AtriCure’s (ATRC) “Buy” Rating Reaffirmed at Needham & Company LLC

AtriCure (NASDAQ:ATRC)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They currently have a $45.00 price objective on the medical device company’s stock. Needham & Company LLC’s target price indicates a potential upside of 36.78% from the company’s previous close.

Several other equities research analysts also recently weighed in on ATRC. Citigroup reaffirmed a “market outperform” rating on shares of AtriCure in a report on Thursday, October 30th. Zacks Research upgraded shares of AtriCure from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 6th. JPMorgan Chase & Co. lowered shares of AtriCure from an “overweight” rating to a “neutral” rating and set a $36.00 price target for the company. in a research note on Wednesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of AtriCure in a report on Wednesday, January 21st. Finally, Canaccord Genuity Group boosted their target price on AtriCure from $53.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, AtriCure has a consensus rating of “Moderate Buy” and a consensus price target of $51.11.

AtriCure Stock Performance

Shares of ATRC stock opened at $32.90 on Thursday. AtriCure has a 12-month low of $28.29 and a 12-month high of $43.18. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.87 and a quick ratio of 2.85. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of -53.93 and a beta of 1.41. The business has a 50 day simple moving average of $39.33 and a 200 day simple moving average of $36.82.

Insider Buying and Selling

In other news, Director Sven Wehrwein sold 4,967 shares of the firm’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $38.00, for a total transaction of $188,746.00. Following the completion of the sale, the director directly owned 34,374 shares of the company’s stock, valued at $1,306,212. This trade represents a 12.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Justin J. Noznesky sold 5,166 shares of the business’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $37.29, for a total value of $192,640.14. Following the sale, the insider directly owned 78,798 shares in the company, valued at $2,938,377.42. This trade represents a 6.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 18,166 shares of company stock worth $676,378. Corporate insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On AtriCure

Hedge funds and other institutional investors have recently modified their holdings of the stock. Aster Capital Management DIFC Ltd raised its holdings in AtriCure by 197.1% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 811 shares of the medical device company’s stock worth $29,000 after buying an additional 538 shares during the period. Farther Finance Advisors LLC lifted its position in shares of AtriCure by 1,818.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,132 shares of the medical device company’s stock valued at $40,000 after acquiring an additional 1,073 shares in the last quarter. Geneos Wealth Management Inc. acquired a new position in AtriCure in the 2nd quarter worth approximately $37,000. First Horizon Corp purchased a new position in AtriCure during the 3rd quarter worth approximately $42,000. Finally, Global Retirement Partners LLC acquired a new stake in AtriCure during the 4th quarter valued at $73,000. Institutional investors and hedge funds own 99.11% of the company’s stock.

AtriCure Company Profile

AtriCure, Inc is a medical device company focused on the development, manufacture and marketing of innovative therapies to treat atrial fibrillation (AF) and related conditions. Founded in 2000 and headquartered in Mason, Ohio, AtriCure has established itself as a leader in surgical ablation devices designed to interrupt the errant electrical pathways that cause AF. The company’s solutions are used by cardiac surgeons and electrophysiologists to reduce the risk of stroke and improve patient outcomes in the treatment of both paroxysmal and persistent AF.

The company’s product portfolio centers on its Synergy Surgical Ablation System, which delivers controlled radiofrequency energy in a minimally invasive format, and the cryoICE Cryoablation System, which offers an alternative ablation modality using precise freezing techniques.