Canaccord Genuity Group Forecasts Strong Price Appreciation for AtriCure (NASDAQ:ATRC) Stock

AtriCure (NASDAQ:ATRC) had its target price raised by Canaccord Genuity Group from $49.00 to $53.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the medical device company’s stock.

Other research analysts have also recently issued reports about the company. Stifel Nicolaus lowered their price objective on AtriCure from $30.00 to $26.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. StockNews.com upgraded AtriCure from a “sell” rating to a “hold” rating in a research report on Saturday, September 14th. JPMorgan Chase & Co. increased their price objective on shares of AtriCure from $30.00 to $40.00 and gave the company an “overweight” rating in a report on Wednesday. Oppenheimer upped their target price on shares of AtriCure from $32.00 to $36.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Needham & Company LLC raised their target price on shares of AtriCure from $34.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $43.11.

AtriCure Price Performance

Shares of ATRC opened at $33.51 on Wednesday. AtriCure has a 1-year low of $18.94 and a 1-year high of $43.00. The firm has a fifty day simple moving average of $28.02 and a two-hundred day simple moving average of $24.51. The company has a current ratio of 4.13, a quick ratio of 2.93 and a debt-to-equity ratio of 0.16. The firm has a market cap of $1.63 billion, a PE ratio of -40.37 and a beta of 1.44.

AtriCure (NASDAQ:ATRC) last released its quarterly earnings results on Tuesday, October 29th. The medical device company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.02. The firm had revenue of $115.91 million during the quarter, compared to analyst estimates of $112.23 million. AtriCure had a negative net margin of 8.70% and a negative return on equity of 8.14%. The business’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.20) EPS. On average, equities analysts anticipate that AtriCure will post -0.77 EPS for the current year.

Insider Transactions at AtriCure

In related news, Director Maggie Yuen sold 3,500 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $24.07, for a total value of $84,245.00. Following the completion of the transaction, the director now owns 8,970 shares of the company’s stock, valued at approximately $215,907.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.20% of the company’s stock.

Institutional Trading of AtriCure

A number of institutional investors have recently bought and sold shares of the stock. Arcadia Investment Management Corp MI bought a new position in AtriCure during the third quarter valued at $28,000. Comerica Bank raised its position in AtriCure by 70.5% in the 1st 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 period. nVerses Capital LLC raised its position in AtriCure by 733.3% in the 3rd 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 during the period. Quest Partners LLC lifted its stake in AtriCure by 38.3% in the second quarter. Quest Partners LLC now owns 5,868 shares of the medical device company’s stock worth $134,000 after purchasing an additional 1,626 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC purchased a new position in shares of AtriCure during the first quarter valued at approximately $224,000. 99.11% of the stock is currently owned by 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.