iRhythm Technologies (NASDAQ:IRTC) Price Target Cut to $122.00 by Analysts at Canaccord Genuity Group

iRhythm Technologies (NASDAQ:IRTC) had its target price cut by Canaccord Genuity Group from $133.00 to $122.00 in a report released on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other analysts also recently weighed in on the company. Needham & Company LLC boosted their price objective on iRhythm Technologies from $137.00 to $138.00 and gave the company a buy rating in a research report on Friday. JPMorgan Chase & Co. cut their target price on shares of iRhythm Technologies from $142.00 to $133.00 and set an overweight rating on the stock in a report on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, iRhythm Technologies currently has an average rating of Moderate Buy and a consensus target price of $134.00.

iRhythm Technologies Stock Up 4.0 %

Shares of IRTC stock traded up $4.15 on Friday, hitting $106.83. 565,740 shares of the company’s stock traded hands, compared to its average volume of 431,558. The company has a debt-to-equity ratio of 7.13, a current ratio of 7.10 and a quick ratio of 6.95. The company’s fifty day simple moving average is $110.98 and its 200 day simple moving average is $103.33. iRhythm Technologies has a one year low of $70.24 and a one year high of $132.92.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Thursday, February 22nd. The company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.66). iRhythm Technologies had a negative return on equity of 69.87% and a negative net margin of 25.33%. The company had revenue of $132.51 million during the quarter, compared to analysts’ expectations of $131.14 million. On average, sell-side analysts forecast that iRhythm Technologies will post -3.14 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

In other news, CEO Quentin S. Blackford sold 24,701 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $121.96, for a total value of $3,012,533.96. Following the transaction, the chief executive officer now owns 180,015 shares in the company, valued at $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 company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $121.96, for a total value of $3,012,533.96. Following the sale, the chief executive officer now directly owns 180,015 shares of the company’s stock, valued at $21,954,629.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Daniel G. Wilson sold 1,261 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $121.96, for a total value of $153,791.56. Following the sale, the executive vice president now directly owns 32,967 shares in the company, valued at $4,020,655.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,052 shares of company stock worth $4,274,942. Insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of IRTC. Vanguard Group Inc. raised its stake in shares of iRhythm Technologies by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 2,993,443 shares of the company’s stock worth $320,418,000 after buying an additional 35,694 shares during the period. Capital Research Global Investors grew its position in shares of iRhythm Technologies by 5.1% during the fourth quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock worth $267,132,000 after purchasing an additional 121,709 shares in the last quarter. Artisan Partners Limited Partnership grew 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 purchasing an additional 108,875 shares in the last quarter. Mackenzie Financial Corp grew its holdings in iRhythm Technologies by 3.4% during the 3rd quarter. Mackenzie Financial Corp now owns 1,262,179 shares of the company’s stock valued at $111,425,000 after buying an additional 41,052 shares in the last quarter. Finally, Blair William & Co. IL grew its holdings in iRhythm Technologies by 6.6% during the 3rd quarter. Blair William & Co. IL now owns 1,111,417 shares of the company’s stock valued at $104,762,000 after buying an additional 68,983 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.