Wells Fargo & Company Increases iRhythm Technologies (NASDAQ:IRTC) Price Target to $104.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective hoisted by analysts at Wells Fargo & Company from $86.00 to $104.00 in a report released on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential downside of 13.03% from the stock’s previous close.

Several other analysts also recently issued reports on IRTC. Canaccord Genuity Group raised their price target on iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Robert W. Baird cut their target price on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Oppenheimer lifted their target price on iRhythm Technologies from $105.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, January 8th. Needham & Company LLC lifted their target price on iRhythm Technologies from $125.00 to $138.00 and gave the company a “buy” rating in a research note on Friday. Finally, Truist Financial lifted their target price on iRhythm Technologies from $85.00 to $111.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $115.55.

iRhythm Technologies Trading Up 6.1 %

Shares of NASDAQ IRTC opened at $119.58 on Friday. The company has a market cap of $3.74 billion, a price-to-earnings ratio of -32.85 and a beta of 1.29. iRhythm Technologies has a 12-month low of $55.92 and a 12-month high of $128.52. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. The stock’s 50 day simple moving average is $101.77 and its 200 day simple moving average is $83.61.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, February 20th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.30. The business had revenue of $164.33 million for the quarter, compared to the consensus estimate of $158.30 million. iRhythm Technologies had a negative return on equity of 118.83% and a negative net margin of 19.14%. Equities research analysts expect that iRhythm Technologies will post -1.98 EPS for the current year.

Insider Activity

In other news, insider Patrick Michael Murphy sold 2,492 shares of iRhythm Technologies stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $85.89, for a total transaction of $214,037.88. Following the transaction, the insider now directly owns 35,327 shares in the company, valued at approximately $3,034,236.03. This trade represents a 6.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.68% of the stock is owned by insiders.

Hedge Funds Weigh In On iRhythm Technologies

Hedge funds have recently modified their holdings of the stock. Harbor Capital Advisors Inc. grew its holdings in shares of iRhythm Technologies by 272.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 79,938 shares of the company’s stock worth $5,935,000 after acquiring an additional 58,448 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of iRhythm Technologies in the 3rd quarter worth $1,497,000. Eagle Asset Management Inc. grew its holdings in shares of iRhythm Technologies by 44.9% in the 3rd quarter. Eagle Asset Management Inc. now owns 100,655 shares of the company’s stock worth $7,473,000 after acquiring an additional 31,193 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in shares of iRhythm Technologies by 38.1% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 707,175 shares of the company’s stock worth $52,501,000 after acquiring an additional 195,246 shares during the last quarter. Finally, Barclays PLC grew its holdings in shares of iRhythm Technologies by 34.3% in the 3rd quarter. Barclays PLC now owns 209,247 shares of the company’s stock worth $15,534,000 after acquiring an additional 53,498 shares during 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.