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

iRhythm Technologies (NASDAQ:IRTC) had its price objective raised by Needham & Company LLC from $137.00 to $138.00 in a research note released on Friday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other brokerages have also issued reports on IRTC. JPMorgan Chase & Co. decreased their price objective on iRhythm Technologies from $142.00 to $133.00 and set an overweight rating for the company in a report on Friday, February 23rd. Canaccord Genuity Group raised their price target on iRhythm Technologies from $121.00 to $133.00 and gave the company a buy rating in a report on Friday, February 23rd. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $134.00.

iRhythm Technologies Stock Up 4.0 %

IRTC traded up $4.15 during trading on Friday, reaching $106.83. 565,740 shares of the company were exchanged, compared to its average volume of 431,531. The company has a debt-to-equity ratio of 7.13, a current ratio of 7.10 and a quick ratio of 6.95. iRhythm Technologies has a 52 week low of $70.24 and a 52 week high of $132.92. The firm has a 50 day moving average of $110.98 and a 200 day moving average of $103.33.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Thursday, February 22nd. The company reported ($1.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.66). The firm had revenue of $132.51 million during the quarter, compared to analyst estimates of $131.14 million. iRhythm Technologies had a negative return on equity of 69.87% and a negative net margin of 25.33%. As a group, equities research analysts expect that iRhythm Technologies will post -3.14 earnings per share for the current year.

Insider Activity

In related news, insider Patrick Michael Murphy sold 7,615 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 48,962 shares of the company’s stock, valued at $5,971,405.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Patrick Michael Murphy sold 7,615 shares of the company’s stock in a transaction 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 completion of the sale, the insider now directly owns 48,962 shares of the company’s stock, valued at $5,971,405.52. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Daniel G. Wilson sold 1,261 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $121.96, for a total value of $153,791.56. Following the completion of the transaction, the executive vice president now owns 32,967 shares of the company’s stock, valued at approximately $4,020,655.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,052 shares of company stock worth $4,274,942. Corporate insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of IRTC. Covestor Ltd grew its stake in iRhythm Technologies by 285.2% during the 3rd quarter. Covestor Ltd now owns 312 shares of the company’s stock valued at $29,000 after acquiring an additional 231 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in iRhythm Technologies by 110.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 574 shares of the company’s stock valued at $54,000 after buying an additional 301 shares during the period. International Assets Investment Management LLC purchased a new stake in iRhythm Technologies in the 4th quarter worth approximately $92,000. Quent Capital LLC acquired a new stake in shares of iRhythm Technologies during the 4th quarter valued at $161,000. Finally, SeaCrest Wealth Management LLC purchased a new position in shares of iRhythm Technologies during the 4th quarter valued at $205,000.

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.