AtriCure (NASDAQ:ATRC) Price Target Lowered to $40.00 at Piper Sandler

AtriCure (NASDAQ:ATRC) had its target price cut by Piper Sandler from $65.00 to $40.00 in a research note released on Wednesday, Benzinga reports. They currently have an overweight rating on the medical device company’s stock.

Several other analysts also recently issued reports on ATRC. JPMorgan Chase & Co. cut their price objective on AtriCure from $42.00 to $34.00 and set an overweight rating on the stock in a report on Thursday, May 2nd. Canaccord Genuity Group cut their price objective on AtriCure from $57.00 to $49.00 and set a buy rating on the stock in a report on Thursday, May 2nd. Needham & Company LLC cut their price objective on AtriCure from $40.00 to $34.00 and set a buy rating on the stock in a report on Wednesday. Finally, Oppenheimer upgraded AtriCure from a market perform rating to an outperform rating and set a $32.00 target price on the stock in a report on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $42.44.

AtriCure Price Performance

Shares of AtriCure stock opened at $22.05 on Wednesday. The company has a current ratio of 4.13, a quick ratio of 2.83 and a debt-to-equity ratio of 0.16. The company’s 50-day moving average price is $22.59 and its two-hundred day moving average price is $26.84. AtriCure has a 52 week low of $18.94 and a 52 week high of $57.56. The stock has a market cap of $1.07 billion, a PE ratio of -27.56 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 (EPS) for the quarter, hitting the consensus estimate of ($0.17). The firm had revenue of $116.27 million for the quarter, compared to the consensus estimate of $116.24 million. AtriCure had a negative return on equity of 8.39% and a negative net margin of 9.33%. The business’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.12) EPS. As a group, sell-side analysts anticipate that AtriCure will post -0.77 EPS for the current fiscal year.

Insider Activity

In other news, insider Salvatore Privitera purchased 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 purchase, the insider now owns 103,290 shares in the company, valued at approximately $2,298,202.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AtriCure

Several large investors have recently made changes to their positions in ATRC. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of 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 buying an additional 484 shares in the last quarter. WCM Investment Management LLC grew its stake in shares of AtriCure by 7.7% in the 4th quarter. WCM Investment Management LLC now owns 221,416 shares of the medical device company’s stock valued at $8,133,000 after buying an additional 15,820 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of AtriCure by 14.7% in the 4th quarter. Mackenzie Financial Corp now owns 12,295 shares of the medical device company’s stock valued at $439,000 after buying an additional 1,575 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in AtriCure by 27.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,524 shares of the medical device company’s stock worth $447,000 after purchasing an additional 2,670 shares during the period. Finally, Knights of Columbus Asset Advisors LLC boosted its position in AtriCure by 165.8% during 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 purchasing an additional 77,055 shares during the period. 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.