iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $138.00

iRhythm Technologies (NASDAQ:IRTC) had its target price lifted by Needham & Company LLC from $137.00 to $138.00 in a research report sent to investors on Friday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other equities analysts have also recently issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of iRhythm Technologies from $142.00 to $133.00 and set an overweight rating for the company in a research report on Friday, February 23rd. Canaccord Genuity Group increased their price objective on iRhythm Technologies from $121.00 to $133.00 and gave the company a buy rating in a report on Friday, February 23rd. One research analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, iRhythm Technologies presently has a consensus rating of Moderate Buy and an average target price of $134.00.

iRhythm Technologies Price Performance

Shares of IRTC traded down $8.20 during trading hours on Friday, reaching $102.68. The stock had a trading volume of 887,487 shares, compared to its average volume of 350,414. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.02 and a current ratio of 2.15. iRhythm Technologies has a 12 month low of $70.24 and a 12 month high of $134.45. The stock has a market capitalization of $3.20 billion, a PE ratio of -24.27 and a beta of 1.31. The company’s 50-day moving average is $111.02 and its two-hundred day moving average is $102.94.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, February 22nd. The company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.66). The firm had revenue of $132.51 million during the quarter, compared to the consensus estimate of $131.14 million. iRhythm Technologies had a negative net margin of 25.33% and a negative return on equity of 59.64%. Research analysts expect that iRhythm Technologies will post -3.14 EPS for the current year.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, insider Patrick Michael Murphy sold 7,615 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $121.96, for a total value of $928,725.40. Following the transaction, the insider now directly owns 48,962 shares of the company’s stock, valued at $5,971,405.52. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Quentin S. Blackford sold 24,701 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $121.96, for a total transaction of $3,012,533.96. Following the transaction, the chief executive officer now directly owns 180,015 shares of the company’s stock, valued at approximately $21,954,629.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Patrick Michael Murphy sold 7,615 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $121.96, for a total value of $928,725.40. Following the completion of the transaction, the insider now owns 48,962 shares in the company, valued at approximately $5,971,405.52. The disclosure for this sale can be found here. Insiders have sold a total of 35,052 shares of company stock worth $4,274,942 in the last 90 days. Corporate insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

A number of institutional investors have recently modified their holdings of the company. Covestor Ltd raised its holdings in iRhythm Technologies by 285.2% during the third quarter. Covestor Ltd now owns 312 shares of the company’s stock worth $29,000 after buying an additional 231 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of iRhythm Technologies by 110.3% in the third quarter. Nisa Investment Advisors LLC now owns 574 shares of the company’s stock worth $54,000 after purchasing an additional 301 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of iRhythm Technologies during the fourth quarter valued at approximately $92,000. Quent Capital LLC bought a new stake in iRhythm Technologies during the fourth quarter worth $161,000. Finally, SeaCrest Wealth Management LLC purchased a new stake in iRhythm Technologies in the 4th quarter valued at $205,000.

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.