iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $120.00 at Oppenheimer

iRhythm Technologies (NASDAQ:IRTC) had its price objective increased by Oppenheimer from $105.00 to $120.00 in a research note published on Wednesday,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

IRTC has been the subject of several other reports. The Goldman Sachs Group started coverage on shares of iRhythm Technologies in a research note on Friday, October 4th. They set a “neutral” rating and a $78.00 price target for the company. Canaccord Genuity Group raised their price target on iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a report on Monday, December 9th. Needham & Company LLC cut their price target on iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a report on Thursday, October 31st. StockNews.com downgraded iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. Finally, Robert W. Baird decreased their price target on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and an average target price of $107.00.

iRhythm Technologies Stock Up 2.7 %

Shares of NASDAQ IRTC opened at $93.00 on Wednesday. The stock has a market cap of $2.91 billion, a PE ratio of -19.14 and a beta of 1.26. The business has a fifty day moving average of $85.77 and a two-hundred day moving average of $80.68. iRhythm Technologies has a 52-week low of $55.92 and a 52-week high of $124.11. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data 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 firm had revenue of $147.54 million for the quarter, compared to the consensus estimate of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The business’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.89) earnings per share. As a group, equities research analysts expect that iRhythm Technologies will post -3.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Patrick Michael Murphy sold 2,492 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $85.89, for a total value of $214,037.88. Following the sale, the insider now directly owns 35,327 shares in the company, valued at approximately $3,034,236.03. The trade was a 6.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Quentin S. Blackford sold 16,145 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $77.41, for a total value of $1,249,784.45. Following the transaction, the chief executive officer now directly owns 159,929 shares in the company, valued at approximately $12,380,103.89. This represents a 9.17 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Harbor Capital Advisors Inc. boosted its stake in iRhythm Technologies by 272.0% in the third quarter. Harbor Capital Advisors Inc. now owns 79,938 shares of the company’s stock valued at $5,935,000 after acquiring an additional 58,448 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in iRhythm Technologies in the third quarter valued at about $1,497,000. Eagle Asset Management Inc. increased its stake in shares of iRhythm Technologies by 44.9% during the 3rd quarter. Eagle Asset Management Inc. now owns 100,655 shares of the company’s stock worth $7,473,000 after purchasing an additional 31,193 shares in the last quarter. Lighthouse Investment Partners LLC purchased a new position in shares of iRhythm Technologies during the 2nd quarter worth approximately $2,071,000. Finally, The Manufacturers Life Insurance Company boosted its position in iRhythm Technologies by 6.4% during the second quarter. The Manufacturers Life Insurance Company now owns 183,046 shares of the company’s stock worth $19,703,000 after acquiring an additional 11,031 shares during 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.