AtriCure (NASDAQ:ATRC) Announces Quarterly Earnings Results, Beats Estimates By $0.10 EPS

AtriCure (NASDAQ:ATRC) released its quarterly earnings results on Tuesday. The medical device company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.10, FiscalAI reports. The business had revenue of $140.50 million during the quarter, compared to analyst estimates of $140.50 million. AtriCure had a negative return on equity of 2.54% and a negative net margin of 5.55%.

AtriCure Price Performance

NASDAQ:ATRC traded up $0.32 during trading hours on Tuesday, reaching $32.97. The stock had a trading volume of 945,865 shares, compared to its average volume of 677,752. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.85 and a current ratio of 3.87. The stock has a market capitalization of $1.64 billion, a PE ratio of -54.05 and a beta of 1.41. AtriCure has a 52 week low of $28.29 and a 52 week high of $43.18. The company has a 50 day moving average price of $38.91 and a two-hundred day moving average price of $36.81.

Insider Buying and Selling

In other AtriCure news, insider Justin J. Noznesky sold 5,166 shares of the company’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $37.29, for a total transaction of $192,640.14. Following the sale, the insider directly owned 78,798 shares in the company, valued at $2,938,377.42. This represents a 6.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Maggie Yuen sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $35.72, for a total value of $107,160.00. Following the completion of the sale, the director directly owned 11,371 shares of the company’s stock, valued at $406,172.12. The trade was a 20.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 18,166 shares of company stock worth $676,378. Insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On AtriCure

Several large investors have recently modified their holdings of the stock. Wellington Management Group LLP increased its position in AtriCure by 8.1% during the 3rd quarter. Wellington Management Group LLP now owns 4,292,087 shares of the medical device company’s stock valued at $151,296,000 after purchasing an additional 322,818 shares during the period. Dimensional Fund Advisors LP increased its holdings in AtriCure by 8.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 921,897 shares of the medical device company’s stock valued at $36,472,000 after buying an additional 71,341 shares during the period. Marshall Wace LLP raised its stake in AtriCure by 63.4% in the fourth quarter. Marshall Wace LLP now owns 913,453 shares of the medical device company’s stock worth $36,136,000 after buying an additional 354,281 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in AtriCure by 13.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 885,062 shares of the medical device company’s stock worth $35,013,000 after buying an additional 107,754 shares during the period. Finally, Bank of America Corp DE boosted its position in AtriCure by 2.1% during the 3rd quarter. Bank of America Corp DE now owns 724,955 shares of the medical device company’s stock valued at $25,555,000 after acquiring an additional 14,782 shares in the last quarter. Institutional investors own 99.11% of the company’s stock.

Wall Street Analysts Forecast Growth

ATRC has been the topic of several recent analyst reports. Citigroup restated a “market outperform” rating on shares of AtriCure in a research report on Thursday, October 30th. Zacks Research raised AtriCure from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 6th. Needham & Company LLC restated a “buy” rating and issued a $45.00 price objective on shares of AtriCure in a research report on Thursday, February 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of AtriCure in a research report on Wednesday, January 21st. Finally, JPMorgan Chase & Co. cut AtriCure from an “overweight” rating to a “neutral” rating and set a $36.00 price target on the stock. in a report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $52.83.

AtriCure Company Profile

AtriCure, Inc is a medical device company focused on the development, manufacture and marketing of innovative therapies to treat atrial fibrillation (AF) and related conditions. Founded in 2000 and headquartered in Mason, Ohio, AtriCure has established itself as a leader in surgical ablation devices designed to interrupt the errant electrical pathways that cause AF. The company’s solutions are used by cardiac surgeons and electrophysiologists to reduce the risk of stroke and improve patient outcomes in the treatment of both paroxysmal and persistent AF.

The company’s product portfolio centers on its Synergy Surgical Ablation System, which delivers controlled radiofrequency energy in a minimally invasive format, and the cryoICE Cryoablation System, which offers an alternative ablation modality using precise freezing techniques.