Bessemer Group Inc. Buys 299,726 Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC)

Bessemer Group Inc. grew its stake in iRhythm Technologies, Inc. (NASDAQ:IRTC) by 111.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 568,007 shares of the company’s stock after buying an additional 299,726 shares during the period. Bessemer Group Inc. owned approximately 1.81% of iRhythm Technologies worth $51,217,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Invesco Ltd. grew its position in iRhythm Technologies by 1.1% in the fourth quarter. Invesco Ltd. now owns 19,200 shares of the company’s stock worth $1,731,000 after acquiring an additional 207 shares in the last quarter. Cinctive Capital Management LP bought a new position in shares of iRhythm Technologies during the 4th quarter valued at about $734,000. Bryce Point Capital LLC purchased a new position in shares of iRhythm Technologies during the 4th quarter valued at about $1,271,000. Wellington Management Group LLP lifted its position in iRhythm Technologies by 9.3% in the 4th quarter. Wellington Management Group LLP now owns 233,840 shares of the company’s stock worth $21,085,000 after buying an additional 19,891 shares during the last quarter. Finally, Homestead Advisers Corp boosted its stake in iRhythm Technologies by 31.9% in the fourth quarter. Homestead Advisers Corp now owns 28,100 shares of the company’s stock worth $2,534,000 after buying an additional 6,800 shares in the last quarter.

iRhythm Technologies Trading Up 6.8 %

Shares of IRTC opened at $103.45 on Thursday. iRhythm Technologies, Inc. has a 1-year low of $55.92 and a 1-year high of $128.52. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. The firm’s 50-day moving average price is $106.63 and its 200-day moving average price is $92.01. The firm has a market capitalization of $3.25 billion, a price-to-earnings ratio of -28.42 and a beta of 1.45.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, February 20th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.30. iRhythm Technologies had a negative return on equity of 118.83% and a negative net margin of 19.14%. The firm had revenue of $164.33 million for the quarter, compared to the consensus estimate of $158.30 million. Sell-side analysts anticipate that iRhythm Technologies, Inc. will post -1.98 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on IRTC shares. Oppenheimer upped their price objective on shares of iRhythm Technologies from $105.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, January 8th. Needham & Company LLC upped their price target on shares of iRhythm Technologies from $125.00 to $138.00 and gave the company a “buy” rating in a research report on Friday, February 21st. StockNews.com upgraded iRhythm Technologies from a “sell” rating to a “hold” rating in a report on Monday, February 24th. Wells Fargo & Company increased their target price on iRhythm Technologies from $86.00 to $104.00 and gave the company an “equal weight” rating in a report on Friday, February 21st. Finally, The Goldman Sachs Group boosted their price objective on iRhythm Technologies from $91.00 to $124.00 and gave the company a “neutral” rating in a research report on Monday, February 24th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $119.73.

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.