AtriCure’s (ATRC) “Buy” Rating Reaffirmed at Needham & Company LLC

AtriCure (NASDAQ:ATRC)‘s stock had its “buy” rating reissued by Needham & Company LLC in a research report issued on Monday,Benzinga reports. They currently have a $40.00 target price on the medical device company’s stock. Needham & Company LLC’s price target indicates a potential upside of 20.16% from the stock’s previous close.

ATRC has been the subject of a number of other reports. UBS Group lifted their price target on shares of AtriCure from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Canaccord Genuity Group boosted their target price on AtriCure from $53.00 to $61.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Oppenheimer raised their price target on AtriCure from $32.00 to $36.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $40.00 price objective on shares of AtriCure in a research report on Tuesday, December 17th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.00.

AtriCure Price Performance

Shares of AtriCure stock traded up $1.88 during trading on Monday, reaching $33.29. The company’s stock had a trading volume of 239,907 shares, compared to its average volume of 550,484. The business has a 50 day moving average price of $33.82 and a 200-day moving average price of $28.56. AtriCure has a 12-month low of $18.94 and a 12-month high of $39.04. The company has a market capitalization of $1.62 billion, a P/E ratio of -40.11 and a beta of 1.42. 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 issued its earnings results on Tuesday, October 29th. The medical device company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.02. AtriCure had a negative net margin of 8.70% and a negative return on equity of 8.12%. The company had revenue of $115.91 million for the quarter, compared to analyst estimates of $112.23 million. During the same period in the previous year, the firm earned ($0.20) EPS. The business’s revenue was up 17.9% on a year-over-year basis. As a group, sell-side analysts anticipate that AtriCure will post -0.72 EPS for the current year.

Institutional Investors Weigh In On AtriCure

Hedge funds and other institutional investors have recently modified their holdings of the company. Hood River Capital Management LLC acquired a new position in AtriCure in the second quarter valued at $40,422,000. First Light Asset Management LLC increased its stake in shares of AtriCure by 42.1% during the 2nd quarter. First Light Asset Management LLC now owns 1,964,703 shares of the medical device company’s stock valued at $44,736,000 after acquiring an additional 581,843 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of AtriCure by 132.5% during the 2nd quarter. Millennium Management LLC now owns 952,765 shares of the medical device company’s stock worth $21,694,000 after acquiring an additional 543,023 shares during the period. Assenagon Asset Management S.A. boosted its position in shares of AtriCure by 151.6% in the third quarter. Assenagon Asset Management S.A. now owns 229,130 shares of the medical device company’s stock worth $6,425,000 after acquiring an additional 138,046 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in AtriCure by 31.5% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 500,649 shares of the medical device company’s stock valued at $14,038,000 after purchasing an additional 119,929 shares during the period. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

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.