AtriCure (NASDAQ:ATRC) Given New $53.00 Price Target at Canaccord Genuity Group

AtriCure (NASDAQ:ATRC) had its price objective increased by Canaccord Genuity Group from $49.00 to $53.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a buy rating on the medical device company’s stock.

Several other research analysts have also weighed in on ATRC. Piper Sandler cut their price objective on shares of AtriCure from $65.00 to $40.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. UBS Group increased their price target on shares of AtriCure from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday. Needham & Company LLC increased their price target on shares of AtriCure from $34.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday. StockNews.com upgraded AtriCure from a “sell” rating to a “hold” rating in a report on Saturday, September 14th. Finally, BTIG Research lowered their price target on AtriCure from $58.00 to $53.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.11.

AtriCure Stock Performance

Shares of ATRC stock opened at $34.83 on Wednesday. AtriCure has a 1 year low of $18.94 and a 1 year high of $43.00. The stock has a market cap of $1.66 billion, a PE ratio of -43.54 and a beta of 1.44. The stock has a fifty day moving average price of $27.46 and a 200 day moving average price of $24.30. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.93 and a current ratio of 4.13.

AtriCure (NASDAQ:ATRC) last released its quarterly earnings results on Tuesday, October 29th. The medical device company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.02. The company had revenue of $115.91 million during the quarter, compared to the consensus estimate of $112.23 million. AtriCure had a negative return on equity of 8.39% and a negative net margin of 9.33%. AtriCure’s revenue was up 17.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.20) earnings per share. Sell-side analysts forecast that AtriCure will post -0.77 earnings per share for the current fiscal year.

Insider Activity at AtriCure

In related news, Director Maggie Yuen sold 3,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $24.07, for a total transaction of $84,245.00. Following the sale, the director now directly owns 8,970 shares in the company, valued at approximately $215,907.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 3.20% of the company’s stock.

Institutional Trading of AtriCure

A number of hedge funds and other institutional investors have recently modified their holdings of ATRC. Hood River Capital Management LLC acquired a new stake in AtriCure during the 2nd quarter valued at approximately $40,422,000. First Light Asset Management LLC boosted its stake in shares of AtriCure by 42.1% during the 2nd quarter. First Light Asset Management LLC now owns 1,964,703 shares of the medical device company’s stock valued at $44,736,000 after buying an additional 581,843 shares during the last quarter. Champlain Investment Partners LLC boosted its stake in shares of AtriCure by 27.3% during the 1st quarter. Champlain Investment Partners LLC now owns 2,681,000 shares of the medical device company’s stock valued at $81,556,000 after buying an additional 575,605 shares during the last quarter. Millennium Management LLC raised its holdings in AtriCure by 132.5% in the second quarter. Millennium Management LLC now owns 952,765 shares of the medical device company’s stock valued at $21,694,000 after acquiring an additional 543,023 shares in the last quarter. Finally, Natixis acquired a new stake in AtriCure in the first quarter valued at $9,126,000. 99.11% of the stock is owned by hedge funds and other institutional investors.

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.