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

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

Several other brokerages have also recently issued reports on ATRC. UBS Group raised their target price on shares of AtriCure from $57.00 to $58.00 and gave the stock a buy rating in a report on Friday, February 16th. StockNews.com downgraded shares of AtriCure from a hold rating to a sell rating in a research note on Wednesday, March 27th. Stifel Nicolaus cut their target price on AtriCure from $50.00 to $42.00 and set a buy rating on the stock in a research note on Friday, February 16th. Needham & Company LLC lowered their price target on AtriCure from $46.00 to $40.00 and set a buy rating for the company in a research report on Thursday. Finally, Oppenheimer upgraded AtriCure from a market perform rating to an outperform rating and set a $32.00 price objective on the stock in a research report on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. According to MarketBeat, AtriCure currently has an average rating of Moderate Buy and an average target price of $49.78.

AtriCure Trading Down 6.0 %

AtriCure stock traded down $1.33 during mid-day trading on Thursday, hitting $20.89. The company’s stock had a trading volume of 961,862 shares, compared to its average volume of 881,737. The business has a 50 day moving average price of $28.81 and a 200-day moving average price of $33.11. AtriCure has a 12 month low of $20.19 and a 12 month high of $59.61. The stock has a market cap of $994.16 million, a price-to-earnings ratio of -26.11 and a beta of 1.41. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.57 and a quick ratio of 2.66.

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 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 during the quarter, compared to the consensus estimate of $106.86 million. During the same period last year, the firm posted ($0.23) EPS. The company’s revenue was up 16.5% on a year-over-year basis. As a group, analysts forecast that AtriCure will post -0.75 EPS for the current year.

Insider Buying and Selling at AtriCure

In related news, insider Justin J. Noznesky sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $24.09, for a total value of $36,135.00. Following the sale, the insider now owns 71,284 shares in the company, valued at approximately $1,717,231.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Justin J. Noznesky sold 1,500 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $24.09, for a total transaction of $36,135.00. Following the sale, the insider now directly owns 71,284 shares of the company’s stock, valued at approximately $1,717,231.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Karl S. Dahlquist sold 8,231 shares of AtriCure stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $37.36, for a total transaction of $307,510.16. Following the completion of the transaction, the insider now directly owns 52,839 shares of the company’s stock, valued at $1,974,065.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 14,616 shares of company stock valued at $504,932. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ATRC. Advisors Capital Management LLC boosted its holdings 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 worth $2,506,000 after purchasing an additional 357 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of AtriCure by 3.5% in the third quarter. Principal Financial Group Inc. now owns 11,839 shares of the medical device company’s stock worth $519,000 after acquiring an additional 395 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in AtriCure by 2.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,237 shares of the medical device company’s stock valued at $758,000 after acquiring an additional 484 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in AtriCure by 31.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,074 shares of the medical device company’s stock valued at $91,000 after acquiring an additional 497 shares during the period. Finally, Eagle Asset Management Inc. boosted its position in AtriCure by 0.7% in the third 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. 99.11% of the stock is owned by institutional investors.

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.