AtriCure (NASDAQ:ATRC) Trading 4.9% Higher After Better-Than-Expected Earnings

AtriCure, Inc. (NASDAQ:ATRC - Get Free Report) shares were up 4.9% during mid-day trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $35.19 and last traded at $35.31. Approximately 373,568 shares traded hands during trading, a decline of 43% from the average daily volume of 654,896 shares. The stock had previously closed at $33.67.

The medical device company reported ($0.14) EPS for the quarter, topping 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 firm had revenue of $123.62 million during the quarter, compared to analysts' expectations of $122.92 million. During the same quarter last year, the company earned ($0.28) earnings per share. The company's revenue for the quarter was up 13.5% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

ATRC has been the subject of a number of research analyst reports. JMP Securities reaffirmed a "market outperform" rating and issued a $60.00 price target on shares of AtriCure in a report on Wednesday. Oppenheimer upped their target price on shares of AtriCure from $36.00 to $45.00 and gave the stock an "outperform" rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. dropped their price objective on shares of AtriCure from $51.00 to $46.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Canaccord Genuity Group reduced their price objective on AtriCure from $66.00 to $52.00 and set a "buy" rating on the stock in a report on Friday, March 28th. Finally, UBS Group lowered their target price on AtriCure from $60.00 to $58.00 and set a "buy" rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $50.67.

Insider Transactions at AtriCure

In related news, Director Karen Prange sold 6,100 shares of the business's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $38.12, for a total transaction of $232,532.00. Following the completion of the transaction, the director now owns 17,828 shares in the company, valued at approximately $679,603.36. The trade was a 25.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.50% of the company's stock.

Institutional Trading of AtriCure

A number of large investors have recently made changes to their positions in the company. First Horizon Advisors Inc. increased its holdings in shares of AtriCure by 135.3% in the first quarter. First Horizon Advisors Inc. now owns 1,447 shares of the medical device company's stock worth $47,000 after acquiring an additional 832 shares in the last quarter. Johnson Financial Group Inc. raised its holdings in AtriCure by 1,184.1% during the 4th quarter. Johnson Financial Group Inc. now owns 1,618 shares of the medical device company's stock worth $49,000 after buying an additional 1,492 shares during the period. Heck Capital Advisors LLC bought a new position in AtriCure in the fourth quarter valued at approximately $60,000. Venturi Wealth Management LLC boosted its holdings in shares of AtriCure by 1,337.6% in the fourth quarter. Venturi Wealth Management LLC now owns 2,257 shares of the medical device company's stock valued at $69,000 after buying an additional 2,100 shares during the period. Finally, KBC Group NV increased its position in shares of AtriCure by 65.3% during the fourth quarter. KBC Group NV now owns 2,360 shares of the medical device company's stock worth $72,000 after acquiring an additional 932 shares in the last quarter. Institutional investors own 99.11% of the company's stock.

AtriCure Stock Up 2.5 %

The firm has a market capitalization of $1.49 billion, a P/E ratio of -31.60 and a beta of 1.65. 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 firm's 50-day moving average is $33.57 and its 200 day moving average is $34.72.

AtriCure Company Profile

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.