Needham & Company LLC Boosts iRhythm Technologies (NASDAQ:IRTC) Price Target to $112.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective hoisted by Needham & Company LLC from $96.00 to $112.00 in a report issued on Monday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other analysts also recently commented on IRTC. The Goldman Sachs Group assumed coverage on shares of iRhythm Technologies in a report on Friday, October 4th. They set a “neutral” rating and a $78.00 target price for the company. Canaccord Genuity Group upped their target price on iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Wells Fargo & Company reiterated an “equal weight” rating and set a $86.00 target price on shares of iRhythm Technologies in a research note on Tuesday, December 3rd. Truist Financial boosted their price target on iRhythm Technologies from $85.00 to $111.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Finally, Robert W. Baird lowered their price objective on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $108.45.

iRhythm Technologies Price Performance

IRTC opened at $103.16 on Monday. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. iRhythm Technologies has a 12-month low of $55.92 and a 12-month high of $124.11. The business has a 50 day moving average of $87.14 and a 200-day moving average of $80.30.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.71). iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The business had revenue of $147.54 million for the quarter, compared to analyst estimates of $146.69 million. During the same period in the prior year, the business earned ($0.89) EPS. The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. As a group, research analysts predict that iRhythm Technologies will post -3.35 earnings per share for the current year.

Insider Transactions at iRhythm Technologies

In related news, insider Patrick Michael Murphy sold 2,492 shares of the stock in a transaction that occurred 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 sale, the insider now owns 35,327 shares in the company, valued at approximately $3,034,236.03. This trade represents a 6.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Abhijit Y. Talwalkar acquired 6,664 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was purchased at an average cost of $75.16 per share, for a total transaction of $500,866.24. Following the completion of the purchase, the director now directly owns 18,941 shares of the company’s stock, valued at $1,423,605.56. The trade was a 54.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.68% of the stock is currently owned by insiders.

Institutional Trading of iRhythm Technologies

Several institutional investors and hedge funds have recently modified their holdings of the business. Quarry LP bought a new position in iRhythm Technologies in the third quarter valued at about $59,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of iRhythm Technologies in the 3rd quarter valued at approximately $119,000. nVerses Capital LLC boosted its stake in shares of iRhythm Technologies by 400.0% in the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock valued at $148,000 after purchasing an additional 1,600 shares in the last quarter. Bank Pictet & Cie Europe AG grew its holdings in shares of iRhythm Technologies by 22.3% during the 3rd 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. Finally, Aigen Investment Management LP acquired a new position in iRhythm Technologies during the 3rd quarter worth approximately $243,000.

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.