Franklin Resources Inc. Acquires 53,260 Shares of Irhythm Tech (IRTC)
Franklin Resources Inc. increased its holdings in shares of Irhythm Tech (NASDAQ:IRTC) by 5.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,109,613 shares of the company’s stock after purchasing an additional 53,260 shares during the period. Franklin Resources Inc. owned approximately 4.96% of Irhythm Tech worth $47,147,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of IRTC. Legal & General Group Plc increased its holdings in Irhythm Tech by 131.0% in the second quarter. Legal & General Group Plc now owns 3,373 shares of the company’s stock valued at $143,000 after buying an additional 1,913 shares in the last quarter. Nationwide Fund Advisors increased its holdings in Irhythm Tech by 30.2% in the first quarter. Nationwide Fund Advisors now owns 4,069 shares of the company’s stock valued at $153,000 after buying an additional 945 shares in the last quarter. American International Group Inc. purchased a new position in Irhythm Tech in the first quarter valued at $161,000. First Mercantile Trust Co. purchased a new position in Irhythm Tech in the second quarter valued at $221,000. Finally, Quantitative Systematic Strategies LLC purchased a new position in Irhythm Tech in the second quarter valued at $262,000. 93.25% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on IRTC shares. Morgan Stanley lifted their price objective on shares of Irhythm Tech from $43.00 to $47.00 and gave the company an “overweight” rating in a report on Tuesday, June 6th. Canaccord Genuity reaffirmed a “buy” rating and issued a $42.00 price objective on shares of Irhythm Tech in a report on Tuesday, June 6th. Finally, Zacks Investment Research cut shares of Irhythm Tech from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $37.75.
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In other news, Director Vijay K. Lathi sold 34,613 shares of the firm’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $49.51, for a total value of $1,713,689.63. Following the completion of the sale, the director now owns 1,405 shares in the company, valued at approximately $69,561.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kevin M. King sold 110,000 shares of the firm’s stock in a transaction on Tuesday, July 11th. The stock was sold at an average price of $42.08, for a total transaction of $4,628,800.00. The disclosure for this sale can be found here. Insiders sold a total of 253,100 shares of company stock valued at $11,137,023 in the last 90 days. Company insiders own 23.30% of the company’s stock.
Irhythm Tech (NASDAQ:IRTC) opened at 48.69 on Friday. The firm has a 50-day moving average of $49.09 and a 200-day moving average of $44.37. Irhythm Tech has a 12-month low of $22.16 and a 12-month high of $50.51. The stock’s market cap is $1.11 billion.
Irhythm Tech (NASDAQ:IRTC) last released its earnings results on Wednesday, August 2nd. The company reported ($0.29) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.02. Irhythm Tech had a negative net margin of 27.34% and a negative return on equity of 57.23%. The company had revenue of $23.85 million during the quarter, compared to analysts’ expectations of $22.10 million. The company’s revenue for the quarter was up 51.6% compared to the same quarter last year. Equities analysts predict that Irhythm Tech will post ($1.13) earnings per share for the current fiscal year.
Irhythm Tech Company Profile
iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.
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