iRhythm Technologies (NASDAQ:IRTC) Given New $120.00 Price Target at Stephens

iRhythm Technologies (NASDAQ:IRTC) had its price objective cut by research analysts at Stephens from $160.00 to $120.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Stephens‘s price target would suggest a potential upside of 39.44% from the company’s previous close.

Several other equities research analysts also recently commented on IRTC. Wells Fargo & Company decreased their price objective on iRhythm Technologies from $150.00 to $135.00 and set an “overweight” rating for the company in a report on Friday, November 6th. Canaccord Genuity Group increased their target price on iRhythm Technologies from $196.00 to $206.00 and gave the stock a “buy” rating in a report on Friday. Wall Street Zen cut iRhythm Technologies from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. JPMorgan Chase & Co. reduced their price target on shares of iRhythm Technologies from $175.00 to $145.00 and set an “overweight” rating for the company in a research report on Friday, November 6th. Finally, Weiss Ratings upgraded shares of iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $164.07.

iRhythm Technologies Stock Performance

Shares of IRTC opened at $86.06 on Wednesday. The company has a debt-to-equity ratio of 3.68, a current ratio of 3.57 and a quick ratio of 3.45. The stock has a 50-day moving average of $113.66 and a 200-day moving average of $120.93. The company has a market cap of $2.84 billion, a PE ratio of -73.56 and a beta of 1.39. iRhythm Technologies has a one year low of $82.85 and a one year high of $192.47.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, November 5th. The company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.80. iRhythm Technologies had a positive return on equity of 26.88% and a negative net margin of 4.52%. The business had revenue of $221.59 million during the quarter, compared to analyst estimates of $222.23 million. During the same period in the previous year, the company posted ($0.06) EPS. The firm’s revenue was up 14.9% compared to the same quarter last year. On average, equities research analysts predict that iRhythm Technologies will post 1.03 EPS for the current fiscal year.

Institutional Trading of iRhythm Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the business. Stephens Investment Management Group LLC grew its holdings in iRhythm Technologies by 1.7% during the 3rd quarter. Stephens Investment Management Group LLC now owns 705,533 shares of the company’s stock valued at $80,191,000 after buying an additional 12,096 shares in the last quarter. Braidwell LP increased its position in shares of iRhythm Technologies by 7.2% during the second quarter. Braidwell LP now owns 654,262 shares of the company’s stock valued at $77,824,000 after buying an additional 44,070 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of iRhythm Technologies by 14.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 467,113 shares of the company’s stock valued at $55,222,000 after buying an additional 59,704 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of iRhythm Technologies by 99.2% in the first quarter. The Manufacturers Life Insurance Company now owns 390,577 shares of the company’s stock worth $46,096,000 after buying an additional 194,502 shares in the last quarter. Finally, Rock Springs Capital Management LP lifted its holdings in shares of iRhythm Technologies by 11.4% in the first quarter. Rock Springs Capital Management LP now owns 261,750 shares of the company’s stock worth $30,892,000 after buying an additional 26,750 shares in the last quarter.

iRhythm Technologies Company Profile

iRhythm Technologies is a medical technology company that develops digital solutions for detecting and monitoring heart rhythm disorders. Its services combine wearable electrocardiogram (ECG) devices with cloud-based data analysis and clinical reporting to help healthcare professionals assess patients for conditions such as cardiac arrhythmias. The company’s Zio product line includes wearable ECG monitors, such as Zio XT, which records a patient’s heart activity during an extended monitoring period. iRhythm also offers Zio AT, a monitoring service designed to provide clinicians with ECG data during the monitoring period.