JPMorgan Chase & Co. Lowers AtriCure (NASDAQ:ATRC) Price Target to $30.00

AtriCure (NASDAQ:ATRC) had its price objective trimmed by JPMorgan Chase & Co. from $34.00 to $30.00 in a report released on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the medical device company’s stock.

Several other equities analysts have also recently issued reports on the company. Canaccord Genuity Group decreased their price target on AtriCure from $57.00 to $49.00 and set a buy rating on the stock in a report on Thursday, May 2nd. Stifel Nicolaus dropped their price target on AtriCure from $30.00 to $26.00 and set a buy rating on the stock in a research report on Wednesday. Piper Sandler dropped their price target on AtriCure from $65.00 to $40.00 and set an overweight rating on the stock in a research report on Wednesday. Needham & Company LLC dropped their target price on AtriCure from $40.00 to $34.00 and set a buy rating on the stock in a research report on Wednesday. Finally, BTIG Research decreased their target price on AtriCure from $58.00 to $53.00 and set a buy rating on the stock in a report on Wednesday. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. According to MarketBeat.com, AtriCure currently has an average rating of Moderate Buy and a consensus price target of $42.44.

AtriCure Price Performance

Shares of NASDAQ ATRC opened at $22.05 on Wednesday. The firm has a 50-day moving average of $22.59 and a two-hundred day moving average of $26.89. The company has a current ratio of 4.00, a quick ratio of 2.83 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of -27.56 and a beta of 1.44. AtriCure has a twelve month low of $18.94 and a twelve month high of $57.56.

AtriCure (NASDAQ:ATRC) last announced its quarterly earnings results on Tuesday, July 30th. The medical device company reported ($0.17) EPS for the quarter, meeting the consensus estimate of ($0.17). AtriCure had a negative return on equity of 8.39% and a negative net margin of 9.33%. The business had revenue of $116.27 million during the quarter, compared to analysts’ expectations of $116.24 million. During the same quarter in the previous year, the business posted ($0.12) EPS. The firm’s quarterly revenue was up 15.2% compared to the same quarter last year. As a group, analysts expect that AtriCure will post -0.75 earnings per share for the current fiscal year.

Insider Buying and Selling at AtriCure

In related news, insider Salvatore Privitera acquired 5,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was bought at an average cost of $22.25 per share, for a total transaction of $111,250.00. Following the completion of the transaction, the insider now directly owns 103,290 shares of the company’s stock, valued at $2,298,202.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On AtriCure

Several large investors have recently added to or reduced their stakes in ATRC. Champlain Investment Partners LLC grew its stake in AtriCure by 27.3% during the first quarter. Champlain Investment Partners LLC now owns 2,681,000 shares of the medical device company’s stock worth $81,556,000 after purchasing an additional 575,605 shares during the period. Natixis acquired a new stake in AtriCure during the first quarter worth approximately $9,126,000. Norges Bank acquired a new stake in AtriCure during the fourth quarter worth approximately $9,254,000. Wasatch Advisors LP grew its stake in AtriCure by 38.6% during the first quarter. Wasatch Advisors LP now owns 720,677 shares of the medical device company’s stock worth $21,923,000 after purchasing an additional 200,799 shares during the period. Finally, Fiera Capital Corp grew its stake in AtriCure by 28.2% during the fourth quarter. Fiera Capital Corp now owns 881,826 shares of the medical device company’s stock worth $31,472,000 after purchasing an additional 193,769 shares during the period. Institutional investors and hedge funds own 99.11% of the company’s stock.

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.