Insider Selling: iRhythm Technologies (NASDAQ:IRTC) EVP Sells $363,485.20 in Stock

iRhythm Technologies (NASDAQ:IRTC) EVP Sumi Shrishrimal sold 2,830 shares of iRhythm Technologies stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $128.44, for a total value of $363,485.20. Following the sale, the executive vice president directly owned 41,870 shares in the company, valued at approximately $5,377,782.80. This trade represents a 6.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Sumi Shrishrimal also recently made the following trade(s):

• On Wednesday, February 25th, Sumi Shrishrimal sold 6,217 shares of iRhythm Technologies stock. The stock was sold at an average price of $135.42, for a total value of $841,906.14.

iRhythm Technologies Stock Down 0.8%

IRTC opened at $126.95 on Friday. The stock’s 50 day moving average price is $157.46 and its 200 day moving average price is $169.55. The company has a debt-to-equity ratio of 4.25, a current ratio of 4.63 and a quick ratio of 4.48. The stock has a market cap of $4.10 billion, a P/E ratio of -90.68 and a beta of 1.09. iRhythm Technologies has a 12 month low of $92.52 and a 12 month high of $212.00.

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

Institutional Trading of iRhythm Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its position in iRhythm Technologies by 423.0% in the first quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock worth $793,000 after buying an additional 6,125 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of iRhythm Technologies by 33.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock worth $45,408,000 after acquiring an additional 108,941 shares in the last quarter. Strs Ohio acquired a new position in shares of iRhythm Technologies in the 1st quarter worth $147,000. AlphaQuest LLC raised its position in shares of iRhythm Technologies by 344.2% during the second quarter. AlphaQuest LLC now owns 1,257 shares of the company’s stock worth $194,000 after purchasing an additional 974 shares during the period. Finally, Teacher Retirement System of Texas raised its position in shares of iRhythm Technologies by 4.2% during the second quarter. Teacher Retirement System of Texas now owns 4,769 shares of the company’s stock worth $734,000 after purchasing an additional 194 shares during the period.

Analyst Upgrades and Downgrades

Several equities analysts have commented on IRTC shares. Morgan Stanley reissued an “overweight” rating on shares of iRhythm Technologies in a research note on Monday, January 12th. JPMorgan Chase & Co. decreased their price objective on shares of iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating for the company in a report on Friday, February 20th. Needham & Company LLC reiterated a “buy” rating and set a $244.00 price objective on shares of iRhythm Technologies in a research note on Monday, January 12th. Canaccord Genuity Group cut their target price on iRhythm Technologies from $212.00 to $198.00 and set a “buy” rating for the company in a research report on Friday, February 20th. Finally, Wall Street Zen raised iRhythm Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $211.62.

About iRhythm Technologies

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.