Needham & Company LLC Lowers AtriCure (NASDAQ:ATRC) Price Target to $44.00

AtriCure (NASDAQ:ATRC - Free Report) had its price objective cut by Needham & Company LLC from $51.00 to $44.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a buy rating on the medical device company's stock.

Several other brokerages have also issued reports on ATRC. JMP Securities restated a "market outperform" rating and set a $60.00 target price on shares of AtriCure in a research report on Monday, February 10th. Piper Sandler boosted their price target on AtriCure from $40.00 to $50.00 and gave the stock an "overweight" rating in a report on Thursday, February 13th. Canaccord Genuity Group cut their price objective on AtriCure from $66.00 to $52.00 and set a "buy" rating for the company in a research report on Friday, March 28th. BTIG Research restated a "buy" rating on shares of AtriCure in a research report on Thursday, March 27th. Finally, Stifel Nicolaus upped their price objective on AtriCure from $36.00 to $48.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $50.67.

AtriCure Stock Performance

Shares of ATRC stock traded down $0.94 during trading hours on Wednesday, reaching $29.08. The company had a trading volume of 330,728 shares, compared to its average volume of 653,371. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.62 and a current ratio of 3.65. The business has a fifty day moving average price of $33.57 and a 200-day moving average price of $34.77. AtriCure has a one year low of $18.94 and a one year high of $43.11. The firm has a market cap of $1.44 billion, a PE ratio of -30.61 and a beta of 1.65.

AtriCure (NASDAQ:ATRC - Get Free Report) last announced its earnings results on Tuesday, April 29th. The medical device company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates of ($0.25) by $0.11. AtriCure had a negative net margin of 9.61% and a negative return on equity of 6.80%. The business had revenue of $123.62 million during the quarter, compared to analyst estimates of $122.92 million. During the same period in the previous year, the business earned ($0.28) EPS. The company's quarterly revenue was up 13.5% compared to the same quarter last year. Sell-side analysts predict that AtriCure will post -0.6 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Karen Prange sold 6,100 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $38.12, for a total value of $232,532.00. Following the transaction, the director now owns 17,828 shares of the company's stock, valued at $679,603.36. This represents a 25.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.50% of the company's stock.

Institutional Investors Weigh In On AtriCure

Several hedge funds have recently made changes to their positions in the company. Jennison Associates LLC bought a new stake in shares of AtriCure in the first quarter valued at about $19,139,000. Victory Capital Management Inc. purchased a new position in AtriCure during the 1st quarter valued at about $1,847,000. Prudent Man Advisors LLC bought a new stake in shares of AtriCure in the 1st quarter valued at about $202,000. CWM LLC boosted its stake in shares of AtriCure by 46.2% during the first quarter. CWM LLC now owns 2,818 shares of the medical device company's stock valued at $91,000 after purchasing an additional 891 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in AtriCure by 22.9% during the first quarter. Envestnet Asset Management Inc. now owns 56,656 shares of the medical device company's stock valued at $1,828,000 after buying an additional 10,570 shares during the period. 99.11% of the stock is currently 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.