AtriCure (NASDAQ:ATRC) Cut to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of AtriCure (NASDAQ:ATRC) from an overweight rating to a neutral rating in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. JPMorgan Chase & Co. currently has $36.00 price target on the medical device company’s stock.

Other equities research analysts also recently issued research reports about the company. Canaccord Genuity Group boosted their price target on AtriCure from $53.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Zacks Research upgraded shares of AtriCure from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 6th. Weiss Ratings restated a “sell (d-)” rating on shares of AtriCure in a research note on Wednesday, January 21st. Finally, Citigroup reiterated a “market outperform” rating on shares of AtriCure in a report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $52.83.

AtriCure Stock Performance

Shares of ATRC opened at $32.65 on Wednesday. The company has a 50-day simple moving average of $39.03 and a 200-day simple moving average of $36.78. The company has a market capitalization of $1.62 billion, a PE ratio of -53.52 and a beta of 1.41. AtriCure has a 52-week low of $28.29 and a 52-week high of $43.18. The company has a quick ratio of 2.85, a current ratio of 3.87 and a debt-to-equity ratio of 0.15.

Insider Activity at AtriCure

In related news, insider Justin J. Noznesky sold 5,166 shares of AtriCure stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $37.29, for a total transaction of $192,640.14. Following the sale, the insider directly owned 78,798 shares of the company’s stock, valued at $2,938,377.42. This trade represents a 6.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Maggie Yuen sold 3,000 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $35.72, for a total value of $107,160.00. Following the completion of the transaction, the director directly owned 11,371 shares of the company’s stock, valued at approximately $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. In the last quarter, insiders sold 18,166 shares of company stock valued at $676,378. 3.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AtriCure

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. grew its stake in shares of AtriCure by 6.7% during the second quarter. Ameritas Investment Partners Inc. now owns 4,941 shares of the medical device company’s stock worth $162,000 after purchasing an additional 312 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of AtriCure by 6.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 6,188 shares of the medical device company’s stock worth $218,000 after buying an additional 380 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of AtriCure by 5.4% during the 2nd quarter. Teacher Retirement System of Texas now owns 7,512 shares of the medical device company’s stock worth $246,000 after purchasing an additional 385 shares during the last quarter. Smartleaf Asset Management LLC raised its position in AtriCure by 59.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,146 shares of the medical device company’s stock worth $46,000 after acquiring an additional 429 shares in the last quarter. Finally, Scotia Capital Inc. grew its holdings in AtriCure by 1.2% during the third quarter. Scotia Capital Inc. now owns 37,677 shares of the medical device company’s stock worth $1,328,000 after purchasing an additional 457 shares during the period. 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.