Teachers Retirement System of The State of Kentucky Invests $1.04 Million in AtriCure, Inc. (NASDAQ:ATRC)

Key Points

• The Teachers Retirement System of The State of Kentucky invested approximately $1.04 million in AtriCure, Inc. by purchasing 32,186 shares in the first quarter.
• AtriCure's quarterly earnings report revealed a $123.62 million revenue, up 13.5% year-over-year, exceeding analysts' expectations.
• Several institutional investors, including Hood River Capital Management and Marshall Wace LLP, significantly increased their stakes in AtriCure during the fourth quarter.

Teachers Retirement System of The State of Kentucky bought a new stake in AtriCure, Inc. (NASDAQ:ATRC - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 32,186 shares of the medical device company's stock, valued at approximately $1,038,000. Teachers Retirement System of The State of Kentucky owned approximately 0.07% of AtriCure at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ATRC. Jennison Associates LLC acquired a new position in AtriCure in the 1st quarter valued at approximately $19,139,000. Victory Capital Management Inc. bought a new position in AtriCure during the 1st quarter worth $1,847,000. Prudent Man Advisors LLC acquired a new position in AtriCure during the 1st quarter worth about $202,000. CWM LLC grew its position in shares of AtriCure by 46.2% in the 1st quarter. CWM LLC now owns 2,818 shares of the medical device company's stock valued at $91,000 after buying an additional 891 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in shares of AtriCure by 22.9% in 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. Institutional investors own 99.11% of the company's stock.

Insider Activity at AtriCure

In related news, insider Vinayak Doraiswamy sold 2,500 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $33.44, for a total value of $83,600.00. Following the sale, the insider directly owned 73,550 shares of the company's stock, valued at $2,459,512. This trade represents a 3.29% 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. Insiders own 3.50% of the company's stock.

Analysts Set New Price Targets

ATRC has been the topic of a number of recent analyst reports. UBS Group cut their price objective 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 reaffirmed a "market outperform" rating and issued a $60.00 price objective on shares of AtriCure in a research note on Wednesday, April 30th. Wall Street Zen cut shares of AtriCure from a "buy" rating to a "hold" rating in a research report on Sunday, June 1st. Finally, 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. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.67.

AtriCure Stock Up 4.4%

Shares of ATRC stock traded up $1.40 on Monday, hitting $32.90. The stock had a trading volume of 469,010 shares, compared to its average volume of 564,550. The company has a debt-to-equity ratio of 0.16, a current ratio of 4.11 and a quick ratio of 2.88. The business has a 50 day moving average of $32.28 and a 200 day moving average of $34.31. AtriCure, Inc. has a 12-month low of $20.20 and a 12-month high of $43.11. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of -40.62 and a beta of 1.56.

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

AtriCure 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.