Needham & Company LLC Issues Positive Forecast for iRhythm Technologies (NASDAQ:IRTC) Stock Price

Key Points

• Needham & Company LLC has increased its target price for iRhythm Technologies from $151.00 to $180.00, suggesting a potential upside of 28.41% from the current stock price.
• Four other financial institutions also adjusted their price targets for iRhythm Technologies, with Citigroup raising it to $167.00 and others giving varying ratings from "buy" to "overweight."
• The company recently reported earnings of ($0.32) per share, beating analyst expectations, and its revenues increased by 26.1% year-over-year, totaling $186.69 million for the quarter.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its target price boosted by analysts at Needham & Company LLC from $151.00 to $180.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's target price indicates a potential upside of 28.41% from the company's current price.

Other equities research analysts also recently issued research reports about the company. Citigroup raised their price target on iRhythm Technologies from $130.00 to $167.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. Morgan Stanley decreased their price objective on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Robert W. Baird lifted their price objective on iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Wall Street Zen downgraded iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Finally, Wells Fargo & Company upgraded iRhythm Technologies from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $104.00 to $130.00 in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, iRhythm Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $140.20.

iRhythm Technologies Trading Up 0.1%

NASDAQ IRTC opened at $140.18 on Friday. The stock's 50-day simple moving average is $142.23 and its two-hundred day simple moving average is $121.97. iRhythm Technologies has a twelve month low of $55.92 and a twelve month high of $157.13. The company has a quick ratio of 5.58, a current ratio of 5.71 and a debt-to-equity ratio of 7.47. The company has a market capitalization of $4.47 billion, a price-to-earnings ratio of -44.64 and a beta of 1.41.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share for the quarter, beating analysts' consensus estimates of ($0.53) by $0.21. iRhythm Technologies had a negative return on equity of 101.04% and a negative net margin of 15.90%. The business had revenue of $186.69 million for the quarter, compared to the consensus estimate of $173.94 million. During the same quarter last year, the business posted ($0.61) earnings per share. The company's revenue for the quarter was up 26.1% on a year-over-year basis. Research analysts forecast that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, EVP Minang Turakhia sold 1,420 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The stock was 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 in the company, valued at approximately $6,018,956.13. This represents a 3.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel G. Wilson sold 3,000 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $150.00, for a total value of $450,000.00. Following the transaction, the chief financial officer owned 40,307 shares in the company, valued at $6,046,050. This trade represents a 6.93% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,356 shares of company stock worth $796,882 in the last 90 days. Company insiders own 1.10% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank Pictet & Cie Europe AG boosted its position in shares of iRhythm Technologies by 5.9% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock worth $297,000 after purchasing an additional 184 shares in the last quarter. LPL Financial LLC bought a new stake in shares of iRhythm Technologies in the 4th quarter worth approximately $243,000. Vanguard Group Inc. boosted its position in shares of iRhythm Technologies by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 3,136,370 shares of the company's stock worth $282,806,000 after purchasing an additional 18,442 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of iRhythm Technologies by 9.3% in the 4th quarter. Wellington Management Group LLP now owns 233,840 shares of the company's stock worth $21,085,000 after purchasing an additional 19,891 shares in the last quarter. Finally, Cinctive Capital Management LP bought a new stake in shares of iRhythm Technologies in the 4th quarter worth approximately $734,000.

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.

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