Fred Alger Management LLC Has $55.05 Million Stock Position in iRhythm Technologies $IRTC

Fred Alger Management LLC lessened its position in iRhythm Technologies (NASDAQ:IRTC) by 1.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 320,099 shares of the company’s stock after selling 5,444 shares during the period. Fred Alger Management LLC’s holdings in iRhythm Technologies were worth $55,054,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of IRTC. Root Financial Partners LLC acquired a new stake in shares of iRhythm Technologies in the third quarter valued at about $30,000. Smartleaf Asset Management LLC increased its stake in shares of iRhythm Technologies by 100.0% in the third quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock worth $34,000 after purchasing an additional 99 shares during the period. Optiver Holding B.V. acquired a new position in shares of iRhythm Technologies during the 3rd quarter worth about $35,000. Employees Retirement System of Texas bought a new stake in iRhythm Technologies during the 3rd quarter valued at approximately $36,000. Finally, Harvest Fund Management Co. Ltd acquired a new stake in iRhythm Technologies in the 3rd quarter valued at approximately $69,000.

iRhythm Technologies Stock Performance

Shares of NASDAQ IRTC opened at $113.00 on Monday. The firm has a market capitalization of $3.65 billion, a price-to-earnings ratio of -80.71 and a beta of 1.10. iRhythm Technologies has a one year low of $92.52 and a one year high of $212.00. The business has a fifty day simple moving average of $150.49 and a 200 day simple moving average of $167.69. 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 (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, February 19th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.27. The firm had revenue of $208.89 million for 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 business’s revenue was up 27.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.04) earnings per share. Sell-side analysts expect that iRhythm Technologies will post -1.98 EPS for the current year.

Analyst Upgrades and Downgrades

IRTC has been the topic of several recent analyst reports. Canaccord Genuity Group dropped their price target on iRhythm Technologies from $212.00 to $198.00 and set a “buy” rating on the stock in a research report on Friday, February 20th. Wells Fargo & Company dropped their target price on shares of iRhythm Technologies from $225.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, February 20th. Needham & Company LLC reiterated a “buy” rating and set a $244.00 target price on shares of iRhythm Technologies in a research note on Monday, January 12th. Morgan Stanley reissued an “overweight” rating on shares of iRhythm Technologies in a report on Monday, January 12th. Finally, Citigroup decreased their price target on shares of iRhythm Technologies from $242.00 to $214.00 and set a “buy” rating on the stock in a research report on Wednesday, March 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $209.46.

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, EVP Mervin Smith sold 1,352 shares of the firm’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $128.44, for a total transaction of $173,650.88. Following the completion of the transaction, the executive vice president owned 25,612 shares in the company, valued at $3,289,605.28. This trade represents a 5.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 $5,377,782.80. The trade was a 6.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 94,509 shares of company stock worth $12,734,195 in the last 90 days. 0.68% of the stock is currently owned by insiders.

iRhythm Technologies Company 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.