iRhythm Technologies (NASDAQ:IRTC) Given New $180.00 Price Target at Wells Fargo & Company

Key Points

• Investment analysts at Wells Fargo & Company raised the price target for iRhythm Technologies from $130.00 to $180.00, suggesting a potential upside of 7.92% from its previous close.
• iRhythm Technologies’ stock showed significant performance, trading up to $166.79 and reaching a one-year high of $165.00.
• The company reported a positive earnings surprise last quarter, with earnings per share of ($0.32), exceeding analysts' expectations of ($0.53) and achieving revenue of $186.69 million.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its target price raised by analysts at Wells Fargo & Company from $130.00 to $180.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's price objective points to a potential upside of 12.32% from the stock's previous close.

Several other equities research analysts also recently issued reports on IRTC. Morgan Stanley cut their target price on shares of iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Canaccord Genuity Group decreased their price objective on shares of iRhythm Technologies from $152.00 to $139.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Wall Street Zen cut shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. Needham & Company LLC raised their target price on shares of iRhythm Technologies from $151.00 to $180.00 and gave the company a "buy" rating in a research report on Friday. Finally, Robert W. Baird raised their target price on shares of iRhythm Technologies from $133.00 to $150.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, one has given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $157.30.

iRhythm Technologies Stock Down 2.9%

IRTC stock traded down $4.73 during trading hours on Friday, reaching $160.25. 502,952 shares of the stock were exchanged, compared to its average volume of 475,436. The firm's 50-day moving average is $143.12 and its 200-day moving average is $123.07. The company has a market cap of $5.15 billion, a price-to-earnings ratio of -54.69 and a beta of 1.41. The company has a debt-to-equity ratio of 6.25, a current ratio of 5.02 and a quick ratio of 4.88. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $168.32.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, topping analysts' consensus estimates of ($0.53) by $0.21. iRhythm Technologies had a negative net margin of 14.06% and a negative return on equity of 90.03%. The company had revenue of $186.69 million during the quarter, compared to the consensus estimate of $173.94 million. During the same period in the prior year, the business posted ($0.61) EPS. The company's quarterly revenue was up 26.1% on a year-over-year basis. On average, equities research analysts expect that iRhythm Technologies will post -1.98 earnings per share for the current year.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, CFO Daniel G. Wilson sold 3,000 shares of iRhythm Technologies stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total value of $450,000.00. Following the completion of the sale, the chief financial officer directly owned 40,307 shares of the company's stock, valued at approximately $6,046,050. The trade was a 6.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Minang Turakhia sold 1,420 shares of iRhythm Technologies 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 completion of the sale, the executive vice president directly owned 41,393 shares of the company's stock, valued at approximately $6,018,956.13. This trade represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,356 shares of company stock worth $796,882 over the last quarter. Company insiders own 0.68% of the company's stock.

Hedge Funds Weigh In On iRhythm Technologies

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in iRhythm Technologies by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 3,136,370 shares of the company's stock valued at $282,806,000 after acquiring an additional 18,442 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in iRhythm Technologies by 169.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 903,084 shares of the company's stock valued at $94,535,000 after acquiring an additional 568,261 shares in the last quarter. Champlain Investment Partners LLC lifted its position in iRhythm Technologies by 13.3% in the 1st quarter. Champlain Investment Partners LLC now owns 822,791 shares of the company's stock valued at $86,130,000 after acquiring an additional 96,529 shares in the last quarter. Blair William & Co. IL lifted its position in iRhythm Technologies by 30.6% in the 1st quarter. Blair William & Co. IL now owns 789,999 shares of the company's stock valued at $82,697,000 after acquiring an additional 185,262 shares in the last quarter. Finally, Bessemer Group Inc. lifted its position in iRhythm Technologies by 1.1% in the 1st quarter. Bessemer Group Inc. now owns 574,053 shares of the company's stock valued at $60,092,000 after acquiring an additional 6,046 shares in the last quarter.

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.