iRhythm Technologies (NASDAQ:IRTC) Price Target Lowered to $214.00 at Citigroup

iRhythm Technologies (NASDAQ:IRTC) had its price objective trimmed by Citigroup from $242.00 to $214.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also weighed in on IRTC. Morgan Stanley reissued an “overweight” rating on shares of iRhythm Technologies in a research report on Monday, January 12th. Wall Street Zen upgraded iRhythm Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Canaccord Genuity Group decreased their target price on iRhythm Technologies from $212.00 to $198.00 and set a “buy” rating for the company in a research note on Friday, February 20th. Wells Fargo & Company lowered their target price on iRhythm Technologies from $225.00 to $200.00 and set an “overweight” rating for the company in a report on Friday, February 20th. Finally, Robert W. Baird dropped their price target on iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating on the stock in a research note on Friday, February 20th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, iRhythm Technologies has an average rating of “Moderate Buy” and an average target price of $209.46.

iRhythm Technologies Stock Down 0.7%

Shares of NASDAQ IRTC opened at $119.64 on Wednesday. The company’s 50 day moving average price is $152.99 and its 200-day moving average price is $168.44. The company has a debt-to-equity ratio of 4.25, a quick ratio of 4.48 and a current ratio of 4.63. iRhythm Technologies has a 52-week low of $92.52 and a 52-week high of $212.00. The company has a market capitalization of $3.87 billion, a P/E ratio of -85.46 and a beta of 1.09.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, February 19th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.27. The company had revenue of $208.89 million during the quarter, compared to analysts’ expectations of $202.61 million. iRhythm Technologies had a negative net margin of 5.96% and a negative return on equity of 28.15%. iRhythm Technologies’s revenue for the quarter was up 27.1% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.04) earnings per share. Equities analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current year.

Insider Buying and Selling at iRhythm Technologies

In other news, CEO Quentin S. Blackford sold 25,540 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total transaction 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Patrick Michael Murphy sold 7,805 shares of the company’s stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total value of $1,056,953.10. Following the transaction, the insider directly owned 60,536 shares in the company, valued at $8,197,785.12. The trade was a 11.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 94,509 shares of company stock worth $12,734,195 in the last quarter. Company insiders own 1.10% of the company’s stock.

Institutional Trading of iRhythm Technologies

Several hedge funds have recently bought and sold shares of the business. Tudor Investment Corp ET AL acquired a new position in iRhythm Technologies during the third quarter worth $3,439,800,000. RTW Investments LP acquired a new position in shares of iRhythm Technologies during the fourth quarter valued at about $209,732,000. Millennium Management LLC increased its position in shares of iRhythm Technologies by 197.4% during the fourth quarter. Millennium Management LLC now owns 826,376 shares of the company’s stock worth $146,632,000 after acquiring an additional 548,519 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of iRhythm Technologies by 6,415.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company’s stock worth $93,053,000 after acquiring an additional 532,735 shares in the last quarter. Finally, Polar Capital Holdings Plc raised its holdings in shares of iRhythm Technologies by 24,782.1% in the 3rd quarter. Polar Capital Holdings Plc now owns 335,908 shares of the company’s stock worth $57,773,000 after acquiring an additional 334,558 shares during the last quarter.

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.