Massachusetts Financial Services Co. MA Reduces Holdings in iRhythm Technologies $IRTC

by · The Cerbat Gem

Massachusetts Financial Services Co. MA lowered its position in shares of iRhythm Technologies (NASDAQ:IRTC – Free Report) by 6.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 150,284 shares of the company’s stock after selling 10,266 shares during the period. Massachusetts Financial Services Co. MA’s holdings in iRhythm Technologies were worth $26,666,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Federated Hermes Inc. raised its stake in shares of iRhythm Technologies by 45.4% during the third quarter. Federated Hermes Inc. now owns 70,401 shares of the company’s stock valued at $12,108,000 after purchasing an additional 21,977 shares during the period. Osaic Holdings Inc. grew its position in shares of iRhythm Technologies by 507.3% during the second quarter. Osaic Holdings Inc. now owns 9,292 shares of the company’s stock worth $1,431,000 after buying an additional 7,762 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of iRhythm Technologies by 30.1% during the third quarter. Victory Capital Management Inc. now owns 77,952 shares of the company’s stock worth $13,407,000 after buying an additional 18,053 shares in the last quarter. Cookson Peirce & Co. Inc. increased its stake in shares of iRhythm Technologies by 105.4% in the third quarter. Cookson Peirce & Co. Inc. now owns 14,524 shares of the company’s stock worth $2,498,000 after buying an additional 7,452 shares during the last quarter. Finally, Jain Global LLC bought a new stake in shares of iRhythm Technologies in the third quarter worth $22,547,000.

Analysts Set New Price Targets

IRTC has been the subject of a number of research analyst reports. Citigroup dropped their price target on shares of iRhythm Technologies from $242.00 to $214.00 and set a “buy” rating for the company in a research note on Wednesday, March 11th. Evercore upgraded shares of iRhythm Technologies from an “in-line” rating to an “outperform” rating and lifted their price target for the stock from $194.00 to $210.00 in a research note on Monday, January 5th. JPMorgan Chase & Co. dropped their price target on shares of iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating for the company in a research note on Friday, February 20th. Morgan Stanley restated an “overweight” rating on shares of iRhythm Technologies in a research note on Monday, January 12th. Finally, Needham & Company LLC restated a “buy” rating and issued a $244.00 price target on shares of iRhythm Technologies in a research note on Monday, January 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven 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 has an average rating of “Moderate Buy” and an average price target of $202.92.

Read Our Latest Research Report on IRTC

iRhythm Technologies Stock Up 1.0%

Shares of NASDAQ:IRTC opened at $124.41 on Thursday. The firm has a market cap of $4.02 billion, a PE ratio of -88.86 and a beta of 1.18. The company has a fifty day simple moving average of $128.63 and a 200 day simple moving average of $158.37. The company has a current ratio of 4.63, a quick ratio of 4.48 and a debt-to-equity ratio of 4.25. iRhythm Technologies has a 12-month low of $97.16 and a 12-month high of $212.00.

iRhythm Technologies (NASDAQ:IRTC – Get Free Report) last released its quarterly earnings data on Thursday, February 19th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.27. The firm had revenue of $208.89 million during the quarter, compared to the consensus estimate of $202.61 million. iRhythm Technologies had a negative net margin of 5.96% and a negative return on equity of 28.15%. The firm’s revenue was up 27.1% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.04) earnings per share. On average, equities research analysts anticipate that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, insider Patrick Michael Murphy sold 7,805 shares of iRhythm Technologies stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total value of $1,056,953.10. Following the completion of the transaction, the insider owned 60,536 shares of the company’s stock, valued at $8,197,785.12. The trade was a 11.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Minang Turakhia sold 7,804 shares of iRhythm Technologies stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total transaction of $1,056,817.68. Following the completion of the transaction, the executive vice president directly owned 48,899 shares of the company’s stock, valued at approximately $6,621,902.58. This represents a 13.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 94,509 shares of company stock valued at $12,734,195 over the last quarter. Insiders own 1.10% of the company’s stock.

iRhythm Technologies Profile

(Free Report)

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.

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