AtriCure (NASDAQ:ATRC) Lowered to “Hold” at Zacks Investment Research

AtriCure (NASDAQ:ATRC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, 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. “

ATRC has been the subject of several other reports. Northland Securities restated a “hold” rating on shares of Lendingtree in a research note on Friday, April 26th. BidaskClub upgraded Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday, July 4th. BTIG Research started coverage on GrubHub in a report on Tuesday, April 2nd. They set a “buy” rating and a $95.00 price target for the company. ValuEngine upgraded WPP from a “sell” rating to a “hold” rating in a research note on Wednesday, June 19th. Finally, JPMorgan Chase & Co. set a €78.00 ($90.70) price target on Porsche Automobil and gave the company a “neutral” rating in a research note on Friday, April 12th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $36.67.

Shares of AtriCure stock traded up $0.28 during trading on Tuesday, reaching $31.95. 167,956 shares of the company were exchanged, compared to its average volume of 217,426. The company has a quick ratio of 3.69, a current ratio of 4.37 and a debt-to-equity ratio of 0.19. AtriCure has a twelve month low of $26.11 and a twelve month high of $36.49. The business’s 50-day simple moving average is $30.45. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of -33.99 and a beta of 0.27.

AtriCure (NASDAQ:ATRC) last issued its quarterly earnings results on Thursday, April 25th. The medical device company reported ($0.20) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.04. The company had revenue of $53.97 million for the quarter, compared to analyst estimates of $52.45 million. AtriCure had a negative return on equity of 14.35% and a negative net margin of 7.98%. The company’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.31) earnings per share. On average, analysts expect that AtriCure will post -0.74 earnings per share for the current fiscal year.

In other news, CFO M. Andrew Wade sold 9,850 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $30.00, for a total transaction of $295,500.00. Following the sale, the chief financial officer now owns 166,824 shares in the company, valued at $5,004,720. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael H. Carrel sold 25,000 shares of the stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $32.00, for a total transaction of $800,000.00. Following the sale, the chief executive officer now owns 661,103 shares in the company, valued at approximately $21,155,296. The disclosure for this sale can be found here. Insiders sold 60,554 shares of company stock valued at $1,866,620 over the last three months. 8.00% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ATRC. Macquarie Group Ltd. raised its position in shares of AtriCure by 1.0% during the 4th quarter. Macquarie Group Ltd. now owns 65,786 shares of the medical device company’s stock valued at $2,013,000 after purchasing an additional 681 shares during the period. Quantum Capital Management boosted its stake in shares of AtriCure by 0.7% during the 1st quarter. Quantum Capital Management now owns 127,035 shares of the medical device company’s stock worth $3,403,000 after purchasing an additional 845 shares during the period. Bell Rock Capital LLC purchased a new position in shares of AtriCure during the 1st quarter worth about $26,000. Rhumbline Advisers boosted its stake in shares of AtriCure by 3.4% during the 1st quarter. Rhumbline Advisers now owns 48,738 shares of the medical device company’s stock worth $1,306,000 after purchasing an additional 1,594 shares during the period. Finally, Legal & General Group Plc boosted its stake in shares of AtriCure by 31.0% during the 4th quarter. Legal & General Group Plc now owns 6,958 shares of the medical device company’s stock worth $213,000 after purchasing an additional 1,646 shares during the period. Institutional investors and hedge funds own 89.37% of the company’s stock.

About AtriCure

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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