Legal & General Group Plc Increases Stake in iRhythm Technologies $IRTC

Legal & General Group Plc boosted its stake in shares of iRhythm Technologies (NASDAQ:IRTC) by 24.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 52,070 shares of the company’s stock after acquiring an additional 10,065 shares during the quarter. Legal & General Group Plc’s holdings in iRhythm Technologies were worth $9,239,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of IRTC. Royal Bank of Canada raised its position in iRhythm Technologies by 423.0% during the first quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock valued at $793,000 after acquiring an additional 6,125 shares in the last quarter. Goldman Sachs Group Inc. raised its position in iRhythm Technologies by 33.5% during the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock valued at $45,408,000 after acquiring an additional 108,941 shares in the last quarter. Strs Ohio purchased a new position in iRhythm Technologies during the first quarter valued at approximately $147,000. Arrowstreet Capital Limited Partnership purchased a new position in iRhythm Technologies during the second quarter valued at approximately $1,278,000. Finally, First Trust Advisors LP increased its position in shares of iRhythm Technologies by 66.0% in the second 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 in the last quarter.

iRhythm Technologies Stock Up 2.7%

iRhythm Technologies stock opened at $107.35 on Friday. The stock has a market capitalization of $3.53 billion, a PE ratio of -124.82 and a beta of 1.27. iRhythm Technologies has a 12 month low of $101.75 and a 12 month high of $212.00. The business has a 50 day simple moving average of $117.95 and a 200-day simple moving average of $143.74. The company has a debt-to-equity ratio of 4.03, a current ratio of 5.17 and a quick ratio of 4.98.

iRhythm Technologies (NASDAQ:IRTC) last issued 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 return on equity of 10.26% and a negative net margin of 3.53%.The firm had revenue of $199.39 million during the quarter, compared to analysts’ expectations of $194.11 million. During the same period in the previous year, the business earned ($0.97) earnings per share. The firm’s revenue for the quarter was up 25.6% on a year-over-year basis. On average, 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 purchased 5,312 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was purchased at an average cost of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the transaction, 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 purchase was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.98% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Robert W. Baird cut their price objective on iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating for the company in a research report on Friday, February 20th. JPMorgan Chase & Co. cut their price objective on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Wells Fargo & Company cut their price objective on iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Truist Financial cut their price objective on iRhythm Technologies from $200.00 to $170.00 and set a “buy” rating for the company in a research report on Wednesday, April 15th. Finally, Citigroup boosted their price objective on iRhythm Technologies from $155.00 to $157.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $189.69.

iRhythm Technologies 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.