AtriCure (NASDAQ:ATRC) Cut 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 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. “

A number of other equities research analysts have also recently commented on the company. ValuEngine upgraded WPP from a “sell” rating to a “hold” rating in a research note on Wednesday, June 19th. Northland Securities reiterated 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 research note on Thursday, July 4th. BTIG Research assumed coverage on GrubHub in a research note on Tuesday, April 2nd. They set a “buy” rating and a $95.00 target price on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and set a $120.00 target price (up from $115.00) on shares of Synopsys in a research note on Thursday, March 28th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $36.67.

NASDAQ ATRC opened at $30.96 on Tuesday. AtriCure has a one year low of $26.11 and a one year high of $36.49. The company has a current ratio of 4.37, a quick ratio of 3.69 and a debt-to-equity ratio of 0.19. The business’s fifty day simple moving average is $30.27.

AtriCure (NASDAQ:ATRC) last released its earnings results on Thursday, April 25th. The medical device company reported ($0.20) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.24) by $0.04. The company had revenue of $53.97 million for the quarter, compared to analysts’ expectations of $52.45 million. AtriCure had a negative return on equity of 14.35% and a negative net margin of 7.98%. The business’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.31) EPS. As a group, sell-side analysts forecast that AtriCure will post -0.74 EPS for the current fiscal year.

In related news, CFO M. Andrew Wade sold 9,850 shares of the business’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $30.00, for a total value of $295,500.00. Following the sale, the chief financial officer now directly owns 166,824 shares in the company, valued at approximately $5,004,720. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael H. Carrel sold 25,000 shares of the business’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $32.00, for a total value of $800,000.00. Following the completion of the sale, the chief executive officer now owns 661,103 shares in the company, valued at $21,155,296. The disclosure for this sale can be found here. Insiders sold a total of 60,554 shares of company stock worth $1,866,620 over the last 90 days. 8.00% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in ATRC. Bell Rock Capital LLC bought a new stake in AtriCure in the 1st quarter valued at about $26,000. Quantamental Technologies LLC bought a new stake in AtriCure in the 1st quarter valued at about $82,000. Great West Life Assurance Co. Can raised its stake in AtriCure by 104.3% in the 4th quarter. Great West Life Assurance Co. Can now owns 4,400 shares of the medical device company’s stock valued at $130,000 after acquiring an additional 2,246 shares during the period. PNC Financial Services Group Inc. raised its stake in AtriCure by 121.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,331 shares of the medical device company’s stock valued at $133,000 after acquiring an additional 2,373 shares during the period. Finally, SG Americas Securities LLC bought a new stake in AtriCure in the 1st quarter valued at about $145,000. Institutional investors and hedge funds own 89.34% 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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