Loomis Sayles & Co. L P Sells 251,988 Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC)

Loomis Sayles & Co. L P lessened its holdings in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 68.0% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 118,502 shares of the company’s stock after selling 251,988 shares during the period. Loomis Sayles & Co. L P owned about 0.38% of iRhythm Technologies worth $8,797,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. SeaCrest Wealth Management LLC lifted its stake in shares of iRhythm Technologies by 7.6% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock worth $229,000 after purchasing an additional 150 shares during the period. Nisa Investment Advisors LLC raised its stake in iRhythm Technologies by 79.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after acquiring an additional 277 shares during the period. Arizona State Retirement System raised its stake in iRhythm Technologies by 3.4% during the 2nd quarter. Arizona State Retirement System now owns 8,711 shares of the company’s stock worth $938,000 after acquiring an additional 287 shares during the period. Oppenheimer Asset Management Inc. raised its stake in iRhythm Technologies by 6.5% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 7,909 shares of the company’s stock worth $851,000 after acquiring an additional 482 shares during the period. Finally, Bank Pictet & Cie Europe AG raised its stake in iRhythm Technologies by 22.3% during the 3rd quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock worth $231,000 after acquiring an additional 567 shares during the period.

iRhythm Technologies Trading Up 8.0 %

IRTC stock opened at $89.02 on Thursday. The firm has a fifty day moving average price of $73.51 and a 200 day moving average price of $81.74. iRhythm Technologies, Inc. has a fifty-two week low of $55.92 and a fifty-two week high of $124.11. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. The firm has a market cap of $2.79 billion, a PE ratio of -18.32 and a beta of 1.23.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The business had revenue of $147.54 million during the quarter, compared to analysts’ expectations of $146.69 million. During the same period last year, the business posted ($0.89) earnings per share. The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. Sell-side analysts anticipate that iRhythm Technologies, Inc. will post -3.44 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on IRTC shares. Canaccord Genuity Group raised their target price on shares of iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Robert W. Baird decreased their target price on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Needham & Company LLC decreased their target price on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Oppenheimer reduced their price objective on shares of iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. reduced their price objective on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, iRhythm Technologies presently has an average rating of “Moderate Buy” and an average price target of $108.50.

Insider Activity at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar acquired 6,664 shares of the company’s stock in a transaction on Monday, November 4th. The stock was bought at an average cost of $75.16 per share, with a total value of $500,866.24. Following the completion of the purchase, the director now directly owns 18,941 shares of the company’s stock, valued at $1,423,605.56. This represents a 54.28 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Quentin S. Blackford sold 16,145 shares of iRhythm Technologies stock in a transaction on Monday, November 4th. The stock was sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the transaction, the chief executive officer now directly owns 159,929 shares of the company’s stock, valued at $12,380,103.89. The trade was a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by insiders.

About iRhythm Technologies

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.