AtriCure (NASDAQ:ATRC) Price Target Cut to $40.00 by Analysts at Piper Sandler

AtriCure (NASDAQ:ATRC) had its price objective dropped by research analysts at Piper Sandler from $65.00 to $40.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the medical device company’s stock. Piper Sandler’s price objective would suggest a potential upside of 81.82% from the company’s current price.

Several other research firms have also recently weighed in on ATRC. Needham & Company LLC dropped their price objective on shares of AtriCure from $40.00 to $34.00 and set a “buy” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. lowered their target price on shares of AtriCure from $42.00 to $34.00 and set an “overweight” rating for the company in a report on Thursday, May 2nd. 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. Finally, Canaccord Genuity Group lowered their target price on shares of AtriCure from $57.00 to $49.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $43.63.

AtriCure Stock Performance

ATRC stock opened at $22.00 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 4.00 and a quick ratio of 2.83. The company has a 50 day moving average price of $22.66 and a 200 day moving average price of $27.06. AtriCure has a fifty-two week low of $18.94 and a fifty-two week high of $57.77. The stock has a market capitalization of $1.05 billion, a PE ratio of -27.50 and a beta of 1.44.

AtriCure (NASDAQ:ATRC) last posted its quarterly earnings data on Tuesday, July 30th. The medical device company reported ($0.17) earnings per share for the quarter, hitting the consensus estimate of ($0.17). AtriCure had a negative net margin of 8.98% and a negative return on equity of 7.85%. The firm had revenue of $116.27 million during the quarter, compared to analysts’ expectations of $116.24 million. During the same quarter in the previous year, the company posted ($0.12) EPS. AtriCure’s revenue was up 15.2% on a year-over-year basis. Analysts forecast that AtriCure will post -0.75 EPS for the current year.

Insider Activity

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

Hedge Funds Weigh In On AtriCure

Several institutional investors and hedge funds have recently made changes to their positions in the company. Comerica Bank lifted its position in AtriCure by 70.5% in the 1st quarter. Comerica Bank now owns 2,522 shares of the medical device company’s stock valued at $77,000 after acquiring an additional 1,043 shares in the last quarter. Quest Partners LLC bought a new stake in AtriCure in the 4th quarter valued at $103,000. Virtu Financial LLC bought a new stake in AtriCure during the 4th quarter worth about $213,000. Victory Capital Management Inc. lifted its position in AtriCure by 22.9% during the 4th quarter. Victory Capital Management Inc. now owns 6,202 shares of the medical device company’s stock worth $221,000 after buying an additional 1,155 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC bought a new stake in AtriCure during the 1st quarter worth about $224,000. Institutional investors and hedge funds own 99.11% of the company’s stock.

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.