Bessemer Group Inc. Lowers Holdings in iRhythm Technologies $IRTC

Bessemer Group Inc. lowered its holdings in shares of iRhythm Technologies (NASDAQ:IRTC) by 23.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 434,235 shares of the company’s stock after selling 134,961 shares during the period. Bessemer Group Inc.’s holdings in iRhythm Technologies were worth $74,683,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. Allianz Asset Management GmbH bought a new stake in shares of iRhythm Technologies during the third quarter valued at approximately $430,000. Principal Financial Group Inc. grew its stake in iRhythm Technologies by 1.2% during the third quarter. Principal Financial Group Inc. now owns 80,136 shares of the company’s stock valued at $13,783,000 after acquiring an additional 967 shares in the last quarter. Atle Fund Management AB increased its holdings in iRhythm Technologies by 18.5% in the 3rd quarter. Atle Fund Management AB now owns 29,991 shares of the company’s stock valued at $5,158,000 after acquiring an additional 4,689 shares during the last quarter. Lisanti Capital Growth LLC bought a new stake in iRhythm Technologies in the 3rd quarter valued at $2,895,000. Finally, Arizona State Retirement System lifted its stake in iRhythm Technologies by 2.8% in the 3rd quarter. Arizona State Retirement System now owns 9,413 shares of the company’s stock worth $1,619,000 after purchasing an additional 255 shares in the last quarter.

iRhythm Technologies Price Performance

iRhythm Technologies stock opened at $146.75 on Friday. iRhythm Technologies has a 12-month low of $92.52 and a 12-month high of $212.00. The company has a current ratio of 4.63, a quick ratio of 4.50 and a debt-to-equity ratio of 5.32. The firm has a 50-day moving average price of $170.74 and a 200-day moving average price of $170.64. The firm has a market capitalization of $4.73 billion, a PE ratio of -91.15 and a beta of 1.06.

Insider Transactions at iRhythm Technologies

In other news, insider Patrick Michael Murphy sold 2,478 shares of the stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total value of $458,008.74. Following the sale, the insider directly owned 53,281 shares in the company, valued at approximately $9,847,927.23. This represents a 4.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Chad Patterson sold 280 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total value of $51,752.40. Following the sale, the insider directly owned 43,387 shares of the company’s stock, valued at $8,019,219.21. This represents a 0.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

IRTC has been the subject of several research analyst reports. Canaccord Genuity Group raised their price target on iRhythm Technologies from $193.00 to $212.00 and gave the company a “buy” rating in a report on Friday, October 31st. Loop Capital set a $220.00 price target on shares of iRhythm Technologies in a research report on Friday, October 31st. Freedom Capital upgraded shares of iRhythm Technologies to a “strong-buy” rating in a research report on Thursday, January 15th. BTIG Research lifted their price objective on shares of iRhythm Technologies from $195.00 to $215.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Finally, JPMorgan Chase & Co. increased their price target on shares of iRhythm Technologies from $190.00 to $240.00 and gave the company an “overweight” rating in a report on Friday, October 31st. Two 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 issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $219.23.

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.