Dearborn Partners LLC Invests $5.69 Million in iRhythm Technologies $IRTC

Dearborn Partners LLC acquired a new position in iRhythm Technologies (NASDAQ:IRTC) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 29,502 shares of the company’s stock, valued at approximately $5,691,000. Dearborn Partners LLC owned 0.09% of iRhythm Technologies at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in IRTC. Measured Wealth Private Client Group LLC bought a new position in iRhythm Technologies during the 3rd quarter worth approximately $30,000. Employees Retirement System of Texas acquired a new position in shares of iRhythm Technologies in the 3rd quarter worth approximately $36,000. Torren Management LLC bought a new stake in shares of iRhythm Technologies in the 4th quarter valued at $53,000. Smartleaf Asset Management LLC boosted its stake in shares of iRhythm Technologies by 63.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 323 shares of the company’s stock valued at $58,000 after purchasing an additional 125 shares during the last quarter. Finally, SBI Securities Co. Ltd. increased its position in shares of iRhythm Technologies by 1,146.9% during the fourth quarter. SBI Securities Co. Ltd. now owns 399 shares of the company’s stock worth $71,000 after buying an additional 367 shares during the period.

iRhythm Technologies Trading Down 2.5%

NASDAQ:IRTC opened at $125.25 on Tuesday. iRhythm Technologies has a 12 month low of $100.85 and a 12 month high of $212.00. The company has a current ratio of 3.86, a quick ratio of 3.74 and a debt-to-equity ratio of 3.50. The stock has a market capitalization of $4.13 billion, a price-to-earnings ratio of -291.28 and a beta of 1.30. The firm has a fifty day simple moving average of $118.04 and a two-hundred day simple moving average of $121.56.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.62. The firm had revenue of $224.17 million for the quarter, compared to analyst estimates of $219.30 million. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The business’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.32) earnings per share. Analysts expect that iRhythm Technologies will post 0.6 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on IRTC. Canaccord Genuity Group dropped their target price on shares of iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a report on Monday, June 1st. Wall Street Zen downgraded iRhythm Technologies from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Citigroup lifted their price objective on iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. HC Wainwright reissued a “buy” rating on shares of iRhythm Technologies in a research note on Monday, June 1st. Finally, Stephens started coverage on iRhythm Technologies in a research report on Thursday, July 23rd. They set an “overweight” rating and a $160.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned 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 target price of $179.93.

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.