Zacks Investment Research Downgrades AtriCure (NASDAQ:ATRC) to Sell

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Zacks Investment Research lowered shares of AtriCure (NASDAQ:ATRC) from a hold rating to a sell rating in a research note published on Monday morning, 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 have also recently issued reports on ATRC. Piper Jaffray Companies set a $40.00 target price on AtriCure and gave the stock a buy rating in a research note on Monday, August 12th. Northland Securities cut AtriCure from an outperform rating to a market perform rating and set a $30.00 target price on the stock. in a research note on Tuesday, August 13th. JPMorgan Chase & Co. reissued a buy rating on shares of AtriCure in a research note on Friday, September 6th. BTIG Research reissued a buy rating and issued a $35.00 target price on shares of AtriCure in a research note on Tuesday, August 13th. Finally, ValuEngine cut AtriCure from a strong-buy rating to a buy rating in a research note on Wednesday, June 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. AtriCure currently has an average rating of Buy and a consensus price target of $36.00.

Shares of NASDAQ:ATRC traded up $0.21 on Monday, reaching $25.97. 15,183 shares of the company traded hands, compared to its average volume of 233,991. The business’s 50-day simple moving average is $25.50 and its 200 day simple moving average is $28.54. AtriCure has a 52 week low of $22.57 and a 52 week high of $34.39. The stock has a market capitalization of $1.01 billion, a P/E ratio of -27.63 and a beta of 0.30. The company has a current ratio of 3.72, a quick ratio of 3.10 and a debt-to-equity ratio of 0.15.

AtriCure (NASDAQ:ATRC) last announced its quarterly earnings data on Tuesday, July 30th. The medical device company reported ($0.17) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.01. AtriCure had a negative return on equity of 13.06% and a negative net margin of 9.46%. The firm had revenue of $58.90 million for the quarter, compared to analysts’ expectations of $57.76 million. During the same period last year, the firm earned ($0.19) earnings per share. The company’s revenue for the quarter was up 13.7% compared to the same quarter last year. Sell-side analysts expect that AtriCure will post -0.94 EPS for the current fiscal year.

In other AtriCure news, COO Douglas J. Seith sold 48,804 shares of AtriCure stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $25.63, for a total transaction of $1,250,846.52. Following the sale, the chief operating officer now directly owns 208,281 shares of the company’s stock, valued at approximately $5,338,242.03. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael H. Carrel sold 1,454 shares of AtriCure stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $33.00, for a total value of $47,982.00. Following the sale, the chief executive officer now directly owns 637,557 shares in the company, valued at $21,039,381. The disclosure for this sale can be found here. Insiders own 8.00% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. Marshall Wace LLP purchased a new position in shares of AtriCure during the first quarter valued at approximately $453,000. Redmile Group LLC lifted its holdings in shares of AtriCure by 8.3% during the first quarter. Redmile Group LLC now owns 325,000 shares of the medical device company’s stock valued at $8,707,000 after purchasing an additional 25,000 shares during the last quarter. Cortina Asset Management LLC lifted its holdings in shares of AtriCure by 11.2% during the second quarter. Cortina Asset Management LLC now owns 320,660 shares of the medical device company’s stock valued at $9,568,000 after purchasing an additional 32,411 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in shares of AtriCure during the second quarter valued at approximately $366,000. Finally, Bessemer Group Inc. lifted its holdings in shares of AtriCure by 19.9% during the second quarter. Bessemer Group Inc. now owns 83,700 shares of the medical device company’s stock valued at $2,498,000 after purchasing an additional 13,900 shares during the last quarter. 88.85% of the stock is currently owned by institutional investors and hedge funds.

AtriCure Company Profile

AtriCure, Inc develops, manufactures, and sells devices for the surgical ablation of cardiac tissue and systems to medical centers in the United States and internationally. The company offers Isolator Synergy and Isolator Synergy Access clamps for the treatment of persistent and long-standing persistent atrial fibrillation concomitant to other open-heart surgical procedures; EPi-Sense guided coagulation system used for the coagulation of tissue; and COBRA Fusion surgical ablation system to combine bipolar temperature-controlled radio frequency energy control with monopolar energy.

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