AtriCure (NASDAQ:ATRC) Upgraded at Zacks Investment Research

AtriCure (NASDAQ:ATRC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday, Zacks.com reports. The firm presently has a $77.00 target price on the medical device company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 17.67% from the stock’s previous close.

According to Zacks, “AtriCure, Inc. is a medical device company focused on developing, manufacturing and selling innovative surgical devices to create precise lesions, or scars, in soft tissues. Medical journals have described the adoption by leading cardiothoracic surgeons of the AtriCure, Inc. bipolar ablation system as a standard treatment alternative during open-heart surgical procedures to safely, rapidly and reliably create lesions in cardiac, or heart, tissue to block the abnormal electrical impulses that cause atrial fibrillation, a quivering of the upper chambers of the heart. “

A number of other research firms have also recently commented on ATRC. Needham & Company LLC lifted their price objective on AtriCure from $90.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, November 4th. SVB Leerink lifted their price objective on AtriCure from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Thursday, November 4th. Finally, TheStreet upgraded AtriCure from a “c+” rating to a “b” rating in a research report on Tuesday, November 23rd. One 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 currently has an average rating of “Buy” and an average price target of $89.00.

AtriCure stock opened at $65.44 on Thursday. The stock has a market cap of $3.01 billion, a PE ratio of 68.88 and a beta of 1.15. The stock has a 50-day moving average price of $71.11 and a 200 day moving average price of $74.40. AtriCure has a 52 week low of $52.81 and a 52 week high of $89.18. The company has a current ratio of 3.63, a quick ratio of 2.91 and a debt-to-equity ratio of 0.14.

AtriCure (NASDAQ:ATRC) last posted its quarterly earnings data on Wednesday, November 3rd. The medical device company reported $2.11 EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $2.39. The firm had revenue of $70.46 million during the quarter, compared to analysts’ expectations of $68.95 million. AtriCure had a negative return on equity of 11.12% and a net margin of 17.53%. During the same quarter last year, the business posted ($0.11) EPS. On average, equities analysts predict that AtriCure will post -1.2 EPS for the current year.

In other news, CFO Angela L. Wirick sold 2,604 shares of AtriCure stock in a transaction dated Thursday, November 4th. The stock was sold at an average price of $85.00, for a total value of $221,340.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Tonya Austin sold 1,528 shares of AtriCure stock in a transaction dated Friday, December 10th. The shares were sold at an average price of $70.88, for a total value of $108,304.64. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,864 shares of company stock worth $867,883. 5.80% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ATRC. Manchester Capital Management LLC lifted its stake in shares of AtriCure by 1,351.4% in the 3rd quarter. Manchester Capital Management LLC now owns 508 shares of the medical device company’s stock valued at $35,000 after purchasing an additional 473 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of AtriCure by 26.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,020 shares of the medical device company’s stock valued at $160,000 after purchasing an additional 420 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of AtriCure by 8.6% during the 3rd quarter. IFP Advisors Inc now owns 2,524 shares of the medical device company’s stock valued at $176,000 after buying an additional 200 shares during the period. Captrust Financial Advisors raised its holdings in shares of AtriCure by 5.6% during the 3rd quarter. Captrust Financial Advisors now owns 2,544 shares of the medical device company’s stock valued at $177,000 after buying an additional 135 shares during the period. Finally, Dark Forest Capital Management LP purchased a new stake in shares of AtriCure during the 2nd quarter valued at about $202,000. 93.64% of the stock is currently owned by institutional investors and hedge funds.

About AtriCure

AtriCure, Inc engages in the development, manufacture, and sale of devices designed primarily for the surgical ablation of cardiac tissue, and systems for the exclusion of the left atrial appendage. Its products include radio frequency (RF) ablation pacing and sensing, cryo, left atrial appendage management, soft tissue dissection, estech surgical instrumentation, and cart configuration.

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