AtriCure (NASDAQ:ATRC) Sets New 12-Month High Following Analyst Upgrade

AtriCure, Inc. (NASDAQ:ATRC) reached a new 52-week high during mid-day 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 changing hands. The stock had previously closed at $39.63.

ATRC has been the topic of several other research reports. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $40.00 price target on shares of AtriCure in a report on Tuesday, December 17th. Canaccord Genuity Group upped their price target on AtriCure from $53.00 to $61.00 and gave the company a “buy” rating in a report on Monday, December 9th. UBS Group upped their price target on AtriCure from $35.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Oppenheimer boosted their target price on shares of AtriCure from $32.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, AtriCure currently has an average rating of “Moderate Buy” and an average target price of $43.38.

Hedge Funds Weigh In On AtriCure

Hedge funds have recently modified their holdings of the stock. Arcadia Investment Management Corp MI acquired a new position in shares of AtriCure in the third quarter worth $28,000. Heck Capital Advisors LLC bought a new stake in AtriCure in the fourth quarter worth $60,000. KBC Group NV boosted its holdings in AtriCure by 65.3% in the fourth 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 in the last quarter. R Squared Ltd bought a new stake in AtriCure in the fourth quarter worth $89,000. Finally, nVerses Capital LLC boosted its holdings in AtriCure by 733.3% in 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 owned by institutional investors and hedge funds.

AtriCure Price Performance

The stock has a market capitalization of $1.97 billion, a P/E ratio of -48.64 and a beta of 1.42. The stock’s fifty day moving average is $33.96 and its 200-day moving average is $29.34. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.62 and a quick ratio of 2.59.

AtriCure (NASDAQ:ATRC) last issued its quarterly earnings data on Tuesday, October 29th. The medical device company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.02. The firm had revenue of $115.91 million during the quarter, compared to analysts’ expectations of $112.23 million. AtriCure had a negative net margin of 8.70% and a negative return on equity of 8.12%. AtriCure’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.20) earnings per share. On average, equities analysts anticipate that AtriCure, Inc. will post -0.75 earnings per share for the current 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.