AtriCure (NASDAQ:ATRC) Sets New 1-Year High on Analyst Upgrade

AtriCure, Inc. (NASDAQ:ATRC)’s stock price reached a new 52-week high during trading on Thursday after Needham & Company LLC raised their price target on the stock from $40.00 to $51.00. Needham & Company LLC currently has a buy rating on the stock. AtriCure traded as high as $41.05 and last traded at $39.50, with a volume of 782535 shares trading hands. The stock had previously closed at $39.63.

Other analysts also recently issued research reports about the company. Oppenheimer boosted their price target on AtriCure from $32.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Canaccord Genuity Group increased their price target on shares of AtriCure from $53.00 to $61.00 and gave the stock a “buy” rating in a report on Monday, December 9th. UBS Group lifted their price objective on shares of AtriCure from $35.00 to $40.00 and gave the company a “buy” rating in a research note 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 note on Tuesday, December 17th. One 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 presently has an average rating of “Moderate Buy” and an average target price of $43.38.

Hedge Funds Weigh In On AtriCure

Large investors have recently made changes to their positions in the company. Arcadia Investment Management Corp MI purchased a new position in AtriCure in the third quarter valued at $28,000. Heck Capital Advisors LLC purchased a new position in shares of AtriCure in the 4th quarter valued at about $60,000. KBC Group NV raised its holdings in AtriCure by 65.3% in the 4th quarter. KBC Group NV now owns 2,360 shares of the medical device company’s stock worth $72,000 after purchasing an additional 932 shares during the period. R Squared Ltd acquired a new position in AtriCure in the 4th quarter worth about $89,000. Finally, nVerses Capital LLC boosted its position in AtriCure by 733.3% during the third quarter. nVerses Capital LLC now owns 5,000 shares of the medical device company’s stock worth $140,000 after purchasing an additional 4,400 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

AtriCure Price Performance

The company has a quick ratio of 2.59, a current ratio of 3.62 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $1.98 billion, a PE ratio of -48.89 and a beta of 1.42. The stock has a 50-day moving average price of $34.17 and a 200 day moving average price of $29.54.

AtriCure (NASDAQ:ATRC) last posted its quarterly earnings data on Tuesday, October 29th. The medical device company reported ($0.17) earnings per share for the quarter, topping 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 company had revenue of $115.91 million during the quarter, compared to analysts’ expectations of $112.23 million. During the same period in the prior year, the business posted ($0.20) earnings per share. The firm’s revenue for the quarter was up 17.9% on a year-over-year basis. Equities analysts forecast that AtriCure, Inc. will post -0.75 EPS 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.