AtriCure (NASDAQ:ATRC) Price Target Raised to $51.00

AtriCure (NASDAQ:ATRC) had its price target boosted by Needham & Company LLC from $40.00 to $51.00 in a report published on Wednesday,Benzinga reports. They currently have a buy rating on the medical device company’s stock.

ATRC has been the subject of a number of other research reports. Canaccord Genuity Group lifted their price objective on AtriCure from $53.00 to $61.00 and gave the company a “buy” rating in a research note on Monday, December 9th. UBS Group boosted their price objective 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 increased their target price on 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 issued a $40.00 price target 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 assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $43.38.

AtriCure Stock Performance

Shares of AtriCure stock opened at $40.58 on Wednesday. AtriCure has a 12 month low of $18.94 and a 12 month high of $41.05. The firm has a market capitalization of $1.98 billion, a P/E ratio of -48.89 and a beta of 1.42. The company has a current ratio of 3.62, a quick ratio of 2.59 and a debt-to-equity ratio of 0.13. The business has a fifty day simple moving average of $34.17 and a two-hundred day simple moving average of $29.54.

AtriCure (NASDAQ:ATRC) last issued its quarterly earnings results on Tuesday, October 29th. The medical device company reported ($0.17) earnings per share (EPS) for the quarter, beating 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 last year, the company posted ($0.20) EPS. AtriCure’s revenue was up 17.9% on a year-over-year basis. On average, equities analysts forecast that AtriCure will post -0.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AtriCure

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Canada Pension Plan Investment Board raised its position in AtriCure by 187.7% in the second quarter. Canada Pension Plan Investment Board now owns 110,669 shares of the medical device company’s stock worth $2,520,000 after acquiring an additional 72,200 shares during the period. State Street Corp increased its holdings in AtriCure by 4.9% in the 3rd quarter. State Street Corp now owns 1,344,856 shares of the medical device company’s stock worth $37,710,000 after acquiring an additional 63,002 shares in the last quarter. Geode Capital Management LLC lifted its holdings in AtriCure by 2.9% during 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 in the last quarter. Atom Investors LP bought a new position in shares of AtriCure in the third quarter worth approximately $1,741,000. Finally, Renaissance Technologies LLC boosted its position in shares of AtriCure by 12.8% in the second quarter. Renaissance Technologies LLC now owns 171,700 shares of the medical device company’s stock worth $3,910,000 after purchasing an additional 19,500 shares during the period. Hedge funds and other institutional investors own 99.11% of the company’s stock.

About AtriCure

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.