The Goldman Sachs Group Cuts iRhythm Technologies (NASDAQ:IRTC) Price Target to $147.00

iRhythm Technologies (NASDAQ:IRTC) had its price target trimmed by The Goldman Sachs Group from $184.00 to $147.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other analysts have also recently issued research reports about the stock. Evercore raised shares of iRhythm Technologies from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $194.00 to $210.00 in a research report on Monday, January 5th. Citigroup reduced their price target on shares of iRhythm Technologies from $242.00 to $214.00 and set a “buy” rating on the stock in a research report on Wednesday, March 11th. Robert W. Baird reduced their price target on shares of iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating on the stock in a research report on Friday, February 20th. Wells Fargo & Company reduced their price target on shares of iRhythm Technologies from $225.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, February 20th. Finally, Needham & Company LLC reissued a “buy” rating and set a $244.00 price target on shares of iRhythm Technologies in a research report on Monday, January 12th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $205.23.

iRhythm Technologies Trading Down 2.5%

NASDAQ IRTC opened at $115.24 on Thursday. The firm’s 50-day moving average is $130.66 and its two-hundred day moving average is $159.40. iRhythm Technologies has a 12 month low of $95.95 and a 12 month high of $212.00. The company has a debt-to-equity ratio of 4.25, a current ratio of 4.63 and a quick ratio of 4.48. The stock has a market capitalization of $3.72 billion, a P/E ratio of -82.31 and a beta of 1.18.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, February 19th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.27. The business had revenue of $208.89 million for the quarter, compared to analysts’ expectations of $202.61 million. iRhythm Technologies had a negative net margin of 5.96% and a negative return on equity of 28.15%. The business’s quarterly revenue was up 27.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.04) earnings per share. On average, sell-side analysts anticipate that iRhythm Technologies will post -1.98 earnings per share for the current year.

Insider Activity

In related news, insider Chad Patterson sold 4,444 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $128.44, for a total transaction of $570,787.36. Following the sale, the insider directly owned 58,164 shares in the company, valued at approximately $7,470,584.16. This represents a 7.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mervin Smith sold 1,352 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $128.44, for a total transaction of $173,650.88. Following the sale, the executive vice president owned 25,612 shares in the company, valued at $3,289,605.28. The trade was a 5.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 94,509 shares of company stock valued at $12,734,195. 1.10% of the stock is owned by corporate insiders.

Institutional Trading of iRhythm Technologies

A number of large investors have recently made changes to their positions in IRTC. Royal Bank of Canada increased its stake in shares of iRhythm Technologies by 423.0% during the first quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock worth $793,000 after buying an additional 6,125 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of iRhythm Technologies by 33.5% during the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock worth $45,408,000 after buying an additional 108,941 shares during the period. Strs Ohio purchased a new stake in shares of iRhythm Technologies during the first quarter worth approximately $147,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of iRhythm Technologies during the second quarter worth approximately $1,278,000. Finally, First Trust Advisors LP increased its stake in shares of iRhythm Technologies by 66.0% during the second quarter. First Trust Advisors LP now owns 56,197 shares of the company’s stock worth $8,652,000 after buying an additional 22,337 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.