Connor Clark & Lunn Investment Management Ltd. Grows Position in AtriCure, Inc. (NASDAQ:ATRC)

Connor Clark & Lunn Investment Management Ltd. raised its position in shares of AtriCure, Inc. (NASDAQ:ATRC) by 39.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 185,819 shares of the medical device company’s stock after acquiring an additional 52,533 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.38% of AtriCure worth $5,210,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of ATRC. Arizona State Retirement System grew its position in AtriCure by 4.0% in the second quarter. Arizona State Retirement System now owns 13,542 shares of the medical device company’s stock worth $308,000 after acquiring an additional 517 shares in the last quarter. ProShare Advisors LLC increased its position in shares of AtriCure by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 8,371 shares of the medical device company’s stock valued at $255,000 after purchasing an additional 659 shares during the last quarter. Bank of Montreal Can raised its holdings in AtriCure by 4.0% during the 2nd quarter. Bank of Montreal Can now owns 21,441 shares of the medical device company’s stock valued at $488,000 after buying an additional 831 shares during the period. Arcadia Investment Management Corp MI bought a new stake in AtriCure in the third quarter worth $28,000. Finally, Comerica Bank boosted its stake in AtriCure by 70.5% during the first quarter. Comerica Bank now owns 2,522 shares of the medical device company’s stock worth $77,000 after buying an additional 1,043 shares during the period. 99.11% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on ATRC. Piper Sandler lowered their target price on shares of AtriCure from $65.00 to $40.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Canaccord Genuity Group raised their price objective on shares of AtriCure from $49.00 to $53.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. upped their target price on AtriCure from $30.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Oppenheimer increased their price target on AtriCure from $32.00 to $36.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, BTIG Research dropped their price objective on AtriCure from $58.00 to $53.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $43.11.

AtriCure Trading Up 0.2 %

Shares of NASDAQ ATRC opened at $35.74 on Friday. AtriCure, Inc. has a twelve month low of $18.94 and a twelve month high of $42.99. The firm has a market cap of $1.74 billion, a PE ratio of -43.05 and a beta of 1.41. The business has a fifty day simple moving average of $30.93 and a two-hundred day simple moving average of $25.87. The company has a quick ratio of 2.59, a current ratio of 3.62 and a debt-to-equity ratio of 0.13.

AtriCure (NASDAQ:ATRC) last released its quarterly earnings data on Tuesday, October 29th. The medical device company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.02. AtriCure had a negative return on equity of 8.12% and a negative net margin of 8.70%. The firm had revenue of $115.91 million during the quarter, compared to the consensus estimate of $112.23 million. During the same period in the previous year, the company posted ($0.20) earnings per share. The firm’s quarterly revenue was up 17.9% on a year-over-year basis. Analysts expect that AtriCure, Inc. will post -0.72 earnings per share for the current fiscal year.

AtriCure Company Profile

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.