Zacks Investment Research upgraded shares of AtriCure, Inc. (NASDAQ:ATRC) from a hold rating to a buy rating in a research note issued to investors on Tuesday, May 9th. The brokerage currently has $26.00 target price on the medical device company’s stock.
According to Zacks, “AtriCure, Inc. is a medical device company focused on developing, manufacturing and selling innovative surgical devices to create precise lesions, or scars, in soft tissues. Medical journals have described the adoption by leading cardiothoracic surgeons of the AtriCure, Inc. bipolar ablation system as a standard treatment alternative during open-heart surgical procedures to safely, rapidly and reliably create lesions in cardiac, or heart, tissue to block the abnormal electrical impulses that cause atrial fibrillation, a quivering of the upper chambers of the heart. “
Several other analysts have also issued reports on ATRC. Needham & Company LLC reissued a buy rating and issued a $25.00 price target (up previously from $23.00) on shares of AtriCure in a research report on Friday, May 5th. Canaccord Genuity reissued a buy rating and issued a $22.00 price target on shares of AtriCure in a research report on Monday, April 17th. Northland Securities reissued a buy rating and issued a $24.00 price target on shares of AtriCure in a research report on Monday, March 20th. Finally, BTIG Research lowered shares of AtriCure from a buy rating to a neutral rating in a research report on Monday, March 6th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $23.25.
Shares of AtriCure (NASDAQ:ATRC) traded up 2.85% during trading on Tuesday, reaching $22.00. 214,321 shares of the company were exchanged. The firm’s market cap is $746.81 million. AtriCure has a 52-week low of $13.45 and a 52-week high of $23.95. The stock’s 50-day moving average is $21.41 and its 200-day moving average is $18.94.
AtriCure (NASDAQ:ATRC) last issued its quarterly earnings data on Thursday, May 4th. The medical device company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.01. The firm had revenue of $41.30 million during the quarter, compared to analysts’ expectations of $40.25 million. AtriCure had a negative net margin of 21.07% and a negative return on equity of 19.89%. The business’s revenue was up 15.0% on a year-over-year basis. During the same period last year, the company earned ($0.31) earnings per share. Equities research analysts predict that AtriCure will post ($0.96) earnings per share for the current fiscal year.
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In other AtriCure news, Director Elizabeth D. Krell sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $21.44, for a total value of $214,400.00. Following the completion of the transaction, the director now owns 24,162 shares of the company’s stock, valued at approximately $518,033.28. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Andrew L. Lux sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, March 17th. The stock was sold at an average price of $18.85, for a total transaction of $377,000.00. Following the completion of the transaction, the senior vice president now directly owns 85,589 shares of the company’s stock, valued at approximately $1,613,352.65. The disclosure for this sale can be found here. Corporate insiders own 10.00% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in ATRC. FMR LLC boosted its position in AtriCure by 2.7% in the first quarter. FMR LLC now owns 4,950,000 shares of the medical device company’s stock worth $94,793,000 after buying an additional 130,000 shares in the last quarter. Wellington Management Group LLP boosted its position in AtriCure by 5.6% in the first quarter. Wellington Management Group LLP now owns 3,313,575 shares of the medical device company’s stock worth $63,456,000 after buying an additional 176,025 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of AtriCure by 5.7% in the first quarter. Vanguard Group Inc. now owns 1,393,971 shares of the medical device company’s stock worth $26,695,000 after buying an additional 75,266 shares during the period. Peregrine Capital Management LLC acquired a new stake in shares of AtriCure during the third quarter worth about $16,213,000. Finally, First Light Asset Management LLC boosted its stake in shares of AtriCure by 1.0% in the fourth quarter. First Light Asset Management LLC now owns 939,012 shares of the medical device company’s stock worth $18,376,000 after buying an additional 9,136 shares during the period. 86.46% of the stock is owned by institutional investors and hedge funds.
AtriCure, Inc is an atrial fibrillation (Afib) solutions company. The Company develops, manufactures, and sells devices designed primarily for the surgical ablation of cardiac tissue and systems designed for the exclusion of the left atrial appendage. It has various product lines for the ablation of cardiac tissue, including its Isolator Synergy Ablation System, for the treatment of persistent and longstanding persistent forms of Afib in patients undergoing certain open concomitant procedures.
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