AtriCure (ATRC) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of AtriCure (NASDAQ:ATRC) from a buy rating to a hold rating in a research note issued to investors on Friday.

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. “

Other equities analysts also recently issued reports about the stock. Needham & Company LLC upped their price objective on shares of AtriCure from $36.00 to $39.00 and gave the company a buy rating in a report on Thursday, October 4th. Canaccord Genuity upped their price objective on shares of AtriCure from $37.00 to $40.00 and gave the company a buy rating in a report on Tuesday, October 9th. BidaskClub upgraded shares of AtriCure from a buy rating to a strong-buy rating in a report on Tuesday. Stifel Nicolaus upped their price objective on shares of AtriCure from $32.00 to $34.00 and gave the company a buy rating in a report on Thursday, August 2nd. Finally, ValuEngine upgraded shares of AtriCure from a buy rating to a strong-buy rating in a report on Friday, August 3rd. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. AtriCure currently has an average rating of Buy and an average target price of $35.80.

ATRC traded up $0.29 during trading on Friday, reaching $33.49. 207,355 shares of the stock were exchanged, compared to its average volume of 200,215. AtriCure has a twelve month low of $14.88 and a twelve month high of $36.49. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.96 and a current ratio of 2.62.

AtriCure (NASDAQ:ATRC) last issued its earnings results on Thursday, November 1st. The medical device company reported ($0.24) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($0.02). The firm had revenue of $49.90 million for the quarter, compared to analyst estimates of $49.90 million. AtriCure had a negative return on equity of 16.92% and a negative net margin of 10.41%. AtriCure’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.22) earnings per share. Equities analysts forecast that AtriCure will post -0.9 earnings per share for the current fiscal year.

Several institutional investors have recently made changes to their positions in ATRC. Ibex Investors LLC bought a new stake in shares of AtriCure in the third quarter valued at about $204,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in AtriCure during the third quarter worth about $210,000. BlueMountain Capital Management LLC lifted its position in AtriCure by 121.8% during the second quarter. BlueMountain Capital Management LLC now owns 14,904 shares of the medical device company’s stock worth $403,000 after purchasing an additional 8,184 shares during the period. Engineers Gate Manager LP bought a new stake in AtriCure during the third quarter worth about $521,000. Finally, Campbell & CO Investment Adviser LLC lifted its position in AtriCure by 37.7% during the third quarter. Campbell & CO Investment Adviser LLC now owns 15,339 shares of the medical device company’s stock worth $537,000 after purchasing an additional 4,200 shares during the period. 81.25% of the stock is owned by institutional investors.

AtriCure Company Profile

AtriCure, Inc provides atrial fibrillation solutions to medical centers in the United States and internationally. The company offers Isolator Synergy and Isolator Synergy Access clamps for the treatment of persistent and long-standing persistent atrial fibrillation concomitant to other open-heart surgical procedures; COBRA Fusion surgical ablation system to combine bipolar temperature-controlled radio frequency energy control with monopolar energy; and EPi-Sense guided coagulation system used for the temporary cardiac signal sensing and recording during surgery.

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