Needham & Company LLC Boosts AtriCure (NASDAQ:ATRC) Price Target to $40.00

AtriCure (NASDAQ:ATRC) had its price target hoisted by equities research analysts at Needham & Company LLC from $34.00 to $40.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the medical device company’s stock. Needham & Company LLC’s target price points to a potential upside of 35.92% from the company’s current price.

A number of other brokerages have also commented on ATRC. Piper Sandler decreased their target price on AtriCure from $65.00 to $40.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. StockNews.com upgraded shares of AtriCure from a “sell” rating to a “hold” rating in a research note on Saturday, September 14th. Stifel Nicolaus reduced their price objective on shares of AtriCure from $30.00 to $26.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. BTIG Research dropped their price target on shares of AtriCure from $58.00 to $53.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. lowered their price objective on AtriCure from $34.00 to $30.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, AtriCure currently has an average rating of “Moderate Buy” and an average price target of $43.11.

AtriCure Trading Up 2.4 %

NASDAQ:ATRC opened at $29.43 on Wednesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.93 and a current ratio of 4.13. The firm has a market cap of $1.40 billion, a P/E ratio of -36.79 and a beta of 1.44. The firm’s fifty day moving average is $27.46 and its 200-day moving average is $24.30. AtriCure has a 52 week low of $18.94 and a 52 week high of $43.00.

AtriCure (NASDAQ:ATRC) last posted its quarterly earnings results on Tuesday, July 30th. The medical device company reported ($0.17) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.17). AtriCure had a negative return on equity of 8.39% and a negative net margin of 9.33%. The firm had revenue of $116.27 million for the quarter, compared to analysts’ expectations of $116.24 million. During the same period in the prior year, the business earned ($0.12) EPS. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. Equities analysts expect that AtriCure will post -0.77 earnings per share for the current year.

Insider Transactions at AtriCure

In other news, Director Maggie Yuen sold 3,500 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $24.07, for a total transaction of $84,245.00. Following the transaction, the director now owns 8,970 shares of the company’s stock, valued at $215,907.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.20% of the stock is currently owned by company insiders.

Institutional Trading of AtriCure

A number of institutional investors have recently modified their holdings of ATRC. Arizona State Retirement System boosted its stake in AtriCure by 4.0% in the 2nd quarter. Arizona State Retirement System now owns 13,542 shares of the medical device company’s stock worth $308,000 after purchasing an additional 517 shares during the period. ProShare Advisors LLC boosted its position in shares of AtriCure by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 8,371 shares of the medical device company’s stock valued at $255,000 after acquiring an additional 659 shares during the last quarter. Bank of Montreal Can boosted its position in shares of AtriCure by 4.0% during the 2nd quarter. Bank of Montreal Can now owns 21,441 shares of the medical device company’s stock valued at $488,000 after acquiring an additional 831 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new position in shares of AtriCure during the third quarter worth about $28,000. Finally, Comerica Bank increased its position in shares of AtriCure by 70.5% in the first quarter. Comerica Bank now owns 2,522 shares of the medical device company’s stock worth $77,000 after purchasing an additional 1,043 shares during the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

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.