Fieldview Capital Management LLC Has $1.41 Million Stake in iRhythm Technologies $IRTC

Fieldview Capital Management LLC lowered its position in iRhythm Technologies (NASDAQ:IRTC) by 47.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,182 shares of the company’s stock after selling 7,325 shares during the period. Fieldview Capital Management LLC’s holdings in iRhythm Technologies were worth $1,407,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of IRTC. Root Financial Partners LLC bought a new stake in iRhythm Technologies during the 3rd quarter worth approximately $30,000. Smartleaf Asset Management LLC raised its position in iRhythm Technologies by 100.0% in the 3rd quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock valued at $34,000 after purchasing an additional 99 shares during the last quarter. Optiver Holding B.V. acquired a new position in iRhythm Technologies in the third quarter worth $35,000. Assetmark Inc. grew its holdings in shares of iRhythm Technologies by 273.9% during the third quarter. Assetmark Inc. now owns 415 shares of the company’s stock worth $71,000 after purchasing an additional 304 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new stake in shares of iRhythm Technologies during the second quarter worth $72,000.

Insider Buying and Selling

In related news, EVP Sumi Shrishrimal sold 6,217 shares of the firm’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total transaction of $841,906.14. Following the sale, the executive vice president directly owned 39,182 shares in the company, valued at $5,306,026.44. This trade represents a 13.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Quentin S. Blackford sold 25,540 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total value of $3,458,626.80. Following the completion of the sale, the chief executive officer owned 186,126 shares in the company, valued at $25,205,182.92. The trade was a 12.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 94,509 shares of company stock worth $12,734,195 over the last ninety days. Insiders own 0.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on IRTC. JPMorgan Chase & Co. cut their price target on iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating for the company in a report on Friday, February 20th. Canaccord Genuity Group dropped their price objective on shares of iRhythm Technologies from $212.00 to $198.00 and set a “buy” rating for the company in a research report on Friday, February 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of iRhythm Technologies in a research note on Thursday, January 22nd. Wells Fargo & Company cut their price target on iRhythm Technologies from $225.00 to $200.00 and set an “overweight” rating on the stock in a research note on Friday, February 20th. Finally, Robert W. Baird dropped their price objective on iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating for the company in a report on Friday, February 20th. 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 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 target price of $211.62.

iRhythm Technologies Stock Performance

Shares of NASDAQ:IRTC opened at $123.75 on Tuesday. The company has a market capitalization of $4.00 billion, a price-to-earnings ratio of -88.39 and a beta of 1.10. The firm’s 50 day simple moving average is $155.30 and its 200 day simple moving average is $169.13. The company has a debt-to-equity ratio of 4.25, a current ratio of 4.63 and a quick ratio of 4.48. iRhythm Technologies has a fifty-two week low of $92.52 and a fifty-two week high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, February 19th. The company reported $0.29 EPS for the quarter, beating the consensus estimate 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 business’s quarterly revenue was up 27.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.04) earnings per share. As a group, sell-side analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current year.

iRhythm Technologies 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.