AtriCure (NASDAQ:ATRC) PT Lowered to $34.00 at Needham & Company LLC

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

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

AtriCure Price Performance

NASDAQ:ATRC opened at $22.05 on Wednesday. AtriCure has a 52 week low of $18.94 and a 52 week high of $57.56. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.83 and a current ratio of 4.13. The firm’s 50-day simple moving average is $22.59 and its 200 day simple moving average is $26.84. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of -27.56 and a beta of 1.44.

AtriCure (NASDAQ:ATRC) last released its quarterly earnings results on Tuesday, July 30th. The medical device company reported ($0.17) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.17). The company had revenue of $116.27 million during the quarter, compared to the consensus estimate of $116.24 million. AtriCure had a negative net margin of 9.33% and a negative return on equity of 8.39%. The firm’s quarterly revenue was up 15.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.12) earnings per share. As a group, sell-side analysts predict that AtriCure will post -0.77 earnings per share for the current year.

Insider Activity

In other news, insider Salvatore Privitera bought 5,000 shares of the stock in a transaction that occurred on Thursday, May 30th. The stock was acquired at an average price of $22.25 per share, with a total value of $111,250.00. Following the completion of the purchase, the insider now directly owns 103,290 shares of the company’s stock, valued at $2,298,202.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.20% of the company’s stock.

Institutional Trading of AtriCure

Several hedge funds have recently modified their holdings of ATRC. State of New Jersey Common Pension Fund D increased its stake in AtriCure by 31.1% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 68,188 shares of the medical device company’s stock valued at $2,434,000 after purchasing an additional 16,168 shares in the last quarter. Knights of Columbus Asset Advisors LLC boosted its holdings in 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 worth $4,409,000 after acquiring an additional 77,055 shares in the last quarter. Bridger Management LLC acquired a new stake in AtriCure in the fourth quarter valued at approximately $3,109,000. Wellington Management Group LLP increased its holdings in shares of AtriCure by 7.8% during the fourth quarter. Wellington Management Group LLP now owns 1,329,457 shares of the medical device company’s stock valued at $47,448,000 after acquiring an additional 95,824 shares in the last quarter. Finally, Panagora Asset Management Inc. lifted its holdings in shares of AtriCure by 38.0% in the 4th quarter. Panagora Asset Management Inc. now owns 229,197 shares of the medical device company’s stock worth $8,180,000 after purchasing an additional 63,079 shares in the last quarter. 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.