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

AtriCure (NASDAQ:ATRC) had its target price cut by Canaccord Genuity Group from $57.00 to $49.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the medical device company’s stock. Canaccord Genuity Group’s price target would indicate a potential upside of 134.56% from the stock’s current price.

A number of other research firms have also issued reports on ATRC. Oppenheimer raised 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. UBS Group increased their price objective on shares of AtriCure from $57.00 to $58.00 and gave the company a “buy” rating in a report on Friday, February 16th. StockNews.com lowered shares of AtriCure from a “hold” rating to a “sell” rating in a research note on Wednesday, March 27th. Stifel Nicolaus dropped their price target on AtriCure from $50.00 to $42.00 and set a “buy” rating for the company in a research report on Friday, February 16th. Finally, Needham & Company LLC reduced their price objective on AtriCure from $46.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $49.78.

AtriCure Price Performance

AtriCure stock traded down $1.33 during midday trading on Thursday, reaching $20.89. The company had a trading volume of 961,862 shares, compared to its average volume of 881,737. The company has a current ratio of 3.57, a quick ratio of 2.66 and a debt-to-equity ratio of 0.15. AtriCure has a 12-month low of $20.19 and a 12-month high of $59.61. The firm’s fifty day simple moving average is $28.81 and its 200-day simple moving average is $33.13.

AtriCure (NASDAQ:ATRC) last released its earnings results on Wednesday, May 1st. The medical device company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.02). AtriCure had a negative net margin of 8.98% and a negative return on equity of 7.82%. The firm had revenue of $108.90 million during the quarter, compared to analysts’ expectations of $106.86 million. During the same quarter last year, the business earned ($0.23) EPS. The business’s revenue was up 16.5% compared to the same quarter last year. On average, analysts anticipate that AtriCure will post -0.71 EPS for the current year.

Insider Buying and Selling

In other AtriCure news, insider Justin J. Noznesky sold 1,500 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $36.72, for a total value of $55,080.00. Following the transaction, the insider now owns 74,284 shares of the company’s stock, valued at $2,727,708.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Karl S. Dahlquist sold 1,885 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $32.16, for a total transaction of $60,621.60. Following the transaction, the insider now owns 50,954 shares of the company’s stock, valued at approximately $1,638,680.64. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Justin J. Noznesky sold 1,500 shares of AtriCure stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $36.72, for a total value of $55,080.00. Following the completion of the transaction, the insider now directly owns 74,284 shares of the company’s stock, valued at $2,727,708.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,616 shares of company stock valued at $504,932. 3.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. RiverPark Advisors LLC acquired a new position in AtriCure during the 3rd quarter worth $27,000. Allspring Global Investments Holdings LLC grew its position in shares of 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 worth $91,000 after buying an additional 497 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of AtriCure during the fourth quarter worth approximately $103,000. Virtu Financial LLC acquired a new stake in AtriCure in the fourth quarter valued at approximately $213,000. Finally, Victory Capital Management Inc. lifted its stake in AtriCure by 22.9% in the fourth quarter. Victory Capital Management Inc. now owns 6,202 shares of the medical device company’s stock worth $221,000 after acquiring an additional 1,155 shares during the last quarter. Hedge funds and other institutional investors 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.