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

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

A number of other brokerages have also weighed in on IRTC. Canaccord Genuity Group lifted their price objective on shares of iRhythm Technologies from $121.00 to $133.00 and gave the company a buy rating in a report on Friday, February 23rd. JPMorgan Chase & Co. decreased their target price on iRhythm Technologies from $142.00 to $133.00 and set an overweight rating for the company in a research report on Friday, February 23rd. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $134.00.

iRhythm Technologies Stock Up 4.0 %

iRhythm Technologies stock traded up $4.15 during midday trading on Friday, reaching $106.83. The stock had a trading volume of 565,740 shares, compared to its average volume of 431,531. iRhythm Technologies has a 52-week low of $70.24 and a 52-week high of $132.92. The company has a fifty day moving average of $110.98 and a 200 day moving average of $103.33. The company has a debt-to-equity ratio of 7.13, a quick ratio of 6.95 and a current ratio of 7.10.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, February 22nd. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.66). iRhythm Technologies had a negative net margin of 25.33% and a negative return on equity of 69.87%. The business had revenue of $132.51 million for the quarter, compared to analysts’ expectations of $131.14 million. Equities analysts predict that iRhythm Technologies will post -3.14 earnings per share for the current year.

Insider Activity

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

Institutional Trading of iRhythm Technologies

Institutional investors and hedge funds have recently bought and sold shares of the business. Mackenzie Financial Corp boosted its stake in shares of iRhythm Technologies by 3.4% in the third quarter. Mackenzie Financial Corp now owns 1,262,179 shares of the company’s stock worth $111,425,000 after buying an additional 41,052 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of iRhythm Technologies during the 3rd quarter valued at approximately $1,046,000. Braidwell LP grew its stake in iRhythm Technologies by 18.7% in the 3rd quarter. Braidwell LP now owns 568,157 shares of the company’s stock valued at $53,554,000 after acquiring an additional 89,600 shares during the period. Handelsbanken Fonder AB increased its holdings in iRhythm Technologies by 3.3% in the 4th quarter. Handelsbanken Fonder AB now owns 6,239 shares of the company’s stock worth $668,000 after acquiring an additional 200 shares in the last quarter. Finally, TD Asset Management Inc raised its position in iRhythm Technologies by 48.4% during the third quarter. TD Asset Management Inc now owns 33,904 shares of the company’s stock worth $3,196,000 after acquiring an additional 11,052 shares during the period.

iRhythm Technologies Company Profile

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.