Canaccord Genuity Group Cuts AtriCure (NASDAQ:ATRC) Price Target to $49.00

AtriCure (NASDAQ:ATRC) had its price objective cut by stock analysts at Canaccord Genuity Group from $57.00 to $49.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the medical device company’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 120.52% from the stock’s current price.

Several other research firms have also commented on ATRC. UBS Group increased their price target on shares of AtriCure from $57.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, February 16th. Stifel Nicolaus lowered 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. 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. JPMorgan Chase & Co. dropped their target price on AtriCure from $42.00 to $34.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, StockNews.com lowered shares of AtriCure from a “hold” rating to a “sell” rating in a research note on Wednesday, March 27th. One research analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.78.

AtriCure Trading Down 10.3 %

ATRC stock traded down $2.54 during trading on Thursday, hitting $22.22. The company had a trading volume of 2,750,302 shares, compared to its average volume of 704,184. The firm has a market capitalization of $1.08 billion, a P/E ratio of -33.59 and a beta of 1.41. The company has a quick ratio of 2.66, a current ratio of 3.57 and a debt-to-equity ratio of 0.15. AtriCure has a 52-week low of $20.19 and a 52-week high of $59.61. The company has a 50 day simple moving average of $29.30 and a 200-day simple moving average of $33.32.

AtriCure (NASDAQ:ATRC) last released its quarterly earnings data on Wednesday, May 1st. The medical device company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.02). AtriCure had a negative return on equity of 7.55% and a negative net margin of 7.62%. The firm had revenue of $108.90 million for the quarter, compared to analysts’ expectations of $106.86 million. During the same quarter in the previous year, the business earned ($0.23) earnings per share. The company’s revenue for the quarter was up 16.5% compared to the same quarter last year. As a group, research analysts forecast that AtriCure will post -0.71 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other AtriCure news, insider Justin J. Noznesky sold 1,500 shares of AtriCure stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $30.39, for a total value of $45,585.00. Following the completion of the transaction, the insider now directly owns 72,784 shares of the company’s stock, valued at approximately $2,211,905.76. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other AtriCure news, insider Justin J. Noznesky sold 1,500 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $30.39, for a total value of $45,585.00. Following the completion of the transaction, the insider now owns 72,784 shares in the company, valued at $2,211,905.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Karl S. Dahlquist sold 8,231 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $37.36, for a total transaction of $307,510.16. Following the completion of the sale, the insider now directly owns 52,839 shares in the company, valued at approximately $1,974,065.04. The disclosure for this sale can be found here. Insiders have sold 13,116 shares of company stock worth $468,797 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of AtriCure

Institutional investors have recently modified their holdings of the stock. Advisors Capital Management LLC lifted its stake 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 valued at $2,506,000 after buying an additional 357 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of AtriCure by 3.5% in the 3rd quarter. Principal Financial Group Inc. now owns 11,839 shares of the medical device company’s stock valued at $519,000 after acquiring an additional 395 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in AtriCure by 2.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,237 shares of the medical device company’s stock valued at $758,000 after purchasing an additional 484 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in AtriCure by 31.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,074 shares of the medical device company’s stock worth $91,000 after purchasing an additional 497 shares during the last quarter. Finally, Eagle Asset Management Inc. grew its position in AtriCure by 0.7% during the 3rd quarter. Eagle Asset Management Inc. now owns 81,300 shares of the medical device company’s stock worth $3,561,000 after purchasing an additional 593 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.