AtriCure (NASDAQ:ATRC) Price Target Raised to $67.00

AtriCure (NASDAQ:ATRC) had its target price raised by Canaccord Genuity Group from $55.00 to $67.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the medical device company’s stock.

A number of other analysts also recently issued reports on ATRC. Raymond James Financial set a $52.00 price objective on shares of AtriCure in a report on Tuesday, July 21st. Weiss Ratings raised shares of AtriCure from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, October 8th. Freedom Capital downgraded shares of AtriCure from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 2nd. Piper Sandler reiterated an “overweight” rating and issued a $70.00 price target (up from $60.00) on shares of AtriCure in a research note on Wednesday. Finally, Citigroup reiterated a “market outperform” rating on shares of AtriCure in a research note on Wednesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, AtriCure currently has an average rating of “Moderate Buy” and a consensus target price of $61.80.

AtriCure Stock Performance

Shares of ATRC traded down $2.74 during midday trading on Wednesday, reaching $58.54. 614,651 shares of the stock were exchanged, compared to its average volume of 706,027. AtriCure has a twelve month low of $25.36 and a twelve month high of $66.02. The company has a quick ratio of 3.19, a current ratio of 4.22 and a debt-to-equity ratio of 0.14. The company has a market cap of $2.98 billion, a P/E ratio of 195.14 and a beta of 1.23. The stock’s 50 day simple moving average is $56.81 and its 200 day simple moving average is $38.73.

AtriCure (NASDAQ:ATRC) last released its quarterly earnings results on Tuesday, November 3rd. The medical device company reported $0.17 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.23. AtriCure had a net margin of 1.85% and a return on equity of 2.34%. The business had revenue of $154.45 million for the quarter, compared to the consensus estimate of $151.05 million. On average, sell-side analysts expect that AtriCure will post 0.44 earnings per share for the current year.

Insider Transactions at AtriCure

In related news, insider Karl S. Dahlquist sold 9,370 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $48.89, for a total value of $458,099.30. Following the sale, the insider directly owned 87,319 shares of the company’s stock, valued at $4,269,025.91. This trade represents a 9.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Salvatore Privitera sold 8,404 shares of AtriCure stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $65.00, for a total value of $546,260.00. Following the completion of the transaction, the insider owned 134,341 shares in the company, valued at approximately $8,732,165. This represents a 5.89% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 39,026 shares of company stock valued at $2,172,263. Corporate insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of AtriCure in the 2nd quarter valued at approximately $125,198,000. Wellington Management Group LLP lifted its stake in AtriCure by 3.3% in the 2nd quarter. Wellington Management Group LLP now owns 3,495,603 shares of the medical device company’s stock valued at $97,807,000 after purchasing an additional 113,048 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in AtriCure by 8.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 997,759 shares of the medical device company’s stock valued at $28,466,000 after purchasing an additional 75,862 shares during the last quarter. Bank of America Corp DE bought a new position in AtriCure in the 2nd quarter valued at approximately $24,465,000. Finally, Grandeur Peak Global Advisors LLC acquired a new stake in AtriCure in the second quarter valued at approximately $16,435,000. Institutional investors own 99.11% of the company’s stock.

About AtriCure

AtriCure, Inc is a medical device company that develops and sells products for the surgical treatment of atrial fibrillation (AFib) and related conditions. Its technologies are designed to support cardiac surgeons and electrophysiologists performing tissue ablation, left atrial appendage management and other procedures intended to restore or maintain normal heart rhythm.

The company’s product portfolio includes the AtriClip device, which is used to exclude the left atrial appendage, along with surgical ablation systems such as the Isolator Synergy clamps and cryoablation products.