AtriCure (NASDAQ:ATRC) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Friday, Zacks.com reports.
According to Zacks, "AtriCure, Inc. is a medical device company focused on developing, manufacturing and selling innovative surgical devices to create precise lesions, or scars, in soft tissues. Medical journals have described the adoption by leading cardiothoracic surgeons of the AtriCure, Inc. bipolar ablation system as a standard treatment alternative during open-heart surgical procedures to safely, rapidly and reliably create lesions in cardiac, or heart, tissue to block the abnormal electrical impulses that cause atrial fibrillation, a quivering of the upper chambers of the heart. "
Several other analysts also recently commented on the company. BTIG Research upped their price objective on AtriCure from $69.00 to $76.00 and gave the company a "buy" rating in a research note on Wednesday. Canaccord Genuity upped their price objective on AtriCure from $77.00 to $102.00 and gave the company a "buy" rating in a research note on Wednesday. SVB Leerink reaffirmed a "buy" rating on shares of AtriCure in a research note on Thursday. Piper Sandler increased their target price on AtriCure from $70.00 to $85.00 in a research note on Thursday. Finally, Needham & Company LLC increased their target price on AtriCure from $74.00 to $81.00 and gave the stock a "buy" rating in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of "Buy" and a consensus target price of $78.50.
ATRC traded up $1.09 on Friday, hitting $77.09. 45,003 shares of the company traded hands, compared to its average volume of 403,837. The company has a 50 day moving average of $65.52 and a 200-day moving average of $55.09. The company has a quick ratio of 5.85, a current ratio of 6.62 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $3.52 billion, a PE ratio of -66.95 and a beta of 1.13. AtriCure has a 12-month low of $34.04 and a 12-month high of $79.54.
AtriCure (NASDAQ:ATRC) last posted its quarterly earnings data on Monday, April 26th. The medical device company reported ($0.38) EPS for the quarter, meeting the Thomson Reuters' consensus estimate of ($0.38). AtriCure had a negative return on equity of 14.83% and a negative net margin of 21.74%. On average, research analysts anticipate that AtriCure will post -1.09 EPS for the current year.
In related news, CEO Michael H. Carrel sold 25,000 shares of the company's stock in a transaction that occurred on Tuesday, February 2nd. The stock was sold at an average price of $60.00, for a total value of $1,500,000.00. Following the sale, the chief executive officer now owns 529,795 shares in the company, valued at approximately $31,787,700. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael H. Carrel sold 75,000 shares of the company's stock in a transaction that occurred on Friday, February 12th. The stock was sold at an average price of $64.00, for a total value of $4,800,000.00. In the last 90 days, insiders sold 167,941 shares of company stock worth $10,467,300. Insiders own 5.80% of the company's stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ATRC. Cowa LLC acquired a new stake in shares of AtriCure in the 4th quarter worth approximately $29,000. Harbor Investment Advisory LLC increased its position in AtriCure by 58.7% during the first quarter. Harbor Investment Advisory LLC now owns 646 shares of the medical device company's stock worth $42,000 after buying an additional 239 shares in the last quarter. First Horizon Advisors Inc. increased its position in AtriCure by 33.1% during the fourth quarter. First Horizon Advisors Inc. now owns 981 shares of the medical device company's stock worth $54,000 after buying an additional 244 shares in the last quarter. Nisa Investment Advisors LLC increased its position in AtriCure by 33.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,600 shares of the medical device company's stock worth $89,000 after buying an additional 400 shares in the last quarter. Finally, IFP Advisors Inc increased its position in AtriCure by 87.4% during the fourth quarter. IFP Advisors Inc now owns 1,940 shares of the medical device company's stock worth $108,000 after buying an additional 905 shares in the last quarter. Institutional investors and hedge funds own 94.70% of the company's stock.
AtriCure, Inc develops, manufactures, and sells devices for the surgical ablation of cardiac tissue and systems to medical centers in the United States, Europe, Asia, and internationally. It offers Isolator Synergy Clamps, a 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 enable users to make longer linear lines of ablation.
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