AtriCure (NASDAQ:ATRC) Price Target Raised to $62.00

AtriCure (NASDAQ:ATRC) had its price target upped by JPMorgan Chase & Co. from $36.00 to $62.00 in a research note issued to investors on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the medical device company’s stock.

Several other analysts also recently commented on the company. Zacks Research downgraded AtriCure from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 24th. Needham & Company LLC boosted their price target on AtriCure from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday. Weiss Ratings raised AtriCure from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, October 8th. Citizens Jmp upped their price target on AtriCure from $52.00 to $68.00 and gave the company a “market outperform” rating in a report on Wednesday, October 21st. Finally, Citigroup reaffirmed a “market outperform” rating on shares of AtriCure in a research report on Wednesday, October 21st. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, AtriCure has an average rating of “Moderate Buy” and an average target price of $61.80.

AtriCure Stock Down 4.5%

ATRC traded down $2.74 during trading on Wednesday, reaching $58.54. The stock had a trading volume of 614,651 shares, compared to its average volume of 706,027. The stock’s 50 day moving average is $56.81 and its two-hundred day moving average is $38.73. The company has a current ratio of 4.22, a quick ratio of 3.19 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of 195.14 and a beta of 1.23. AtriCure has a one year low of $25.36 and a one year high of $66.02.

AtriCure (NASDAQ:ATRC) last released its earnings results on Tuesday, November 3rd. The medical device company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.23. The firm had revenue of $154.45 million during the quarter, compared to analyst estimates of $151.05 million. AtriCure had a net margin of 1.85% and a return on equity of 2.34%. As a group, analysts expect that AtriCure will post 0.44 earnings per share for the current year.

Insider Activity

In other AtriCure news, insider Karl S. Dahlquist sold 9,370 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $48.89, for a total transaction of $458,099.30. Following the completion of the transaction, the insider owned 87,319 shares of the company’s stock, valued at $4,269,025.91. This represents a 9.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Regina E. Groves sold 5,313 shares of the stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $54.22, for a total value of $288,070.86. Following the transaction, the director directly owned 34,546 shares of the company’s stock, valued at approximately $1,873,084.12. The trade was a 13.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 39,026 shares of company stock worth $2,172,263 over the last ninety days. Corporate insiders own 4.00% of the company’s stock.

Institutional Investors Weigh In On AtriCure

Several large investors have recently added to or reduced their stakes in the stock. Allworth Financial LP boosted its holdings in shares of AtriCure by 54.5% in the 3rd quarter. Allworth Financial LP now owns 2,359 shares of the medical device company’s stock worth $133,000 after purchasing an additional 832 shares during the period. Russell Investments Group Ltd. increased its position in shares of AtriCure by 4.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 22,808 shares of the medical device company’s stock valued at $1,282,000 after purchasing an additional 900 shares during the last quarter. Fifth Third Bancorp raised its holdings in AtriCure by 488.6% during the 3rd quarter. Fifth Third Bancorp now owns 11,543 shares of the medical device company’s stock valued at $649,000 after buying an additional 9,582 shares during the period. Maryland State Retirement & Pension System purchased a new stake in AtriCure during the 3rd quarter valued at $639,000. Finally, Lisanti Capital Growth LLC purchased a new stake in AtriCure during the 3rd quarter valued at $4,460,000. 99.11% of the stock is owned by institutional investors.

About AtriCure

AtriCure, Inc is a medical device company that develops and sells products for the surgical treatment of atrial fibrillation (AFib) and related conditions. Its technologies are designed to support cardiac surgeons and electrophysiologists performing tissue ablation, left atrial appendage management and other procedures intended to restore or maintain normal heart rhythm.

The company’s product portfolio includes the AtriClip device, which is used to exclude the left atrial appendage, along with surgical ablation systems such as the Isolator Synergy clamps and cryoablation products.