iRhythm Technologies, Inc. (NASDAQ:IRTC) Holdings Raised by Synovus Financial Corp

Synovus Financial Corp grew its position in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 28.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,718 shares of the company’s stock after acquiring an additional 1,948 shares during the quarter. Synovus Financial Corp’s holdings in iRhythm Technologies were worth $647,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in IRTC. Hennion & Walsh Asset Management Inc. acquired a new position in iRhythm Technologies during the 2nd quarter valued at approximately $297,000. Nisa Investment Advisors LLC boosted its position in iRhythm Technologies by 79.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after acquiring an additional 277 shares during the period. SeaCrest Wealth Management LLC boosted its position in iRhythm Technologies by 7.6% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock worth $229,000 after acquiring an additional 150 shares during the period. Calamos Advisors LLC acquired a new position in iRhythm Technologies during the 2nd quarter worth $656,000. Finally, IMA Advisory Services Inc. acquired a new position in iRhythm Technologies during the 2nd quarter worth $538,000.

iRhythm Technologies Price Performance

Shares of NASDAQ:IRTC opened at $91.45 on Wednesday. The business has a 50 day moving average price of $78.56 and a 200 day moving average price of $81.16. iRhythm Technologies, Inc. has a twelve month low of $55.92 and a twelve month high of $124.11. The company has a market cap of $2.86 billion, a price-to-earnings ratio of -18.82 and a beta of 1.26. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00.

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

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Robert W. Baird dropped their price objective on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Truist Financial boosted their target price on iRhythm Technologies from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Needham & Company LLC cut their target price on iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Canaccord Genuity Group boosted their target price on iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, The Goldman Sachs Group assumed coverage on iRhythm Technologies in a research report on Friday, October 4th. They set a “neutral” rating and a $78.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $107.82.

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, insider Patrick Michael Murphy sold 2,492 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $85.89, for a total value of $214,037.88. Following the completion of the transaction, the insider now owns 35,327 shares of the company’s stock, valued at $3,034,236.03. This represents a 6.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Abhijit Y. Talwalkar purchased 6,664 shares of the business’s stock in a transaction on Monday, November 4th. The stock was purchased at an average cost of $75.16 per share, with a total value of $500,866.24. Following the acquisition, the director now 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. Insiders own 0.68% of the company’s stock.

About iRhythm Technologies

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.