Oppenheimer Cuts iRhythm Technologies (NASDAQ:IRTC) Price Target to $145.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective reduced by Oppenheimer from $165.00 to $145.00 in a research note published on Friday, Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

IRTC has been the topic of a number of other reports. Canaccord Genuity Group decreased their price objective on shares of iRhythm Technologies from $133.00 to $122.00 and set a buy rating on the stock in a research note on Friday, May 3rd. Morgan Stanley cut their target price on shares of iRhythm Technologies from $135.00 to $130.00 and set an overweight rating on the stock in a research report on Monday, July 15th. Wolfe Research upgraded shares of iRhythm Technologies from a peer perform rating to an outperform rating and set a $115.00 target price on the stock in a research report on Thursday, June 20th. Robert W. Baird cut their target price on shares of iRhythm Technologies from $120.00 to $110.00 and set an outperform rating on the stock in a research report on Friday. Finally, Needham & Company LLC cut their target price on shares of iRhythm Technologies from $138.00 to $119.00 and set a buy rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $118.67.

iRhythm Technologies Price Performance

NASDAQ:IRTC traded up $2.30 during mid-day trading on Friday, reaching $73.07. The stock had a trading volume of 403,284 shares, compared to its average volume of 421,831. The stock has a 50-day simple moving average of $94.86 and a two-hundred day simple moving average of $104.70. The stock has a market capitalization of $2.27 billion, a PE ratio of -17.17 and a beta of 1.25. 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 12 month low of $65.54 and a 12 month high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.28. The business had revenue of $148.05 million for the quarter, compared to analysts’ expectations of $146.15 million. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 75.14%. The firm’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.61) earnings per share. On average, equities analysts anticipate that iRhythm Technologies will post -3.22 earnings per share for the current year.

Insider Transactions at iRhythm Technologies

In related news, CAO Marc W. Rosenbaum sold 510 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $88.91, for a total value of $45,344.10. Following the transaction, the chief accounting officer now owns 8,174 shares in the company, valued at $726,750.34. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, EVP Mervin Smith sold 688 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $51,366.08. Following the transaction, the executive vice president now owns 10,360 shares in the company, valued at $773,477.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Marc W. Rosenbaum sold 510 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $88.91, for a total transaction of $45,344.10. Following the completion of the transaction, the chief accounting officer now owns 8,174 shares in the company, valued at approximately $726,750.34. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,745 shares of company stock worth $570,476. Company insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of IRTC. Artisan Partners Limited Partnership increased its position in shares of iRhythm Technologies by 5.5% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,071,500 shares of the company’s stock worth $221,733,000 after acquiring an additional 108,875 shares in the last quarter. Sei Investments Co. increased its stake in iRhythm Technologies by 7.0% in the 1st quarter. Sei Investments Co. now owns 235,361 shares of the company’s stock valued at $27,302,000 after buying an additional 15,381 shares during the last quarter. Capital Research Global Investors increased its stake in 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 buying an additional 121,709 shares during the last quarter. Daiwa Securities Group Inc. purchased a new stake in iRhythm Technologies in the 1st quarter valued at about $1,925,000. Finally, Capstone Investment Advisors LLC purchased a new stake in iRhythm Technologies in the 1st quarter valued at about $1,078,000.

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.