iRhythm Technologies (NASDAQ:IRTC) Price Target Cut to $119.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective cut by analysts at Needham & Company LLC from $138.00 to $119.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target indicates a potential upside of 41.30% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Canaccord Genuity Group decreased their price target on iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Truist Financial lowered their target price on iRhythm Technologies from $145.00 to $134.00 and set a “buy” rating on the stock in a report on Tuesday, July 16th. Morgan Stanley dropped their price target on shares of iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Finally, Wolfe Research upgraded shares of iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price objective for the company in a research report on Thursday, June 20th. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $128.50.

iRhythm Technologies Stock Performance

Shares of IRTC opened at $84.22 on Friday. iRhythm Technologies has a 52-week low of $70.24 and a 52-week high of $124.11. The firm has a market capitalization of $2.62 billion, a PE ratio of -19.91 and a beta of 1.25. The firm has a 50-day moving average price of $95.52 and a 200 day moving average price of $105.31. The company has a quick ratio of 6.95, a current ratio of 7.10 and a debt-to-equity ratio of 7.13.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($1.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.99) by ($0.48). iRhythm Technologies had a negative net margin of 25.33% and a negative return on equity of 69.87%. The company had revenue of $131.93 million during the quarter, compared to the consensus estimate of $128.87 million. On average, sell-side analysts anticipate that iRhythm Technologies will post -3.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other iRhythm Technologies news, CAO Marc W. Rosenbaum sold 510 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $88.91, for a total transaction of $45,344.10. Following the completion of the sale, the chief accounting officer now directly owns 8,174 shares of the company’s stock, valued at $726,750.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Sumi Shrishrimal sold 1,131 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $88.91, for a total value of $100,557.21. Following the completion of the transaction, the executive vice president now owns 23,298 shares of the company’s stock, valued at approximately $2,071,425.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Marc W. Rosenbaum sold 510 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $88.91, for a total transaction of $45,344.10. Following the sale, the chief accounting officer now directly owns 8,174 shares in the company, valued at $726,750.34. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,045 shares of company stock valued at $294,234. 0.68% of the stock is owned by corporate insiders.

Institutional Trading of iRhythm Technologies

Several hedge funds and other institutional investors have recently modified their holdings of IRTC. Principal Financial Group Inc. raised its position in iRhythm Technologies by 1.6% during the fourth quarter. Principal Financial Group Inc. now owns 7,208 shares of the company’s stock valued at $772,000 after buying an additional 113 shares during the period. SeaCrest Wealth Management LLC increased its holdings in shares of iRhythm Technologies by 7.6% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after purchasing an additional 150 shares during the period. Ascent Group LLC lifted its position in shares of iRhythm Technologies by 4.6% in the first quarter. Ascent Group LLC now owns 3,980 shares of the company’s stock worth $462,000 after purchasing an additional 175 shares in the last quarter. Handelsbanken Fonder AB boosted its holdings in shares of iRhythm Technologies by 3.3% during the fourth quarter. Handelsbanken Fonder AB now owns 6,239 shares of the company’s stock worth $668,000 after purchasing an additional 200 shares during the period. Finally, Swiss National Bank grew its position in iRhythm Technologies by 0.3% during the first quarter. Swiss National Bank now owns 60,500 shares of the company’s stock valued at $7,018,000 after purchasing an additional 200 shares in the last quarter.

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.