AtriCure (NASDAQ:ATRC) Stock Rating Upgraded by Zacks Investment Research

AtriCure (NASDAQ:ATRC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The brokerage presently has a $50.00 price target on the medical device company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.38% from the company’s current price.

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. “

Several other equities research analysts have also recently weighed in on ATRC. JPMorgan Chase & Co. reduced their price target on shares of AtriCure from $47.00 to $39.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 28th. Needham & Company LLC restated a “buy” rating and issued a $49.00 target price on shares of AtriCure in a report on Friday, May 8th. Oppenheimer increased their price target on shares of AtriCure from $45.00 to $52.00 and gave the company an “outperform” rating in a report on Monday, May 11th. SVB Leerink boosted their price objective on AtriCure from $50.00 to $55.00 and gave the stock an “outperform” rating in a research note on Monday, May 11th. Finally, ValuEngine raised AtriCure from a “hold” rating to a “buy” rating in a research note on Tuesday, March 3rd. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $46.60.

Shares of ATRC traded up $0.64 during midday trading on Tuesday, hitting $44.49. 348,700 shares of the company traded hands, compared to its average volume of 463,209. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of -37.08 and a beta of 0.80. The firm has a 50 day moving average of $47.17 and a 200-day moving average of $38.78. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.43 and a current ratio of 3.25. AtriCure has a 52 week low of $22.57 and a 52 week high of $51.76.

AtriCure (NASDAQ:ATRC) last posted its earnings results on Wednesday, April 29th. The medical device company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.01). AtriCure had a negative return on equity of 19.19% and a negative net margin of 19.98%. The firm had revenue of $53.20 million during the quarter, compared to analysts’ expectations of $54.13 million. During the same quarter in the prior year, the firm posted ($0.20) earnings per share. AtriCure’s quarterly revenue was down 1.4% on a year-over-year basis. Sell-side analysts predict that AtriCure will post -1.66 earnings per share for the current fiscal year.

In other news, CEO Michael H. Carrel sold 25,000 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.00, for a total value of $1,150,000.00. Following the transaction, the chief executive officer now directly owns 539,147 shares in the company, valued at $24,800,762. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Justin J. Noznesky sold 10,000 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $40.00, for a total transaction of $400,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 74,000 shares of company stock worth $3,169,280. Insiders own 5.80% of the company’s stock.

Several large investors have recently modified their holdings of ATRC. Champlain Investment Partners LLC boosted its holdings in shares of AtriCure by 35.5% in the first quarter. Champlain Investment Partners LLC now owns 1,693,225 shares of the medical device company’s stock valued at $56,875,000 after purchasing an additional 443,585 shares during the period. Invesco Ltd. raised its position in AtriCure by 348.9% during the 1st quarter. Invesco Ltd. now owns 1,535,792 shares of the medical device company’s stock valued at $51,587,000 after purchasing an additional 1,193,689 shares in the last quarter. Fred Alger Management LLC purchased a new stake in shares of AtriCure in the 1st quarter worth $42,438,000. Orbimed Advisors LLC grew its position in shares of AtriCure by 450.5% during the 1st quarter. Orbimed Advisors LLC now owns 928,189 shares of the medical device company’s stock worth $31,178,000 after buying an additional 759,568 shares in the last quarter. Finally, Wasatch Advisors Inc. increased its stake in shares of AtriCure by 9.7% during the first quarter. Wasatch Advisors Inc. now owns 748,851 shares of the medical device company’s stock valued at $25,154,000 after buying an additional 66,298 shares during the period. 89.93% of the stock is currently owned by institutional investors and hedge funds.

AtriCure Company Profile

AtriCure, Inc develops, manufactures, and sells devices for the surgical ablation of cardiac tissue and systems 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; EPi-Sense guided coagulation system used for the coagulation of tissue; and COBRA Fusion surgical ablation system to combine bipolar temperature-controlled radio frequency energy control with monopolar energy.

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