Wells Fargo & Company Cuts iRhythm Technologies (NASDAQ:IRTC) Price Target to $168.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective lowered by Wells Fargo & Company from $180.00 to $168.00 in a research note published on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research firms also recently weighed in on IRTC. Needham & Company LLC reduced their price objective on shares of iRhythm Technologies from $255.00 to $192.00 and set a “buy” rating for the company in a report on Friday, August 7th. HC Wainwright reissued a “buy” rating on shares of iRhythm Technologies in a research note on Monday, June 1st. Wall Street Zen cut shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Stephens assumed coverage on shares of iRhythm Technologies in a research report on Thursday, July 23rd. They set an “overweight” rating and a $160.00 price target on the stock. Finally, Citigroup upped their price target on shares of iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, iRhythm Technologies has an average rating of “Moderate Buy” and an average target price of $179.93.

iRhythm Technologies Stock Up 2.6%

Shares of iRhythm Technologies stock opened at $127.98 on Tuesday. The business’s fifty day moving average price is $117.52 and its two-hundred day moving average price is $122.01. The company has a debt-to-equity ratio of 3.50, a current ratio of 3.86 and a quick ratio of 3.74. The company has a market capitalization of $4.22 billion, a P/E ratio of -297.63 and a beta of 1.30. iRhythm Technologies has a 1-year low of $100.85 and a 1-year high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.62. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%.The company had revenue of $224.17 million during the quarter, compared to analyst estimates of $219.30 million. During the same quarter in the previous year, the firm posted ($0.32) EPS. The firm’s quarterly revenue was up 20.1% on a year-over-year basis. As a group, research analysts forecast that iRhythm Technologies will post 0.43 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. WoodTrust Financial Corp lifted its position in iRhythm Technologies by 0.7% during the 4th quarter. WoodTrust Financial Corp now owns 10,070 shares of the company’s stock worth $1,787,000 after acquiring an additional 70 shares during the last quarter. US Bancorp DE grew its position in shares of iRhythm Technologies by 7.8% in the third quarter. US Bancorp DE now owns 1,042 shares of the company’s stock valued at $179,000 after purchasing an additional 75 shares during the last quarter. State of Wyoming grew its position in shares of iRhythm Technologies by 16.0% in the fourth quarter. State of Wyoming now owns 616 shares of the company’s stock valued at $109,000 after purchasing an additional 85 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of iRhythm Technologies by 0.3% in the third quarter. Alliancebernstein L.P. now owns 37,489 shares of the company’s stock worth $6,448,000 after purchasing an additional 95 shares during the period. Finally, California State Teachers Retirement System increased its stake in shares of iRhythm Technologies by 0.3% in the second quarter. California State Teachers Retirement System now owns 28,917 shares of the company’s stock worth $4,452,000 after purchasing an additional 99 shares during the period.

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.