iRhythm Technologies, Inc. (NASDAQ:IRTC) Receives $134.00 Average Price Target from Analysts

iRhythm Technologies, Inc. (NASDAQ:IRTC - Get Free Report) has been assigned a consensus recommendation of "Buy" from the seven analysts that are currently covering the company, MarketBeat reports. Seven research analysts have rated the stock with a buy rating. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $134.00.

Several research analysts recently weighed in on IRTC shares. Canaccord Genuity Group cut their target price on shares of iRhythm Technologies from $133.00 to $122.00 and set a "buy" rating for the company in a research note on Friday, May 3rd. JPMorgan Chase & Co. cut their target price on shares of iRhythm Technologies from $142.00 to $133.00 and set an "overweight" rating for the company in a research note on Friday, February 23rd. Finally, Needham & Company LLC boosted their target price on shares of iRhythm Technologies from $137.00 to $138.00 and gave the company a "buy" rating in a research note on Friday, May 3rd.

iRhythm Technologies Price Performance

Shares of NASDAQ:IRTC traded up $1.12 during midday trading on Thursday, hitting $99.88. 267,096 shares of the stock were exchanged, compared to its average volume of 432,240. The stock has a market cap of $3.11 billion, a P/E ratio of -23.48 and a beta of 1.31. The company has a current ratio of 7.10, a quick ratio of 6.95 and a debt-to-equity ratio of 7.13. iRhythm Technologies has a twelve month low of $70.24 and a twelve month high of $132.92. The company has a 50 day moving average price of $110.75 and a 200-day moving average price of $103.68.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its quarterly earnings results on Thursday, February 22nd. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.66). The firm had revenue of $132.51 million for 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%. On average, research analysts forecast that iRhythm Technologies will post -3.14 earnings per share for the current year.

Insider Buying and Selling at iRhythm Technologies

In other news, CEO Quentin S. Blackford sold 24,701 shares of the business's stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $121.96, for a total transaction of $3,012,533.96. Following the completion of the sale, the chief executive officer now owns 180,015 shares in the company, valued at approximately $21,954,629.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Quentin S. Blackford sold 24,701 shares of the business's stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $121.96, for a total transaction of $3,012,533.96. Following the transaction, the chief executive officer now directly owns 180,015 shares of the company's stock, valued at approximately $21,954,629.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Mark J. Day sold 1,475 shares of the business's stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $121.96, for a total value of $179,891.00. Following the transaction, the chief technology officer now directly owns 64,412 shares in the company, valued at $7,855,687.52. The disclosure for this sale can be found here. Insiders sold 35,052 shares of company stock worth $4,274,942 in the last 90 days. 0.68% of the stock is owned by company insiders.

Hedge Funds Weigh In On iRhythm Technologies

A number of institutional investors have recently made changes to their positions in IRTC. Artisan Partners Limited Partnership raised its position in shares of iRhythm Technologies by 22.5% in the 3rd quarter. Artisan Partners Limited Partnership now owns 1,962,625 shares of the company's stock valued at $184,997,000 after purchasing an additional 359,908 shares in the last quarter. Norges Bank acquired a new position in shares of iRhythm Technologies in the 4th quarter valued at approximately $26,522,000. Bank of New York Mellon Corp raised its position in shares of iRhythm Technologies by 67.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 572,358 shares of the company's stock valued at $53,950,000 after purchasing an additional 231,077 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of iRhythm Technologies in the 3rd quarter valued at approximately $20,659,000. Finally, Capital Research Global Investors raised its position in shares of iRhythm Technologies by 5.1% in the 4th quarter. Capital Research Global Investors now owns 2,495,626 shares of the company's stock valued at $267,132,000 after purchasing an additional 121,709 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.