AtriCure (NASDAQ:ATRC) Stock Price Up 5.9% - Still a Buy?

Key Points

• AtriCure's stock price increased by 5.9%, closing at $33.37 after trading as high as $33.32.
• Analysts have mixed ratings; while Needham & Company and UBS Group maintain "buy" ratings with adjusted price targets, Wall Street Zen downgraded the stock from "buy" to "hold."
• The company reported a 13.5% year-over-year revenue increase of $123.62 million and beat earnings expectations for the last quarter.

AtriCure, Inc. (NASDAQ:ATRC - Get Free Report) shot up 5.9% during trading on Monday . The company traded as high as $33.32 and last traded at $33.37. 744,134 shares traded hands during trading, an increase of 31% from the average session volume of 566,121 shares. The stock had previously closed at $31.50.

Analyst Ratings Changes

Several brokerages have commented on ATRC. Needham & Company LLC dropped their target price on shares of AtriCure from $51.00 to $44.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. UBS Group cut their price target on AtriCure from $60.00 to $58.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. JMP Securities reaffirmed a "market outperform" rating and set a $60.00 price target on shares of AtriCure in a research note on Wednesday, April 30th. Finally, Wall Street Zen cut shares of AtriCure from a "buy" rating to a "hold" rating in a report on Sunday, June 1st. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $50.67.

AtriCure Stock Up 5.5%

The stock has a market capitalization of $1.64 billion, a P/E ratio of -41.01 and a beta of 1.56. The stock has a 50 day moving average price of $32.28 and a 200-day moving average price of $34.31. The company has a debt-to-equity ratio of 0.16, a current ratio of 4.11 and a quick ratio of 2.88.

AtriCure (NASDAQ:ATRC - Get Free Report) last announced its earnings results on Tuesday, April 29th. The medical device company reported ($0.14) EPS for the quarter, beating analysts' consensus estimates of ($0.25) by $0.11. AtriCure had a negative return on equity of 5.68% and a negative net margin of 7.95%. The company had revenue of $123.62 million during the quarter, compared to the consensus estimate of $122.92 million. During the same quarter in the prior year, the company earned ($0.28) earnings per share. The firm's revenue for the quarter was up 13.5% on a year-over-year basis. As a group, research analysts expect that AtriCure, Inc. will post -0.6 EPS for the current fiscal year.

Insider Buying and Selling at AtriCure

In other AtriCure news, insider Vinayak Doraiswamy sold 2,500 shares of the company's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $33.44, for a total transaction of $83,600.00. Following the transaction, the insider owned 73,550 shares in the company, valued at approximately $2,459,512. This represents a 3.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On AtriCure

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. boosted its stake in AtriCure by 0.8% in the 4th quarter. Invesco Ltd. now owns 43,647 shares of the medical device company's stock worth $1,334,000 after purchasing an additional 334 shares during the period. State of Wyoming grew its stake in AtriCure by 21.9% during the fourth quarter. State of Wyoming now owns 2,481 shares of the medical device company's stock valued at $76,000 after acquiring an additional 446 shares in the last quarter. LPL Financial LLC increased its holdings in AtriCure by 5.4% in the 4th quarter. LPL Financial LLC now owns 11,465 shares of the medical device company's stock valued at $350,000 after acquiring an additional 584 shares during the last quarter. US Bancorp DE increased its holdings in AtriCure by 98.1% in the 1st quarter. US Bancorp DE now owns 1,593 shares of the medical device company's stock valued at $51,000 after acquiring an additional 789 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its stake in AtriCure by 135.3% in the 1st quarter. First Horizon Advisors Inc. now owns 1,447 shares of the medical device company's stock worth $47,000 after purchasing an additional 832 shares in the last quarter. Institutional investors own 99.11% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.