AtriCure (NASDAQ:ATRC) Price Target Cut to $34.00

AtriCure (NASDAQ:ATRC) had its price target reduced by Needham & Company LLC from $40.00 to $34.00 in a research report released on Wednesday, Benzinga reports. They currently have a buy rating on the medical device company’s stock.

Several other analysts also recently weighed in on ATRC. Oppenheimer upgraded AtriCure from a market perform rating to an outperform rating and set a $32.00 price objective for the company in a report on Tuesday, April 23rd. JPMorgan Chase & Co. decreased their price objective on AtriCure from $42.00 to $34.00 and set an overweight rating for the company in a report on Thursday, May 2nd. Finally, Canaccord Genuity Group decreased their price objective on AtriCure from $57.00 to $49.00 and set a buy rating for the company in a report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $42.44.

AtriCure Stock Up 4.8 %

Shares of ATRC opened at $22.05 on Wednesday. The firm has a market capitalization of $1.05 billion, a P/E ratio of -27.56 and a beta of 1.44. AtriCure has a 12-month low of $18.94 and a 12-month high of $57.56. The company has a current ratio of 4.00, a quick ratio of 2.83 and a debt-to-equity ratio of 0.16. The firm has a fifty day moving average price of $22.59 and a 200-day moving average price of $26.89.

AtriCure (NASDAQ:ATRC) last issued its earnings results on Tuesday, July 30th. The medical device company reported ($0.17) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.17). The firm had revenue of $116.27 million during the quarter, compared to analyst estimates of $116.24 million. AtriCure had a negative net margin of 9.33% and a negative return on equity of 8.39%. The business’s revenue was up 15.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.12) earnings per share. Equities research analysts expect that AtriCure will post -0.75 earnings per share for the current year.

Insiders Place Their Bets

In other AtriCure news, insider Salvatore Privitera purchased 5,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were acquired at an average price of $22.25 per share, for a total transaction of $111,250.00. Following the completion of the purchase, the insider now owns 103,290 shares of the company’s stock, valued at $2,298,202.50. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 3.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AtriCure

A number of large investors have recently modified their holdings of ATRC. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of AtriCure by 2.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,237 shares of the medical device company’s stock worth $758,000 after acquiring an additional 484 shares during the last quarter. WCM Investment Management LLC grew its stake in shares of AtriCure by 7.7% during the fourth quarter. WCM Investment Management LLC now owns 221,416 shares of the medical device company’s stock worth $8,133,000 after acquiring an additional 15,820 shares during the last quarter. Mackenzie Financial Corp grew its stake in shares of AtriCure by 14.7% during the fourth quarter. Mackenzie Financial Corp now owns 12,295 shares of the medical device company’s stock worth $439,000 after acquiring an additional 1,575 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of AtriCure by 27.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,524 shares of the medical device company’s stock worth $447,000 after acquiring an additional 2,670 shares during the last quarter. Finally, Knights of Columbus Asset Advisors LLC grew its stake in shares of AtriCure by 165.8% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 123,540 shares of the medical device company’s stock worth $4,409,000 after acquiring an additional 77,055 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

About AtriCure

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.