Canaccord Genuity Group Has Lowered Expectations for AtriCure (NASDAQ:ATRC) Stock Price

AtriCure (NASDAQ:ATRC) had its target price lowered by equities researchers at Canaccord Genuity Group from $66.00 to $52.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the medical device company’s stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 63.37% from the stock’s previous close.

A number of other analysts have also weighed in on ATRC. Piper Sandler increased their target price on AtriCure from $40.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Stifel Nicolaus raised their price target on shares of AtriCure from $36.00 to $48.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Oppenheimer boosted their price objective on shares of AtriCure from $36.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, February 13th. BTIG Research reaffirmed a “buy” rating on shares of AtriCure in a research report on Thursday. Finally, JMP Securities reiterated a “market outperform” rating and issued a $60.00 target price on shares of AtriCure in a report on Monday, February 10th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $49.44.

AtriCure Trading Down 7.4 %

ATRC stock opened at $31.83 on Friday. AtriCure has a twelve month low of $18.94 and a twelve month high of $43.11. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of -33.50 and a beta of 1.53. The company has a quick ratio of 2.62, a current ratio of 3.65 and a debt-to-equity ratio of 0.13. The firm’s fifty day simple moving average is $37.97 and its two-hundred day simple moving average is $33.98.

Insider Buying and Selling

In other news, Director Karen Prange sold 6,100 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $38.12, for a total value of $232,532.00. Following the sale, the director now directly owns 17,828 shares in the company, valued at approximately $679,603.36. This trade represents a 25.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AtriCure

Several institutional investors and hedge funds have recently bought and sold shares of the company. Heck Capital Advisors LLC purchased a new stake in shares of AtriCure during the 4th quarter valued at $60,000. Mackenzie Financial Corp purchased a new stake in AtriCure during the 4th quarter worth approximately $465,000. State of Wyoming raised its stake in AtriCure by 21.9% in the 4th quarter. State of Wyoming now owns 2,481 shares of the medical device company’s stock worth $76,000 after acquiring an additional 446 shares during the last quarter. Sherbrooke Park Advisers LLC acquired a new stake in shares of AtriCure during the fourth quarter worth about $330,000. Finally, ProShare Advisors LLC boosted its holdings in shares of AtriCure by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 13,330 shares of the medical device company’s stock valued at $407,000 after acquiring an additional 4,385 shares during the last quarter. 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.