Canaccord Genuity Reaffirms “Buy” Rating for AtriCure Inc. (ATRC)
AtriCure Inc. (NASDAQ:ATRC)‘s stock had its “buy” rating reaffirmed by Canaccord Genuity in a research note issued on Monday, April 17th. They currently have a $22.00 target price on the medical device company’s stock. Canaccord Genuity’s price target would suggest a potential downside of 4.35% from the stock’s current price.
A number of other equities analysts have also recently commented on ATRC. Needham & Company LLC reissued a “buy” rating and set a $23.00 target price on shares of AtriCure in a report on Wednesday, March 1st. BTIG Research lowered AtriCure from a “buy” rating to a “neutral” rating in a research report on Monday, March 6th. Zacks Investment Research lowered AtriCure from a “buy” rating to a “hold” rating in a research report on Wednesday, December 28th. Finally, Northland Securities restated a “buy” rating and issued a $24.00 price target on shares of AtriCure in a research report on Monday, March 20th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $21.50.
AtriCure (NASDAQ:ATRC) traded up 11.16% on Monday, reaching $23.00. The company’s stock had a trading volume of 699,466 shares. The stock has a 50-day moving average of $19.61 and a 200-day moving average of $18.30. AtriCure has a one year low of $13.44 and a one year high of $23.31.
AtriCure (NASDAQ:ATRC) last announced its earnings results on Thursday, May 4th. The medical device company reported ($0.32) EPS for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.01. AtriCure had a negative return on equity of 19.84% and a negative net margin of 23.78%. The business earned $41.30 million during the quarter, compared to analysts’ expectations of $40.25 million. During the same quarter in the prior year, the firm earned ($0.31) earnings per share. The business’s revenue was up 15.0% compared to the same quarter last year. Equities analysts predict that AtriCure will post ($0.99) earnings per share for the current fiscal year.
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In other news, SVP Andrew L. Lux sold 20,000 shares of the firm’s stock in a transaction on Friday, March 17th. The stock was sold at an average price of $18.85, for a total transaction of $377,000.00. Following the completion of the transaction, the senior vice president now directly owns 85,589 shares in the company, valued at $1,613,352.65. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 10.00% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Swiss National Bank raised its position in AtriCure by 7.0% in the first quarter. Swiss National Bank now owns 54,700 shares of the medical device company’s stock valued at $1,048,000 after buying an additional 3,600 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of AtriCure by 24.2% in the first quarter. Bank of New York Mellon Corp now owns 179,586 shares of the medical device company’s stock valued at $3,439,000 after buying an additional 35,013 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of AtriCure by 131.9% in the first quarter. Wells Fargo & Company MN now owns 112,006 shares of the medical device company’s stock valued at $2,145,000 after buying an additional 63,711 shares during the last quarter. Rockefeller Financial Services Inc. boosted its stake in shares of AtriCure by 185.0% in the first quarter. Rockefeller Financial Services Inc. now owns 11,766 shares of the medical device company’s stock valued at $225,000 after buying an additional 7,637 shares during the last quarter. Finally, Essex Investment Management Co. LLC boosted its stake in shares of AtriCure by 9.4% in the first quarter. Essex Investment Management Co. LLC now owns 119,189 shares of the medical device company’s stock valued at $2,282,000 after buying an additional 10,261 shares during the last quarter. Institutional investors and hedge funds own 79.30% of the company’s stock.
AtriCure Company Profile
AtriCure, Inc is an atrial fibrillation (Afib) solutions company. The Company develops, manufactures, and sells devices designed primarily for the surgical ablation of cardiac tissue and systems designed for the exclusion of the left atrial appendage. It has various product lines for the ablation of cardiac tissue, including its Isolator Synergy Ablation System, for the treatment of persistent and longstanding persistent forms of Afib in patients undergoing certain open concomitant procedures.
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