iRhythm Technologies (NASDAQ:IRTC) Price Target Cut to $122.00

iRhythm Technologies (NASDAQ:IRTC) had its price target decreased by Canaccord Genuity Group from $133.00 to $122.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 18.82% from the company’s current price.

A number of other analysts also recently issued reports on the company. Needham & Company LLC lifted their price target on iRhythm Technologies from $137.00 to $138.00 and gave the stock a “buy” rating in a report on Friday. 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 note on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $134.00.

iRhythm Technologies Stock Down 7.4 %

Shares of IRTC stock traded down $8.20 during trading hours on Friday, reaching $102.68. 884,209 shares of the stock were exchanged, compared to its average volume of 429,999. iRhythm Technologies has a 12-month low of $70.24 and a 12-month high of $134.45. The business’s fifty day moving average is $111.02 and its two-hundred day moving average is $102.94. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.15 and a quick ratio of 2.02. The firm has a market capitalization of $3.20 billion, a P/E ratio of -25.35 and a beta of 1.31.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($1.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.66). iRhythm Technologies had a negative net margin of 25.05% and a negative return on equity of 56.38%. The firm had revenue of $132.51 million during the quarter, compared to analysts’ expectations of $131.14 million. As a group, research analysts expect that iRhythm Technologies will post -3.14 EPS for the current fiscal year.

Insider Activity at iRhythm Technologies

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

Institutional Trading of iRhythm Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in IRTC. Principal Financial Group Inc. raised its stake in shares of iRhythm Technologies by 1.6% during the fourth quarter. Principal Financial Group Inc. now owns 7,208 shares of the company’s stock worth $772,000 after purchasing an additional 113 shares during the last quarter. Campbell & CO Investment Adviser LLC increased its stake in iRhythm Technologies by 1.4% in the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 10,059 shares of the company’s stock valued at $948,000 after buying an additional 137 shares during the period. Handelsbanken Fonder AB raised its position in iRhythm Technologies by 3.3% during the 4th quarter. Handelsbanken Fonder AB now owns 6,239 shares of the company’s stock worth $668,000 after buying an additional 200 shares during the last quarter. Covestor Ltd lifted its stake in shares of iRhythm Technologies by 285.2% in the 3rd quarter. Covestor Ltd now owns 312 shares of the company’s stock worth $29,000 after acquiring an additional 231 shares during the period. Finally, Nisa Investment Advisors LLC lifted its stake in shares of iRhythm Technologies by 110.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 574 shares of the company’s stock worth $54,000 after acquiring an additional 301 shares during the period.

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.