iRhythm Technologies (NASDAQ:IRTC) Price Target Cut to $168.00 by Analysts at Wells Fargo & Company

iRhythm Technologies (NASDAQ:IRTC) had its price objective cut by equities research analysts at Wells Fargo & Company from $180.00 to $168.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 42.18% from the company’s previous close.

A number of other brokerages have also recently weighed in on IRTC. Citigroup upped their price target on shares of iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. BTIG Research restated a “buy” rating and set a $185.00 price objective on shares of iRhythm Technologies in a research note on Monday, June 22nd. HC Wainwright restated a “buy” rating on shares of iRhythm Technologies in a research note on Monday, June 1st. Bank of America decreased their target price on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating for the company in a research report on Monday, May 18th. Finally, Stephens assumed coverage on iRhythm Technologies in a research note on Thursday, July 23rd. They issued an “overweight” rating and a $160.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, iRhythm Technologies has an average rating of “Moderate Buy” and a consensus target price of $179.93.

iRhythm Technologies Price Performance

IRTC opened at $118.16 on Tuesday. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50. iRhythm Technologies has a 52-week low of $100.85 and a 52-week high of $212.00. The company has a 50 day moving average of $116.97 and a two-hundred day moving average of $122.63. The company has a market cap of $3.90 billion, a P/E ratio of -274.38 and a beta of 1.30.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.62. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The company had revenue of $224.17 million during the quarter, compared to analyst estimates of $219.30 million. During the same quarter in the prior year, the business earned ($0.32) earnings per share. The business’s quarterly revenue was up 20.1% compared to the same quarter last year. On average, analysts expect that iRhythm Technologies will post 0.43 earnings per share for the current year.

Institutional Investors Weigh In On iRhythm Technologies

A number of large investors have recently added to or reduced their stakes in the company. Measured Wealth Private Client Group LLC purchased a new stake in iRhythm Technologies during the 3rd quarter worth $30,000. Employees Retirement System of Texas purchased a new position in iRhythm Technologies in the 3rd quarter valued at about $36,000. Harbor Investment Advisory LLC acquired a new stake in shares of iRhythm Technologies during the second quarter valued at about $50,000. Torren Management LLC acquired a new stake in shares of iRhythm Technologies during the fourth quarter valued at about $53,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of iRhythm Technologies by 63.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 323 shares of the company’s stock valued at $58,000 after acquiring an additional 125 shares in the last quarter.

iRhythm Technologies Company Profile

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.