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

AtriCure (NASDAQ:ATRC) had its target price lowered by JPMorgan Chase & Co. from $42.00 to $34.00 in a research report report published on Thursday, Benzinga reports. The firm currently has an overweight rating on the medical device company’s stock.

Several other research analysts have also issued reports on the stock. StockNews.com lowered shares of AtriCure from a hold rating to a sell rating in a research report on Wednesday, March 27th. Needham & Company LLC reduced their target price on AtriCure from $46.00 to $40.00 and set a buy rating for the company in a report on Thursday. UBS Group increased their price target on AtriCure from $57.00 to $58.00 and gave the company a buy rating in a research report on Friday, February 16th. Stifel Nicolaus cut their price objective on AtriCure from $50.00 to $42.00 and set a buy rating on the stock in a report on Friday, February 16th. Finally, Oppenheimer upgraded shares of AtriCure from a market perform rating to an outperform rating and set a $32.00 target price for the company in a report on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $49.78.

AtriCure Stock Performance

Shares of NASDAQ ATRC opened at $20.89 on Thursday. AtriCure has a 1 year low of $20.19 and a 1 year high of $59.61. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.66 and a current ratio of 3.57. The stock has a fifty day moving average price of $28.81 and a two-hundred day moving average price of $33.09. The firm has a market cap of $994.16 million, a P/E ratio of -26.11 and a beta of 1.41.

AtriCure (NASDAQ:ATRC) last released its earnings results on Wednesday, May 1st. The medical device company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). AtriCure had a negative return on equity of 7.82% and a negative net margin of 8.98%. The firm had revenue of $108.90 million for the quarter, compared to analyst estimates of $106.86 million. During the same period in the previous year, the firm earned ($0.23) earnings per share. AtriCure’s revenue was up 16.5% on a year-over-year basis. Research analysts forecast that AtriCure will post -0.75 EPS for the current fiscal year.

Insider Activity

In related news, insider Justin J. Noznesky sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $24.09, for a total transaction of $36,135.00. Following the transaction, the insider now directly owns 71,284 shares of the company’s stock, valued at $1,717,231.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Justin J. Noznesky sold 1,500 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $24.09, for a total transaction of $36,135.00. Following the completion of the sale, the insider now directly owns 71,284 shares in the company, valued at $1,717,231.56. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Karl S. Dahlquist sold 8,231 shares of AtriCure stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $37.36, for a total value of $307,510.16. Following the sale, the insider now directly owns 52,839 shares of the company’s stock, valued at approximately $1,974,065.04. The disclosure for this sale can be found here. Insiders have sold 14,616 shares of company stock worth $504,932 in the last 90 days. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On AtriCure

A number of hedge funds have recently added to or reduced their stakes in the company. Advisors Capital Management LLC grew its position in AtriCure by 0.6% in the third quarter. Advisors Capital Management LLC now owns 57,223 shares of the medical device company’s stock worth $2,506,000 after acquiring an additional 357 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in AtriCure by 3.5% in the third quarter. Principal Financial Group Inc. now owns 11,839 shares of the medical device company’s stock worth $519,000 after purchasing an additional 395 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in 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 buying an additional 484 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in AtriCure by 31.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,074 shares of the medical device company’s stock valued at $91,000 after buying an additional 497 shares in the last quarter. Finally, Eagle Asset Management Inc. lifted its position in shares of AtriCure by 0.7% in the third quarter. Eagle Asset Management Inc. now owns 81,300 shares of the medical device company’s stock worth $3,561,000 after buying an additional 593 shares during the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

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.