Needham & Company LLC Boosts iRhythm Technologies (NASDAQ:IRTC) Price Target to $138.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective upped by equities research analysts at Needham & Company LLC from $125.00 to $138.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 15.40% from the stock’s previous close.

A number of other brokerages have also commented on IRTC. Canaccord Genuity Group raised their target price on shares of iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Robert W. Baird cut their price objective on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Truist Financial lifted their price objective on shares of iRhythm Technologies from $85.00 to $111.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. Wells Fargo & Company reissued an “equal weight” rating and set a $86.00 price objective on shares of iRhythm Technologies in a report on Tuesday, December 3rd. Finally, Oppenheimer lifted their price target on shares of iRhythm Technologies from $105.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, iRhythm Technologies currently has an average rating of “Moderate Buy” and an average target price of $115.55.

iRhythm Technologies Stock Up 6.1 %

Shares of NASDAQ IRTC opened at $119.58 on Friday. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12. The company has a market cap of $3.74 billion, a P/E ratio of -32.85 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 firm has a 50-day simple moving average of $101.77 and a two-hundred day simple moving average of $83.61.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, February 20th. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.30. The business 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%. Research analysts anticipate that iRhythm Technologies will post -1.98 earnings per share for the current year.

Insider Buying and Selling at iRhythm Technologies

In other news, insider Patrick Michael Murphy sold 2,492 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $85.89, for a total transaction of $214,037.88. Following the completion of the sale, the insider now owns 35,327 shares of the company’s stock, valued at $3,034,236.03. The trade was a 6.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.68% of the stock is owned by corporate insiders.

Institutional Trading of iRhythm Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. Harbor Capital Advisors Inc. increased its stake in shares of iRhythm Technologies by 272.0% during the third quarter. Harbor Capital Advisors Inc. now owns 79,938 shares of the company’s stock worth $5,935,000 after purchasing an additional 58,448 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in iRhythm Technologies in the 3rd quarter valued at about $1,497,000. Eagle Asset Management Inc. boosted its holdings in iRhythm Technologies by 44.9% in the 3rd quarter. Eagle Asset Management Inc. now owns 100,655 shares of the company’s stock valued at $7,473,000 after purchasing an additional 31,193 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in iRhythm Technologies by 38.1% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 707,175 shares of the company’s stock valued at $52,501,000 after purchasing an additional 195,246 shares during the last quarter. Finally, Barclays PLC boosted its holdings in iRhythm Technologies by 34.3% in the 3rd quarter. Barclays PLC now owns 209,247 shares of the company’s stock valued at $15,534,000 after purchasing an additional 53,498 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.