologies, Inc. (NASDAQ:IRTC - Free Report) by 1.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 908,843 shares of the company's stock after acquiring an additional 11,992 shares during the period. State Street Corp owned about 2.90% of iRhythm Technologies worth $67,473,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Harbor Capital Advisors Inc. increased its stake in iRhythm Technologies by 272.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 79,938 shares of the company's stock worth $5,935,000 after purchasing an additional 58,448 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of iRhythm Technologies by 14.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 475,586 shares of the company's stock worth $51,192,000 after purchasing an additional 60,560 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of iRhythm Technologies in the third quarter worth $1,497,000. Eagle Asset Management Inc. raised its holdings in iRhythm Technologies by 44.9% during the 3rd quarter. Eagle Asset Management Inc. now owns 100,655 shares of the company's stock valued at $7,473,000 after buying an additional 31,193 shares during the last quarter. Finally, Lighthouse Investment Partners LLC bought a new stake in iRhythm Technologies during the 2nd quarter valued at $2,071,000.

Insider Activity at iRhythm Technologies

In related news, insider Patrick Michael Murphy sold 2,492 shares of the company's stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $85.89, for a total value of $214,037.88. Following the transaction, the insider now owns 35,327 shares in the company, valued at $3,034,236.03. The trade was a 6.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Abhijit Y. Talwalkar acquired 6,664 shares of iRhythm Technologies stock in a transaction on Monday, November 4th. The shares were purchased at an average price of $75.16 per share, with a total value of $500,866.24. Following the completion of the purchase, the director now owns 18,941 shares in the company, valued at $1,423,605.56. This represents a 54.28 % increase in their position. The disclosure for this purchase can be found here. 0.68% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on IRTC shares. The Goldman Sachs Group began coverage on shares of iRhythm Technologies in a report on Friday, October 4th. They issued a "neutral" rating and a $78.00 price target on the stock. Robert W. Baird reduced their price target on iRhythm Technologies from $100.00 to $79.00 and set an "outperform" rating on the stock in a report on Friday, November 1st. Canaccord Genuity Group increased their price objective on iRhythm Technologies from $125.00 to $152.00 and gave the stock a "buy" rating in a report on Monday, December 9th. Needham & Company LLC cut their price objective on iRhythm Technologies from $119.00 to $96.00 and set a "buy" rating on the stock in a research report on Thursday, October 31st. Finally, Citigroup decreased their target price on iRhythm Technologies from $135.00 to $110.00 and set a "buy" rating for the company in a report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, iRhythm Technologies presently has an average rating of "Moderate Buy" and an average target price of $109.27.

iRhythm Technologies Stock Down 6.0 %

Shares of IRTC stock traded down $5.50 during mid-day trading on Wednesday, reaching $85.95. 400,954 shares of the company's stock traded hands, compared to its average volume of 465,274. The company's 50-day moving average price is $79.10 and its 200-day moving average price is $81.19. The company has a market cap of $2.69 billion, a P/E ratio of -17.69 and a beta of 1.26. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. iRhythm Technologies, Inc. has a 12 month low of $55.92 and a 12 month high of $124.11.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.71). iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The business had revenue of $147.54 million for the quarter, compared to the consensus estimate of $146.69 million. During the same period in the previous year, the firm earned ($0.89) EPS. The company's revenue was up 18.4% on a year-over-year basis. On average, equities analysts expect that iRhythm Technologies, Inc. will post -3.44 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.