iRhythm Technologies (NASDAQ:IRTC) Given New $147.00 Price Target at Morgan Stanley

iRhythm Technologies (NASDAQ:IRTC - Free Report) had its price objective reduced by Morgan Stanley from $160.00 to $147.00 in a research report report published on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts also recently issued research reports about the stock. Needham & Company LLC increased their price target on shares of iRhythm Technologies from $138.00 to $151.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Canaccord Genuity Group decreased their price objective on shares of iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Wells Fargo & Company raised shares of iRhythm Technologies from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $104.00 to $130.00 in a research note on Friday, May 2nd. Wall Street Zen downgraded shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. Finally, Robert W. Baird raised their price objective on shares of iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, iRhythm Technologies has a consensus rating of "Moderate Buy" and an average target price of $137.30.

iRhythm Technologies Stock Performance

Shares of IRTC stock traded up $0.48 during mid-day trading on Tuesday, reaching $136.24. 422,447 shares of the company's stock traded hands, compared to its average volume of 490,392. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $157.13. The firm has a 50 day moving average price of $143.09 and a two-hundred day moving average price of $118.95. The company has a debt-to-equity ratio of 7.47, a quick ratio of 5.58 and a current ratio of 5.71. The firm has a market capitalization of $4.35 billion, a PE ratio of -43.39 and a beta of 1.41.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported ($0.95) earnings per share for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.06). The firm had revenue of $158.68 million for the quarter, compared to analysts' expectations of $153.39 million. iRhythm Technologies had a negative net margin of 15.90% and a negative return on equity of 101.04%. The firm's quarterly revenue was up 20.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.23) EPS. On average, research analysts forecast that iRhythm Technologies will post -1.98 EPS for the current year.

Insider Activity

In related news, insider Chad Patterson sold 936 shares of the business's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total transaction of $140,400.00. Following the completion of the transaction, the insider directly owned 48,929 shares in the company, valued at $7,339,350. The trade was a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Minang Turakhia sold 1,420 shares of the business's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $145.41, for a total transaction of $206,482.20. Following the transaction, the executive vice president owned 41,393 shares of the company's stock, valued at $6,018,956.13. This represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,356 shares of company stock valued at $796,882 over the last ninety days. 1.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of iRhythm Technologies by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 3,136,370 shares of the company's stock worth $282,806,000 after acquiring an additional 18,442 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of iRhythm Technologies by 169.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 903,084 shares of the company's stock worth $94,535,000 after purchasing an additional 568,261 shares in the last quarter. Champlain Investment Partners LLC increased its stake in shares of iRhythm Technologies by 13.3% during the first quarter. Champlain Investment Partners LLC now owns 822,791 shares of the company's stock worth $86,130,000 after purchasing an additional 96,529 shares in the last quarter. Blair William & Co. IL increased its stake in shares of iRhythm Technologies by 30.6% during the first quarter. Blair William & Co. IL now owns 789,999 shares of the company's stock worth $82,697,000 after purchasing an additional 185,262 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in shares of iRhythm Technologies by 1.1% during the first quarter. Bessemer Group Inc. now owns 574,053 shares of the company's stock worth $60,092,000 after purchasing an additional 6,046 shares in the last quarter.

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.