iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $120.00 at Oppenheimer

iRhythm Technologies (NASDAQ:IRTC - Free Report) had its target price raised by Oppenheimer from $105.00 to $120.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has an outperform rating on the stock.

IRTC has been the subject of several other reports. StockNews.com downgraded iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Friday, September 27th. The Goldman Sachs Group started coverage on iRhythm Technologies in a research report on Friday, October 4th. They set a "neutral" rating and a $78.00 target price on the stock. Wells Fargo & Company restated an "equal weight" rating and issued a $86.00 price target on shares of iRhythm Technologies in a report on Tuesday, December 3rd. Needham & Company LLC dropped their price objective on shares of iRhythm Technologies from $119.00 to $96.00 and set a "buy" rating for the company in a research note on Thursday, October 31st. Finally, 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $107.00.

iRhythm Technologies Price Performance

Shares of NASDAQ:IRTC traded up $2.43 on Wednesday, hitting $93.00. The company had a trading volume of 413,625 shares, compared to its average volume of 258,325. 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 company has a market cap of $2.91 billion, a PE ratio of -19.14 and a beta of 1.26. iRhythm Technologies has a 52-week low of $55.92 and a 52-week high of $124.11. The business has a 50 day moving average of $85.42 and a 200 day moving average of $80.59.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.55) by ($0.71). The firm had revenue of $147.54 million during the quarter, compared to analysts' expectations of $146.69 million. iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. iRhythm Technologies's revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter last year, the company posted ($0.89) earnings per share. As a group, equities analysts anticipate that iRhythm Technologies will post -3.35 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

In other news, CEO Quentin S. Blackford sold 16,145 shares of the company's stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $77.41, for a total value of $1,249,784.45. Following the completion of the sale, the chief executive officer now owns 159,929 shares of the company's stock, valued at $12,380,103.89. This represents a 9.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Abhijit Y. Talwalkar bought 6,664 shares of the company's stock in a transaction that occurred on Monday, November 4th. The shares were bought at an average price of $75.16 per share, for a total transaction of $500,866.24. Following the completion of the acquisition, the director now owns 18,941 shares in the company, valued at approximately $1,423,605.56. This trade represents a 54.28 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.68% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IRTC. Arizona State Retirement System boosted its position in iRhythm Technologies by 3.4% in the 2nd quarter. Arizona State Retirement System now owns 8,711 shares of the company's stock valued at $938,000 after buying an additional 287 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its stake in shares of iRhythm Technologies by 6.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 7,909 shares of the company's stock worth $851,000 after acquiring an additional 482 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in iRhythm Technologies by 22.3% in the third quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company's stock valued at $231,000 after purchasing an additional 567 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in iRhythm Technologies by 27.3% during 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 in the last quarter. Finally, Quarry LP purchased a new stake in iRhythm Technologies during the 3rd quarter worth approximately $59,000.

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.