AtriCure (NASDAQ:ATRC) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

AtriCure (NASDAQ:ATRC) had its price target boosted by JPMorgan Chase & Co. from $30.00 to $40.00 in a research report released on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the medical device company’s stock.

Several other equities research analysts have also issued reports on ATRC. BTIG Research dropped their target price on shares of AtriCure from $58.00 to $53.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. StockNews.com upgraded shares of AtriCure from a “sell” rating to a “hold” rating in a research report on Saturday, September 14th. Stifel Nicolaus dropped their target price on shares of AtriCure from $30.00 to $26.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Piper Sandler dropped their target price on shares of AtriCure from $65.00 to $40.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Finally, Needham & Company LLC lifted their target price on shares of AtriCure from $34.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.11.

AtriCure Price Performance

ATRC stock opened at $33.51 on Wednesday. The firm has a 50 day moving average of $28.02 and a 200-day moving average of $24.52. The company has a current ratio of 4.13, a quick ratio of 2.93 and a debt-to-equity ratio of 0.16. AtriCure has a 12 month low of $18.94 and a 12 month high of $43.00. The firm has a market capitalization of $1.63 billion, a P/E ratio of -40.37 and a beta of 1.44.

AtriCure (NASDAQ:ATRC) last released its quarterly earnings data on Tuesday, October 29th. The medical device company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.02. AtriCure had a negative net margin of 8.70% and a negative return on equity of 8.14%. The company had revenue of $115.91 million during the quarter, compared to analyst estimates of $112.23 million. During the same period last year, the business earned ($0.20) earnings per share. AtriCure’s revenue was up 17.9% compared to the same quarter last year. As a group, sell-side analysts predict that AtriCure will post -0.77 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Maggie Yuen sold 3,500 shares of AtriCure stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $24.07, for a total value of $84,245.00. Following the transaction, the director now directly owns 8,970 shares of the company’s stock, valued at $215,907.90. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ATRC. Vanguard Group Inc. increased its stake in shares of AtriCure by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 4,766,029 shares of the medical device company’s stock worth $170,100,000 after buying an additional 76,146 shares during the period. Norden Group LLC purchased a new position in AtriCure during the 1st quarter valued at $440,000. Diversify Advisory Services LLC purchased a new position in AtriCure during the 1st quarter valued at $258,000. GSA Capital Partners LLP increased its position in AtriCure by 65.7% during the 1st quarter. GSA Capital Partners LLP now owns 35,813 shares of the medical device company’s stock valued at $1,089,000 after purchasing an additional 14,194 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its position in AtriCure by 17.6% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 10,462 shares of the medical device company’s stock valued at $318,000 after purchasing an additional 1,562 shares during the period. 99.11% of the stock is 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.