AtriCure (NASDAQ:ATRC) Downgraded by JPMorgan Chase & Co. to “Neutral”

AtriCure (NASDAQ:ATRC) was downgraded by equities researchers at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued on Wednesday. They presently have a $36.00 target price on the medical device company’s stock. JPMorgan Chase & Co.‘s price objective points to a potential downside of 4.80% from the stock’s previous close.

Several other brokerages have also recently issued reports on ATRC. Citigroup reiterated a “market outperform” rating on shares of AtriCure in a research note on Thursday, October 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AtriCure in a report on Wednesday, January 21st. Zacks Research upgraded shares of AtriCure from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 6th. Finally, Canaccord Genuity Group increased their price objective on shares of AtriCure from $53.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.11.

AtriCure Trading Up 2.4%

NASDAQ:ATRC opened at $37.82 on Wednesday. AtriCure has a 12-month low of $28.29 and a 12-month high of $43.18. The firm has a market cap of $1.88 billion, a PE ratio of -61.99 and a beta of 1.42. The company has a current ratio of 3.87, a quick ratio of 2.85 and a debt-to-equity ratio of 0.15. The stock has a fifty day moving average price of $39.39 and a 200 day moving average price of $36.84.

Insider Activity at AtriCure

In other news, Director Sven Wehrwein sold 5,033 shares of the company’s stock in a transaction on Monday, November 24th. The shares were sold at an average price of $37.32, for a total value of $187,831.56. Following the completion of the transaction, the director owned 34,374 shares in the company, valued at approximately $1,282,837.68. This represents a 12.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Maggie Yuen sold 3,000 shares of the stock in a transaction on Friday, November 21st. The shares were sold at an average price of $35.72, for a total transaction of $107,160.00. Following the completion of the transaction, the director directly owned 11,371 shares in the company, valued at $406,172.12. This trade represents a 20.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 18,166 shares of company stock valued at $676,378 over the last three months. 3.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AtriCure

Several large investors have recently bought and sold shares of the stock. Wellington Management Group LLP grew its holdings in shares of AtriCure by 8.1% during the third quarter. Wellington Management Group LLP now owns 4,292,087 shares of the medical device company’s stock worth $151,296,000 after purchasing an additional 322,818 shares during the last quarter. Kennedy Capital Management LLC grew its stake in AtriCure by 36.2% during the 3rd quarter. Kennedy Capital Management LLC now owns 836,916 shares of the medical device company’s stock worth $29,501,000 after buying an additional 222,529 shares during the last quarter. Norges Bank acquired a new position in AtriCure during the fourth quarter worth approximately $8,466,000. Oberweis Asset Management Inc. acquired a new position in AtriCure during the third quarter worth approximately $5,411,000. Finally, WCM Investment Management LLC lifted its stake in AtriCure by 69.4% in the second quarter. WCM Investment Management LLC now owns 327,498 shares of the medical device company’s stock valued at $10,572,000 after buying an additional 134,146 shares during the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

About AtriCure

AtriCure, Inc is a medical device company focused on the development, manufacture and marketing of innovative therapies to treat atrial fibrillation (AF) and related conditions. Founded in 2000 and headquartered in Mason, Ohio, AtriCure has established itself as a leader in surgical ablation devices designed to interrupt the errant electrical pathways that cause AF. The company’s solutions are used by cardiac surgeons and electrophysiologists to reduce the risk of stroke and improve patient outcomes in the treatment of both paroxysmal and persistent AF.

The company’s product portfolio centers on its Synergy Surgical Ablation System, which delivers controlled radiofrequency energy in a minimally invasive format, and the cryoICE Cryoablation System, which offers an alternative ablation modality using precise freezing techniques.