Needham & Company LLC Trims AtriCure (NASDAQ:ATRC) Target Price to $40.00

AtriCure (NASDAQ:ATRC) had its target price lowered by Needham & Company LLC from $46.00 to $40.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a buy rating on the medical device company’s stock.

Other equities research analysts also recently issued research reports about the company. Stifel Nicolaus lowered their price target on AtriCure from $50.00 to $42.00 and set a buy rating for the company in a research report on Friday, February 16th. StockNews.com downgraded shares of AtriCure from a hold rating to a sell rating in a research report on Wednesday, March 27th. Oppenheimer raised shares of AtriCure from a market perform rating to an outperform rating and set a $32.00 price target on the stock in a research report on Tuesday, April 23rd. Finally, UBS Group increased their price objective on shares of AtriCure from $57.00 to $58.00 and gave the stock a buy rating in a research report on Friday, February 16th. One research analyst has rated the stock with a sell rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $49.78.

AtriCure Trading Down 6.0 %

NASDAQ ATRC opened at $20.89 on Thursday. The company has a market cap of $994.16 million, a P/E ratio of -26.11 and a beta of 1.41. AtriCure has a 12 month low of $20.19 and a 12 month high of $59.61. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.57 and a quick ratio of 2.66. The company has a 50-day moving average of $28.81 and a 200-day moving average of $33.09.

AtriCure (NASDAQ:ATRC) last posted its quarterly earnings results on Wednesday, May 1st. The medical device company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). AtriCure had a negative return on equity of 7.82% and a negative net margin of 8.98%. The company had revenue of $108.90 million for the quarter, compared to analysts’ expectations of $106.86 million. During the same period in the prior year, the business earned ($0.23) EPS. The business’s revenue for the quarter was up 16.5% on a year-over-year basis. As a group, equities analysts predict that AtriCure will post -0.75 earnings per share for the current year.

Insider Activity

In other news, insider Karl S. Dahlquist sold 8,231 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $37.36, for a total value of $307,510.16. Following the completion of the transaction, the insider now directly owns 52,839 shares in the company, valued at $1,974,065.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other AtriCure news, insider Karl S. Dahlquist sold 8,231 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $37.36, for a total value of $307,510.16. Following the completion of the transaction, the insider now directly owns 52,839 shares of the company’s stock, valued at approximately $1,974,065.04. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Karl S. Dahlquist sold 1,885 shares of AtriCure stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $32.16, for a total value of $60,621.60. Following the sale, the insider now directly owns 50,954 shares in the company, valued at $1,638,680.64. The disclosure for this sale can be found here. Insiders have sold 14,616 shares of company stock worth $504,932 over the last 90 days. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On AtriCure

Several institutional investors and hedge funds have recently made changes to their positions in the business. RiverPark Advisors LLC acquired a new stake in AtriCure in the third quarter valued at $27,000. Allspring Global Investments Holdings LLC increased its position in shares of AtriCure by 31.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,074 shares of the medical device company’s stock worth $91,000 after purchasing an additional 497 shares during the last quarter. Quest Partners LLC acquired a new stake in shares of AtriCure in the 4th quarter valued at about $103,000. Virtu Financial LLC bought a new position in shares of AtriCure during the fourth quarter worth about $213,000. Finally, Victory Capital Management Inc. grew its stake in AtriCure by 22.9% in the fourth quarter. Victory Capital Management Inc. now owns 6,202 shares of the medical device company’s stock worth $221,000 after purchasing an additional 1,155 shares in the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

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.