AtriCure (NASDAQ:ATRC) Given New $44.00 Price Target at Needham & Company LLC

AtriCure (NASDAQ:ATRC) had its price target cut by equities research analysts at Needham & Company LLC from $51.00 to $44.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the medical device company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 50.22% from the stock’s previous close.

ATRC has been the topic of a number of other reports. Canaccord Genuity Group dropped their target price on shares of AtriCure from $66.00 to $52.00 and set a “buy” rating on the stock in a report on Friday, March 28th. Oppenheimer upped their price target on AtriCure from $36.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, February 13th. Stifel Nicolaus raised their price objective on AtriCure from $36.00 to $48.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Piper Sandler boosted their target price on AtriCure from $40.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $60.00 target price on shares of AtriCure in a report on Monday, February 10th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, AtriCure presently has an average rating of “Moderate Buy” and a consensus price target of $50.67.

AtriCure Stock Performance

ATRC opened at $29.29 on Wednesday. The business has a 50 day moving average price of $33.76 and a two-hundred day moving average price of $34.67. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.65 and a quick ratio of 2.62. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of -30.83 and a beta of 1.65. AtriCure has a 1-year low of $18.94 and a 1-year high of $43.11.

AtriCure (NASDAQ:ATRC) last announced its quarterly earnings data on Tuesday, April 29th. The medical device company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.25) by $0.11. The business had revenue of $123.62 million during the quarter, compared to analyst estimates of $122.92 million. AtriCure had a negative return on equity of 6.80% and a negative net margin of 9.61%. The company’s revenue was up 13.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.28) earnings per share. Research analysts predict that AtriCure will post -0.6 EPS for the current fiscal year.

Insider Activity

In related news, Director Karen Prange sold 6,100 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $38.12, for a total value of $232,532.00. Following the completion of the sale, the director now directly owns 17,828 shares of the company’s stock, valued at approximately $679,603.36. This represents a 25.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AtriCure

A number of large investors have recently made changes to their positions in ATRC. Adage Capital Partners GP L.L.C. purchased a new position in AtriCure during the fourth quarter valued at approximately $9,168,000. Kennedy Capital Management LLC boosted its stake in shares of AtriCure by 29.8% during the 4th quarter. Kennedy Capital Management LLC now owns 752,580 shares of the medical device company’s stock valued at $22,999,000 after buying an additional 172,648 shares during the period. Marshall Wace LLP grew its holdings in shares of AtriCure by 37.1% during the 4th quarter. Marshall Wace LLP now owns 619,166 shares of the medical device company’s stock valued at $18,922,000 after acquiring an additional 167,476 shares in the last quarter. Oberweis Asset Management Inc. purchased a new position in shares of AtriCure during the 4th quarter valued at $4,630,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of AtriCure by 24.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 700,212 shares of the medical device company’s stock worth $21,398,000 after acquiring an additional 136,015 shares during the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

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.