Needham & Company LLC reaffirmed their buy rating on shares of AtriCure (NASDAQ:ATRC) in a report issued on Friday morning. The brokerage currently has a $39.00 target price on the medical device company’s stock.
“ATRC announced on 8/28/18 that it had completed enrollment in its CONVERGE pivotal trial. The one-year follow-up period should be completed in 3Q19 and we expect a subsequent decision by the FDA on an atrial fibrillation (AF) indication for ATRC’s Convergent hybrid ablation procedure in late 2020 or early 2021. Given single-center data from Emory and public comments by the principal investigator, we think it is likely that CONVERGE meets its primary endpoints. Convergent could be the first product to obtain an FDA clearance to treat the large persistent and long-standing persistent AF population. If approved, we believe that Convergent could significantly accelerate ATRC’s growth and estimate that it could be worth $19 per share.”,” the firm’s analyst commented.
Other equities research analysts have also recently issued research reports about the stock. Canaccord Genuity upped their price target on shares of AtriCure from $27.00 to $35.00 and gave the stock a buy rating in a research report on Wednesday, June 27th. Stifel Nicolaus upped their price target on shares of AtriCure from $23.00 to $32.00 and gave the stock a buy rating in a research report on Wednesday, June 27th. Zacks Investment Research raised shares of AtriCure from a sell rating to a hold rating in a research report on Friday, August 24th. BTIG Research reaffirmed a hold rating on shares of AtriCure in a research report on Wednesday, June 27th. Finally, Piper Jaffray Companies upped their price target on shares of AtriCure to $30.00 and gave the stock an overweight rating in a research report on Tuesday, June 26th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $33.60.
Shares of ATRC traded up $1.10 during mid-day trading on Friday, hitting $31.11. The company’s stock had a trading volume of 471,658 shares, compared to its average volume of 206,342. AtriCure has a 52-week low of $14.88 and a 52-week high of $36.49. The stock has a market capitalization of $1.24 billion, a PE ratio of -37.48 and a beta of 0.17. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.37 and a current ratio of 3.16.
AtriCure (NASDAQ:ATRC) last announced its quarterly earnings results on Wednesday, August 1st. The medical device company reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.04. AtriCure had a negative net margin of 10.85% and a negative return on equity of 16.57%. The firm had revenue of $51.80 million during the quarter, compared to analysts’ expectations of $49.94 million. During the same quarter in the prior year, the company earned ($0.21) EPS. The company’s revenue was up 14.5% compared to the same quarter last year. Equities research analysts forecast that AtriCure will post -0.89 EPS for the current year.
In related news, SVP Justin J. Noznesky sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $30.32, for a total transaction of $121,280.00. Following the completion of the transaction, the senior vice president now owns 124,920 shares in the company, valued at approximately $3,787,574.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 8.70% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of ATRC. Highbridge Capital Management LLC acquired a new position in AtriCure during the 1st quarter valued at approximately $208,000. Campbell & CO Investment Adviser LLC acquired a new position in AtriCure during the 2nd quarter valued at approximately $301,000. JPMorgan Chase & Co. increased its stake in AtriCure by 105.1% during the 1st quarter. JPMorgan Chase & Co. now owns 14,208 shares of the medical device company’s stock valued at $292,000 after purchasing an additional 7,281 shares in the last quarter. BlueMountain Capital Management LLC increased its stake in AtriCure by 121.8% during the 2nd quarter. BlueMountain Capital Management LLC now owns 14,904 shares of the medical device company’s stock valued at $403,000 after purchasing an additional 8,184 shares in the last quarter. Finally, GSA Capital Partners LLP increased its stake in AtriCure by 135.4% during the 2nd quarter. GSA Capital Partners LLP now owns 26,054 shares of the medical device company’s stock valued at $705,000 after purchasing an additional 14,984 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.
AtriCure Company Profile
AtriCure, Inc provides atrial fibrillation solutions to medical centers in the United States and internationally. The company offers Isolator Synergy and Isolator Synergy Access clamps for the treatment of persistent and long-standing persistent atrial fibrillation concomitant to other open-heart surgical procedures; COBRA Fusion surgical ablation system to combine bipolar temperature-controlled radio frequency energy control with monopolar energy; and EPi-Sense guided coagulation system used for the temporary cardiac signal sensing and recording during surgery.
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