JPMorgan Chase & Co. Lowers AtriCure (NASDAQ:ATRC) Price Target to $34.00

AtriCure (NASDAQ:ATRC) had its target price cut by analysts at JPMorgan Chase & Co. from $42.00 to $34.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the medical device company’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 62.76% from the company’s current price.

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

AtriCure Stock Down 6.0 %

Shares of ATRC traded down $1.33 on Thursday, reaching $20.89. The company’s stock had a trading volume of 961,862 shares, compared to its average volume of 881,737. The stock’s 50 day simple moving average is $28.81 and its two-hundred day simple moving average is $33.13. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.66 and a current ratio of 3.57. AtriCure has a 12-month low of $20.19 and a 12-month high of $59.61.

AtriCure (NASDAQ:ATRC) last released its quarterly earnings results on Wednesday, May 1st. The medical device company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.02). AtriCure had a negative return on equity of 7.82% and a negative net margin of 8.98%. The business had revenue of $108.90 million during the quarter, compared to the consensus estimate of $106.86 million. During the same quarter in the previous year, the business posted ($0.23) earnings per share. The firm’s revenue was up 16.5% on a year-over-year basis. As a group, equities research analysts anticipate that AtriCure will post -0.71 earnings per share 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 on Tuesday, March 12th. The shares were sold at an average price of $36.72, for a total transaction of $55,080.00. Following the completion of the transaction, the insider now owns 74,284 shares in the company, valued at $2,727,708.48. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other AtriCure news, insider Justin J. Noznesky sold 1,500 shares of AtriCure stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $36.72, for a total value of $55,080.00. Following the sale, the insider now directly owns 74,284 shares in the company, valued at approximately $2,727,708.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Karl S. Dahlquist sold 1,885 shares of the business’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $32.16, for a total transaction of $60,621.60. Following the completion of the sale, the insider now owns 50,954 shares in the company, valued at approximately $1,638,680.64. The disclosure for this sale can be found here. Insiders sold a total of 14,616 shares of company stock valued at $504,932 in the last three months. 3.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC purchased a new stake in AtriCure during the third quarter valued at $603,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of AtriCure by 14.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,854 shares of the medical device company’s stock worth $432,000 after buying an additional 1,238 shares during the last quarter. Strs Ohio increased its holdings in shares of AtriCure by 144.9% in the 3rd quarter. Strs Ohio now owns 48,500 shares of the medical device company’s stock worth $2,124,000 after buying an additional 28,700 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of AtriCure by 2.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,753 shares of the medical device company’s stock valued at $909,000 after buying an additional 516 shares in the last quarter. Finally, Assetmark Inc. lifted its holdings in shares of AtriCure by 18.1% in the 3rd quarter. Assetmark Inc. now owns 10,046 shares of the medical device company’s stock valued at $440,000 after acquiring an additional 1,537 shares during the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

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.