AtriCure (NASDAQ:ATRC) Price Target Cut to $49.00 by Analysts at Canaccord Genuity Group

AtriCure (NASDAQ:ATRC) had its price objective decreased by Canaccord Genuity Group from $57.00 to $49.00 in a research note published on Thursday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the medical device company’s stock.

A number of other brokerages have also issued reports on ATRC. StockNews.com lowered shares of AtriCure from a hold rating to a sell rating in a research report on Wednesday, March 27th. UBS Group lifted their price objective on AtriCure from $57.00 to $58.00 and gave the company a buy rating in a research report on Friday, February 16th. JPMorgan Chase & Co. reduced their target price on AtriCure from $42.00 to $34.00 and set an overweight rating on the stock in a research report on Thursday. Oppenheimer upgraded AtriCure from a market perform rating to an outperform rating and set a $32.00 price target for the company in a report on Tuesday, April 23rd. Finally, 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. One research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $49.78.

AtriCure Price Performance

Shares of NASDAQ:ATRC opened at $20.89 on Thursday. 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 business’s fifty day moving average price is $28.81 and its two-hundred day moving average price is $33.09. The stock has a market cap of $994.16 million, a PE ratio of -26.11 and a beta of 1.41. AtriCure has a one year low of $20.19 and a one year high of $59.61.

AtriCure (NASDAQ:ATRC) last posted its quarterly earnings data on Wednesday, May 1st. The medical device company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates 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 company 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 business earned ($0.23) EPS. The firm’s revenue was up 16.5% on a year-over-year basis. On average, analysts forecast that AtriCure will post -0.75 EPS for the current fiscal year.

Insider Buying and Selling at AtriCure

In other news, insider Karl S. Dahlquist sold 8,231 shares of the firm’s 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 transaction, the insider now owns 52,839 shares of the company’s stock, valued at approximately $1,974,065.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Karl S. Dahlquist sold 8,231 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $37.36, for a total value of $307,510.16. Following the completion of the sale, the insider now owns 52,839 shares in the company, valued at $1,974,065.04. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Karl S. Dahlquist sold 1,885 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $32.16, for a total value of $60,621.60. Following the transaction, the insider now directly owns 50,954 shares in the company, valued at $1,638,680.64. The disclosure for this sale can be found here. Insiders have sold a total of 14,616 shares of company stock valued at $504,932 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On AtriCure

A number of large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in AtriCure in the 3rd quarter valued at about $603,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in AtriCure by 14.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,854 shares of the medical device company’s stock valued at $432,000 after purchasing an additional 1,238 shares during the last quarter. Strs Ohio grew its stake in AtriCure by 144.9% during the 3rd quarter. Strs Ohio now owns 48,500 shares of the medical device company’s stock valued at $2,124,000 after purchasing an additional 28,700 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in AtriCure by 2.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,753 shares of the medical device company’s stock worth $909,000 after purchasing an additional 516 shares during the last quarter. Finally, Assetmark Inc. raised its position in shares of AtriCure by 18.1% in the 3rd quarter. Assetmark Inc. now owns 10,046 shares of the medical device company’s stock valued at $440,000 after purchasing an additional 1,537 shares in the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

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.