Knott David M Jr Makes New $794,000 Investment in AtriCure, Inc. (NASDAQ:ATRC)

Key Points

• David M. Knott Jr. has made a new investment in AtriCure, Inc., purchasing 24,620 shares valued at approximately $794,000, highlighting increasing institutional interest in the company.
• AtriCure reported a revenue increase of 17.1% year-over-year, totaling $136.14 million, and posted adjusted earnings per share of (-$0.02), exceeding analysts' expectations.
• Research firms have raised their price targets for AtriCure, with the consensus target now at $50.89, reflecting positive analyst sentiment toward the stock.

Knott David M Jr bought a new stake in AtriCure, Inc. (NASDAQ:ATRC - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 24,620 shares of the medical device company's stock, valued at approximately $794,000.

Other institutional investors have also recently made changes to their positions in the company. Nuveen LLC bought a new stake in AtriCure in the first quarter worth about $30,666,000. Jennison Associates LLC purchased a new stake in shares of AtriCure in the first quarter worth approximately $19,139,000. Adage Capital Partners GP L.L.C. purchased a new stake in shares of AtriCure in the fourth quarter worth approximately $9,168,000. Marshall Wace LLP lifted its stake in shares of AtriCure by 37.1% during the 4th quarter. Marshall Wace LLP now owns 619,166 shares of the medical device company's stock worth $18,922,000 after acquiring an additional 167,476 shares during the last quarter. Finally, Oberweis Asset Management Inc. purchased a new position in AtriCure during the 4th quarter valued at $4,630,000. Institutional investors own 99.11% of the company's stock.

AtriCure Trading Down 1.6%

ATRC opened at $35.31 on Monday. 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 firm has a market cap of $1.75 billion, a price-to-earnings ratio of -45.86 and a beta of 1.61. AtriCure, Inc. has a 12 month low of $20.44 and a 12 month high of $43.11. The stock has a fifty day moving average price of $32.62 and a 200-day moving average price of $34.17.

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

Insider Buying and Selling at AtriCure

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

Analysts Set New Price Targets

A number of research firms have weighed in on ATRC. Needham & Company LLC increased their target price on AtriCure from $44.00 to $45.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Wall Street Zen upgraded shares of AtriCure from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. UBS Group reduced their price target on shares of AtriCure from $60.00 to $58.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. BTIG Research set a $54.00 price objective on shares of AtriCure in a research report on Wednesday, July 30th. Finally, JMP Securities restated a "market outperform" rating and issued a $60.00 target price on shares of AtriCure in a research note on Wednesday, April 30th. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $50.89.

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.

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