AtriCure (NASDAQ:ATRC) Receives Buy Rating from Needham & Company LLC

AtriCure (NASDAQ:ATRC)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $40.00 price objective on the medical device company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 20.16% from the company’s current price.

Several other brokerages also recently issued reports on ATRC. Oppenheimer increased their price target on AtriCure from $32.00 to $36.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $40.00 target price on shares of AtriCure in a report on Tuesday, December 17th. UBS Group upped their price target on AtriCure from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Canaccord Genuity Group lifted their price objective on shares of AtriCure from $53.00 to $61.00 and gave the company a “buy” rating in a research note on Monday, December 9th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $42.00.

AtriCure Trading Up 6.0 %

Shares of NASDAQ ATRC traded up $1.88 during midday trading on Monday, hitting $33.29. The stock had a trading volume of 239,907 shares, compared to its average volume of 550,484. 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 has a 1-year low of $18.94 and a 1-year high of $39.04. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -40.11 and a beta of 1.42. The company has a fifty day moving average price of $33.82 and a 200 day moving average price of $28.56.

AtriCure (NASDAQ:ATRC) last announced its quarterly earnings results on Tuesday, October 29th. The medical device company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $115.91 million for the quarter, compared to analysts’ expectations of $112.23 million. During the same period in the previous year, the company posted ($0.20) earnings per share. AtriCure’s revenue was up 17.9% compared to the same quarter last year. On average, analysts predict that AtriCure will post -0.72 earnings per share for the current year.

Institutional Trading of AtriCure

Several institutional investors and hedge funds have recently bought and sold shares of the company. Canada Pension Plan Investment Board grew its position in shares of AtriCure by 187.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 110,669 shares of the medical device company’s stock worth $2,520,000 after acquiring an additional 72,200 shares in the last quarter. State Street Corp boosted its holdings in AtriCure by 4.9% in the third quarter. State Street Corp now owns 1,344,856 shares of the medical device company’s stock worth $37,710,000 after purchasing an additional 63,002 shares during the period. Atom Investors LP bought a new stake in AtriCure during the third quarter valued at $1,741,000. Geode Capital Management LLC raised its holdings in shares of AtriCure by 2.9% during the third quarter. Geode Capital Management LLC now owns 1,152,628 shares of the medical device company’s stock worth $32,326,000 after purchasing an additional 32,676 shares during the period. Finally, Renaissance Technologies LLC lifted its position in shares of AtriCure by 12.8% in the 2nd quarter. Renaissance Technologies LLC now owns 171,700 shares of the medical device company’s stock worth $3,910,000 after buying an additional 19,500 shares during the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

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.