AtriCure (NASDAQ:ATRC) Price Target Cut to $49.00

AtriCure (NASDAQ:ATRC) had its price objective cut by analysts at Canaccord Genuity Group from $57.00 to $49.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the medical device company’s stock. Canaccord Genuity Group’s target price indicates a potential upside of 120.52% from the company’s previous close.

Several other equities research analysts have also recently commented on the company. Needham & Company LLC lowered their target price on AtriCure from $46.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday. Oppenheimer upgraded shares of AtriCure from a “market perform” rating to an “outperform” rating and set a $32.00 price target for the company in a research report on Tuesday, April 23rd. Stifel Nicolaus cut their price objective on shares of AtriCure from $50.00 to $42.00 and set a “buy” rating on the stock in a report on Friday, February 16th. JPMorgan Chase & Co. lowered their target price on shares of AtriCure from $42.00 to $34.00 and set an “overweight” rating for the company in a report on Thursday. Finally, UBS Group increased their price target on AtriCure from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, February 16th. One research analyst has rated the stock with a sell rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $49.78.

AtriCure Price Performance

Shares of NASDAQ:ATRC traded down $2.54 during trading on Thursday, reaching $22.22. The stock had a trading volume of 2,750,302 shares, compared to its average volume of 704,184. The stock has a market capitalization of $1.08 billion, a PE ratio of -33.59 and a beta of 1.41. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.57 and a quick ratio of 2.66. AtriCure has a 52 week low of $20.19 and a 52 week high of $59.61. The business’s 50-day moving average price is $29.30 and its 200 day moving average price is $33.32.

AtriCure (NASDAQ:ATRC) last issued its quarterly earnings data on Wednesday, May 1st. The medical device company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.02). The business had revenue of $108.90 million during the quarter, compared to the consensus estimate of $106.86 million. AtriCure had a negative net margin of 7.62% and a negative return on equity of 7.55%. The company’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.23) EPS. As a group, equities analysts predict that AtriCure will post -0.71 earnings per share for the current year.

Insider Buying and Selling

In other AtriCure news, insider Justin J. Noznesky sold 1,500 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $30.39, for a total value of $45,585.00. Following the completion of the sale, the insider now owns 72,784 shares in the company, valued at $2,211,905.76. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other AtriCure news, insider Justin J. Noznesky sold 1,500 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $30.39, for a total transaction of $45,585.00. Following the completion of the sale, the insider now owns 72,784 shares of the company’s stock, valued at approximately $2,211,905.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Karl S. Dahlquist sold 8,231 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $37.36, for a total transaction of $307,510.16. Following the completion of the transaction, the insider now owns 52,839 shares in the company, valued at $1,974,065.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,116 shares of company stock worth $468,797. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of AtriCure

Several institutional investors have recently added to or reduced their stakes in ATRC. Knights of Columbus Asset Advisors LLC raised its position in shares of AtriCure by 165.8% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 123,540 shares of the medical device company’s stock valued at $4,409,000 after buying an additional 77,055 shares in the last quarter. CenterBook Partners LP bought a new position in AtriCure during the 3rd quarter worth $770,000. Decheng Capital Management III Cayman LLC acquired a new position in AtriCure in the 3rd quarter valued at $2,026,000. Envestnet Asset Management Inc. lifted its position in shares of AtriCure by 127.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 116,990 shares of the medical device company’s stock valued at $5,124,000 after acquiring an additional 65,653 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of AtriCure by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 4,689,883 shares of the medical device company’s stock worth $205,417,000 after purchasing an additional 43,431 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors.

AtriCure Company Profile

AtriCure, Inc develops, manufactures, and sells devices for surgical ablation of cardiac tissue, exclusion of the left atrial appendage, and temporarily blocking pain by ablating peripheral nerves to medical centers in the United States, Europe, the Asia-Pacific, and internationally. The company offers Isolator Synergy Clamps, single-use disposable radio frequency products; multifunctional pens and linear ablation devices, such as the MAX Pen device that enables surgeons to evaluate cardiac arrhythmias, perform temporary cardiac pacing, sensing, and stimulation, and ablate cardiac tissue with the same device; and the Coolrail device, which enables users to make longer linear lines of ablation.