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

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

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

AtriCure Price Performance

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 has a market capitalization of $1.07 billion, a PE ratio of -27.56 and a beta of 1.44. AtriCure has a 12 month low of $18.94 and a 12 month high of $57.56. The stock has a 50-day moving average price of $22.59 and a two-hundred day moving average price of $26.84.

AtriCure (NASDAQ:ATRC) last posted its earnings results on Tuesday, July 30th. The medical device company reported ($0.17) EPS for the quarter, meeting the consensus estimate of ($0.17). The firm had revenue of $116.27 million during 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 quarterly revenue was up 15.2% on a year-over-year basis. During the same period last year, the company earned ($0.12) earnings per share. Analysts expect that AtriCure will post -0.77 EPS for the current year.

Insider Buying and Selling

In other news, insider Salvatore Privitera acquired 5,000 shares of AtriCure stock in a transaction on Thursday, May 30th. The stock was purchased at an average price of $22.25 per share, with a total value of $111,250.00. Following the completion of the purchase, the insider now owns 103,290 shares of the company’s stock, valued at approximately $2,298,202.50. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AtriCure

A number of hedge funds have recently added to or reduced their stakes in ATRC. Champlain Investment Partners LLC grew its stake in AtriCure by 27.3% in the first quarter. Champlain Investment Partners LLC now owns 2,681,000 shares of the medical device company’s stock valued at $81,556,000 after acquiring an additional 575,605 shares during the period. Natixis bought a new position in shares of AtriCure in the first quarter valued at approximately $9,126,000. Norges Bank bought a new position in shares of AtriCure in the fourth quarter valued at approximately $9,254,000. Wasatch Advisors LP lifted its holdings in shares of AtriCure by 38.6% in the first quarter. Wasatch Advisors LP now owns 720,677 shares of the medical device company’s stock valued at $21,923,000 after purchasing an additional 200,799 shares in the last quarter. Finally, Fiera Capital Corp lifted its holdings in shares of AtriCure by 28.2% in the fourth quarter. Fiera Capital Corp now owns 881,826 shares of the medical device company’s stock valued at $31,472,000 after purchasing an additional 193,769 shares in the last quarter. 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.