Needham & Company LLC Lowers iRhythm Technologies (NASDAQ:IRTC) Price Target to $96.00

iRhythm Technologies (NASDAQ:IRTC - Free Report) had its price objective cut by Needham & Company LLC from $119.00 to $96.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley dropped their price objective on shares of iRhythm Technologies from $135.00 to $130.00 and set an "overweight" rating for the company in a research report on Monday, July 15th. Citigroup dropped their target price on shares of iRhythm Technologies from $135.00 to $110.00 and set a "buy" rating for the company in a research report on Thursday, August 22nd. StockNews.com cut shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a research report on Friday, September 27th. The Goldman Sachs Group started coverage on shares of iRhythm Technologies in a research report on Friday, October 4th. They set a "neutral" rating and a $78.00 target price for the company. Finally, Canaccord Genuity Group upped their target price on shares of iRhythm Technologies from $122.00 to $137.00 and gave the company a "buy" rating in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $111.60.

iRhythm Technologies Price Performance

Shares of IRTC traded down $3.33 on Thursday, hitting $72.44. The company's stock had a trading volume of 1,299,079 shares, compared to its average volume of 469,089. The company has a market capitalization of $2.25 billion, a PE ratio of -15.92 and a beta of 1.22. The company has a debt-to-equity ratio of 6.50, a current ratio of 6.92 and a quick ratio of 6.76. iRhythm Technologies has a fifty-two week low of $55.92 and a fifty-two week high of $124.11. The company has a 50 day moving average price of $69.09 and a 200 day moving average price of $85.54.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.71). iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. The company had revenue of $147.54 million during the quarter, compared to the consensus estimate of $146.69 million. During the same quarter last year, the firm earned ($0.89) EPS. The business's revenue for the quarter was up 18.4% on a year-over-year basis. On average, research analysts anticipate that iRhythm Technologies will post -2.66 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

In other news, insider Chad Patterson sold 3,012 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $74.66, for a total transaction of $224,875.92. Following the completion of the transaction, the insider now directly owns 37,133 shares in the company, valued at $2,772,349.78. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Chad Patterson sold 3,012 shares of the firm's stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $224,875.92. Following the completion of the sale, the insider now directly owns 37,133 shares in the company, valued at approximately $2,772,349.78. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Brice Bobzien sold 1,372 shares of the firm's stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $70.34, for a total transaction of $96,506.48. Following the completion of the sale, the chief financial officer now owns 24,428 shares of the company's stock, valued at $1,718,265.52. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,072 shares of company stock worth $372,748 in the last three months. Insiders own 0.68% of the company's stock.

Institutional Trading of iRhythm Technologies

Several large investors have recently made changes to their positions in IRTC. Diversified Trust Co boosted its position in shares of iRhythm Technologies by 148.7% during the 1st quarter. Diversified Trust Co now owns 4,934 shares of the company's stock worth $572,000 after acquiring an additional 2,950 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in iRhythm Technologies by 13.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 415,026 shares of the company's stock valued at $48,143,000 after buying an additional 49,168 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in iRhythm Technologies by 7.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 78,111 shares of the company's stock valued at $9,360,000 after buying an additional 5,276 shares in the last quarter. BNP Paribas Financial Markets boosted its position in iRhythm Technologies by 9.2% in the first quarter. BNP Paribas Financial Markets now owns 16,176 shares of the company's stock valued at $1,876,000 after buying an additional 1,358 shares in the last quarter. Finally, Capstone Investment Advisors LLC acquired a new stake in iRhythm Technologies in the first quarter valued at approximately $1,078,000.

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.