iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $124.00

iRhythm Technologies (NASDAQ:IRTC) had its target price raised by investment analysts at The Goldman Sachs Group from $91.00 to $124.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price would suggest a potential upside of 8.86% from the company’s previous close.

A number of other brokerages have also recently weighed in on IRTC. Oppenheimer boosted their price target on iRhythm Technologies from $105.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 8th. Robert W. Baird reduced their price target on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Needham & Company LLC boosted their price objective on iRhythm Technologies from $125.00 to $138.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Canaccord Genuity Group boosted their price objective on iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, Wells Fargo & Company boosted their price objective on iRhythm Technologies from $86.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Friday, February 21st. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.73.

iRhythm Technologies Price Performance

IRTC opened at $113.91 on Monday. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of -31.29 and a beta of 1.29. iRhythm Technologies has a 1 year low of $55.92 and a 1 year high of $128.52. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. The stock has a fifty day moving average price of $102.79 and a 200 day moving average price of $84.43.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Thursday, February 20th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.30. The firm had revenue of $164.33 million during the quarter, compared to analysts’ expectations of $158.30 million. iRhythm Technologies had a negative return on equity of 118.83% and a negative net margin of 19.14%. Analysts forecast that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insider Activity at iRhythm Technologies

In other news, insider Patrick Michael Murphy sold 2,492 shares of the company’s stock in a transaction that occurred on 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. This represents a 6.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

Several large investors have recently modified their holdings of IRTC. Hennion & Walsh Asset Management Inc. grew its stake in shares of iRhythm Technologies by 27.3% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 3,512 shares of the company’s stock valued at $261,000 after purchasing an additional 754 shares during the period. SteelPeak Wealth LLC acquired a new position in iRhythm Technologies during the 3rd quarter worth $592,000. Harbor Capital Advisors Inc. lifted its holdings in iRhythm Technologies by 272.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 79,938 shares of the company’s stock worth $5,935,000 after buying an additional 58,448 shares in the last quarter. WoodTrust Financial Corp lifted its holdings in iRhythm Technologies by 28.4% during the 3rd quarter. WoodTrust Financial Corp now owns 11,307 shares of the company’s stock worth $839,000 after buying an additional 2,500 shares in the last quarter. Finally, Assetmark Inc. lifted its holdings in iRhythm Technologies by 8.0% during the 3rd quarter. Assetmark Inc. now owns 12,645 shares of the company’s stock worth $939,000 after buying an additional 937 shares in the last quarter.

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.