The Goldman Sachs Group Issues Positive Forecast for iRhythm Technologies (NASDAQ:IRTC) Stock Price

iRhythm Technologies (NASDAQ:IRTC) had its price objective raised by The Goldman Sachs Group from $91.00 to $124.00 in a research report sent to investors on Monday,Benzinga reports. They currently have a neutral rating on the stock.

Several other research firms have also recently weighed in on IRTC. Needham & Company LLC boosted their price target on shares of iRhythm Technologies from $125.00 to $138.00 and gave the stock a “buy” rating in a report on Friday. Robert W. Baird decreased their price objective on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Canaccord Genuity Group boosted their target price on shares of iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a report on Monday, December 9th. Truist Financial increased their price target on shares of iRhythm Technologies from $111.00 to $145.00 and gave the stock a “buy” rating in a report on Friday. Finally, Oppenheimer increased their price objective on iRhythm Technologies from $105.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 8th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $119.73.

iRhythm Technologies Price Performance

Shares of NASDAQ IRTC opened at $118.88 on Monday. The firm’s 50-day moving average price is $102.34 and its 200-day moving average price is $84.13. The firm has a market capitalization of $3.73 billion, a P/E ratio of -32.66 and a beta of 1.29. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. iRhythm Technologies has a 1-year low of $55.92 and a 1-year high of $128.52.

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

Insider Buying and Selling

In other iRhythm Technologies news, insider Patrick Michael Murphy sold 2,492 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $85.89, for a total transaction of $214,037.88. Following the transaction, the insider now directly owns 35,327 shares of the company’s stock, valued at approximately $3,034,236.03. The trade was a 6.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of IRTC. R Squared Ltd purchased a new stake in shares of iRhythm Technologies during the fourth quarter valued at $45,000. Van ECK Associates Corp boosted its position in shares of iRhythm Technologies by 41.3% in the fourth quarter. Van ECK Associates Corp now owns 554 shares of the company’s stock worth $50,000 after purchasing an additional 162 shares during the period. Raiffeisen Bank International AG bought a new stake in iRhythm Technologies during the fourth quarter valued at about $60,000. Quarry LP bought a new stake in iRhythm Technologies during the 3rd quarter valued at approximately $59,000. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of iRhythm Technologies by 166.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,037 shares of the company’s stock worth $94,000 after buying an additional 648 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.