AtriCure (NASDAQ:ATRC) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

AtriCure (NASDAQ:ATRC) had its target price lifted by Needham & Company LLC from $40.00 to $51.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the medical device company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 26.33% from the company’s current price.

A number of other equities research analysts have also recently commented on ATRC. Canaccord Genuity Group lifted their price objective on AtriCure from $53.00 to $61.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. UBS Group increased their target price on shares of AtriCure from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Oppenheimer lifted their price target 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. Finally, JPMorgan Chase & Co. restated an “overweight” rating and set a $40.00 price objective on shares of AtriCure in a research note on Tuesday, December 17th. One investment 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 a consensus price target of $43.38.

AtriCure Price Performance

Shares of ATRC stock opened at $40.37 on Wednesday. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of -48.64 and a beta of 1.42. AtriCure has a 12 month low of $18.94 and a 12 month high of $41.05. 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 stock has a 50-day moving average price of $33.96 and a 200 day moving average price of $29.34.

AtriCure (NASDAQ:ATRC) last posted its quarterly earnings results 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 business had revenue of $115.91 million during the quarter, compared to the consensus estimate of $112.23 million. During the same period in the previous year, the firm posted ($0.20) earnings per share. AtriCure’s revenue for the quarter was up 17.9% compared to the same quarter last year. Research analysts expect that AtriCure will post -0.75 EPS for the current year.

Hedge Funds Weigh In On AtriCure

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Champlain Investment Partners LLC boosted its stake in shares of AtriCure by 4.3% during the 3rd quarter. Champlain Investment Partners LLC now owns 2,790,758 shares of the medical device company’s stock worth $78,253,000 after acquiring an additional 115,813 shares during the period. Wellington Management Group LLP lifted its holdings in AtriCure by 0.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,543,896 shares of the medical device company’s stock valued at $43,291,000 after purchasing an additional 6,045 shares during the last quarter. State Street Corp boosted its position in AtriCure by 4.9% during 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. Geode Capital Management LLC increased its holdings in shares of AtriCure by 2.9% in the third quarter. Geode Capital Management LLC now owns 1,152,628 shares of the medical device company’s stock valued at $32,326,000 after purchasing an additional 32,676 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in shares of AtriCure by 132.5% during the 2nd quarter. Millennium Management LLC now owns 952,765 shares of the medical device company’s stock worth $21,694,000 after buying an additional 543,023 shares during the last quarter. Institutional investors own 99.11% of the company’s stock.

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.