Connor Clark & Lunn Investment Management Ltd. Purchases 41,847 Shares of AtriCure, Inc. (NASDAQ:ATRC)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its holdings in AtriCure, Inc. by 23%, owning approximately 223,569 shares worth $7.2 million.
• Several analysts recently upgraded AtriCure's stock rating to "buy," with a consensus price target now set at $50.89.
• AtriCure reported a quarterly earnings surprise with an EPS of ($0.02), exceeding expectations, and had a revenue increase of 17.1% year-over-year.

Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of AtriCure, Inc. (NASDAQ:ATRC - Free Report) by 23.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 223,569 shares of the medical device company's stock after buying an additional 41,847 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.45% of AtriCure worth $7,212,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of ATRC. LPL Financial LLC lifted its holdings in shares of AtriCure by 5.4% in the 4th quarter. LPL Financial LLC now owns 11,465 shares of the medical device company's stock worth $350,000 after purchasing an additional 584 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of AtriCure by 43.1% in the 4th quarter. JPMorgan Chase & Co. now owns 365,183 shares of the medical device company's stock worth $11,160,000 after purchasing an additional 110,039 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of AtriCure by 8.5% in the 4th quarter. Russell Investments Group Ltd. now owns 156,649 shares of the medical device company's stock worth $4,787,000 after purchasing an additional 12,212 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of 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 in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of AtriCure by 67.1% in the 4th quarter. Renaissance Technologies LLC now owns 163,900 shares of the medical device company's stock worth $5,009,000 after purchasing an additional 65,800 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors.

AtriCure Price Performance

Shares of NASDAQ ATRC traded up $0.04 during midday trading on Friday, hitting $35.45. 329,374 shares of the company's stock were exchanged, compared to its average volume of 729,406. AtriCure, Inc. has a 12-month low of $23.27 and a 12-month high of $43.11. The company has a current ratio of 3.94, a quick ratio of 2.83 and a debt-to-equity ratio of 0.16. The company has a market cap of $1.76 billion, a price-to-earnings ratio of -46.04 and a beta of 1.61. The business's fifty day moving average price is $32.73 and its two-hundred day moving average price is $34.08.

AtriCure (NASDAQ:ATRC - Get Free Report) last issued its earnings results on Tuesday, July 29th. The medical device company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.13. The business had revenue of $136.14 million during the quarter, compared to analyst estimates of $130.17 million. AtriCure had a negative return on equity of 4.20% and a negative net margin of 7.27%. AtriCure's revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.17) earnings per share. As a group, research analysts forecast that AtriCure, Inc. will post -0.6 EPS for the current fiscal year.

Analysts Set New Price Targets

ATRC has been the topic of several recent analyst reports. Needham & Company LLC raised their price objective on AtriCure from $44.00 to $45.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. UBS Group lowered their target price on AtriCure from $60.00 to $58.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. JMP Securities reiterated a "market outperform" rating and set a $60.00 target price on shares of AtriCure in a research note on Wednesday, April 30th. BTIG Research set a $54.00 target price on AtriCure in a research note on Wednesday, July 30th. Finally, Wall Street Zen upgraded AtriCure from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $50.89.

Insider Buying and Selling

In other news, Director Regina E. Groves sold 2,452 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $36.82, for a total transaction of $90,282.64. Following the completion of the sale, the director owned 33,715 shares of the company's stock, valued at approximately $1,241,386.30. This represents a 6.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Vinayak Doraiswamy sold 2,500 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $36.58, for a total value of $91,450.00. Following the transaction, the insider owned 71,872 shares of the company's stock, valued at approximately $2,629,077.76. This represents a 3.36% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,452 shares of company stock valued at $265,333. Insiders own 3.50% of the company's stock.

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.