iRhythm Technologies (NASDAQ:IRTC) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

iRhythm Technologies (NASDAQ:IRTC) had its price objective raised by investment analysts at The Goldman Sachs Group from $91.00 to $124.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 8.86% from the stock’s current price.

Other analysts also recently issued research reports about the company. 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, February 21st. 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. Canaccord Genuity Group lifted their target price on iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Wells Fargo & Company lifted their target price on iRhythm Technologies from $86.00 to $104.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. Finally, 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. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $119.73.

iRhythm Technologies Trading Down 4.2 %

Shares of NASDAQ IRTC opened at $113.91 on Monday. The company has a market cap of $3.58 billion, a price-to-earnings ratio of -31.29 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 $102.79 and its 200 day simple moving average is $84.43.

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 Buying and Selling

In related 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 value of $214,037.88. Following the transaction, the insider now directly owns 35,327 shares in the company, valued at $3,034,236.03. The trade was a 6.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Hedge funds have recently modified their holdings of the stock. R Squared Ltd acquired a new position in shares of iRhythm Technologies in the 4th quarter worth $45,000. Van ECK Associates Corp grew its holdings in shares of iRhythm Technologies by 41.3% during the fourth quarter. Van ECK Associates Corp now owns 554 shares of the company’s stock valued at $50,000 after buying an additional 162 shares in the last quarter. Raiffeisen Bank International AG purchased a new position in shares of iRhythm Technologies during the fourth quarter valued at $60,000. Quarry LP purchased a new position in shares of iRhythm Technologies during the third quarter valued at $59,000. Finally, Nisa Investment Advisors LLC grew its holdings in shares of iRhythm Technologies by 166.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,037 shares of the company’s stock valued at $94,000 after buying an additional 648 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.