State of New Jersey Common Pension Fund D Raises Stake in iRhythm Technologies, Inc. (NASDAQ:IRTC)

State of New Jersey Common Pension Fund D increased its stake in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 32.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,414 shares of the company’s stock after purchasing an additional 6,975 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.09% of iRhythm Technologies worth $2,109,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Headlands Technologies LLC increased its holdings in iRhythm Technologies by 10,650.0% in the first quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock valued at $50,000 after buying an additional 426 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in iRhythm Technologies by 79.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after purchasing an additional 277 shares in the last quarter. SG Americas Securities LLC acquired a new position in iRhythm Technologies during the first quarter worth $126,000. nVerses Capital LLC boosted its position in iRhythm Technologies by 400.0% during the third quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $148,000 after purchasing an additional 1,600 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in iRhythm Technologies by 79,700.0% in the first quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock valued at $185,000 after purchasing an additional 1,594 shares during the last quarter.

Insiders Place Their Bets

In other iRhythm Technologies news, CEO Quentin S. Blackford sold 16,145 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the completion of the sale, the chief executive officer now directly owns 159,929 shares in the company, valued at $12,380,103.89. This represents a 9.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Abhijit Y. Talwalkar acquired 6,664 shares of iRhythm Technologies stock in a transaction dated Monday, November 4th. The stock was purchased at an average cost of $75.16 per share, for a total transaction of $500,866.24. Following the completion of the purchase, the director now directly owns 18,941 shares in the company, valued at approximately $1,423,605.56. This represents a 54.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.68% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms recently commented on IRTC. The Goldman Sachs Group started coverage on shares of iRhythm Technologies in a research report on Friday, October 4th. They issued a “neutral” rating and a $78.00 price objective on the stock. Oppenheimer lowered their price target on shares of iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. StockNews.com downgraded iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. Robert W. Baird lowered their target price on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Finally, JPMorgan Chase & Co. cut their price target on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $108.50.

iRhythm Technologies Stock Performance

iRhythm Technologies stock opened at $83.44 on Friday. The stock has a fifty day moving average price of $72.02 and a 200 day moving average price of $83.58. iRhythm Technologies, Inc. has a 52 week low of $55.92 and a 52 week high of $124.11. The firm has a market capitalization of $2.61 billion, a P/E ratio of -17.17 and a beta of 1.23. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The company had revenue of $147.54 million for the quarter, compared to analyst estimates of $146.69 million. During the same period in the prior year, the company earned ($0.89) EPS. The company’s revenue was up 18.4% compared to the same quarter last year. Equities research analysts anticipate that iRhythm Technologies, Inc. will post -3.44 earnings per share for the current year.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.