Canaccord Genuity Group Raises AtriCure (NASDAQ:ATRC) Price Target to $61.00

AtriCure (NASDAQ:ATRC) had its price target lifted by equities researchers at Canaccord Genuity Group from $53.00 to $61.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the medical device company’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 79.52% from the company’s previous close.

A number of other research firms have also recently commented on ATRC. JPMorgan Chase & Co. raised their price target on AtriCure from $30.00 to $40.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. StockNews.com raised AtriCure from a “sell” rating to a “hold” rating in a report on Saturday, September 14th. UBS Group increased their price objective on shares of AtriCure from $35.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Needham & Company LLC upped their target price on shares of AtriCure from $34.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Oppenheimer raised their target price on shares of AtriCure from $32.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, AtriCure currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.00.

AtriCure Stock Up 0.1 %

NASDAQ ATRC opened at $33.98 on Monday. AtriCure has a 52 week low of $18.94 and a 52 week high of $39.04. The company has a quick ratio of 2.59, a current ratio of 3.62 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $1.66 billion, a P/E ratio of -40.94 and a beta of 1.40. The stock’s 50-day moving average price is $32.63 and its 200-day moving average price is $27.03.

AtriCure (NASDAQ:ATRC) last released its earnings results on Tuesday, October 29th. The medical device company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.02. The company had revenue of $115.91 million for the quarter, compared to analysts’ expectations of $112.23 million. AtriCure had a negative net margin of 8.70% and a negative return on equity of 8.12%. The firm’s revenue was up 17.9% compared to the same quarter last year. During the same quarter last year, the business earned ($0.20) EPS. On average, equities research analysts predict that AtriCure will post -0.72 earnings per share for the current year.

Institutional Trading of AtriCure

A number of large investors have recently made changes to their positions in the stock. Champlain Investment Partners LLC raised its position in AtriCure by 4.3% during the 3rd quarter. Champlain Investment Partners LLC now owns 2,790,758 shares of the medical device company’s stock valued at $78,253,000 after purchasing an additional 115,813 shares in the last quarter. First Light Asset Management LLC lifted its position in shares of AtriCure by 42.1% in the 2nd quarter. First Light Asset Management LLC now owns 1,964,703 shares of the medical device company’s stock worth $44,736,000 after purchasing an additional 581,843 shares during the period. Hood River Capital Management LLC purchased a new position in AtriCure during the second quarter valued at approximately $40,422,000. Wellington Management Group LLP raised its stake in AtriCure by 0.4% in the third quarter. Wellington Management Group LLP now owns 1,543,896 shares of the medical device company’s stock worth $43,291,000 after buying an additional 6,045 shares in the last quarter. Finally, State Street Corp lifted its holdings in AtriCure by 4.9% during the third quarter. State Street Corp now owns 1,344,856 shares of the medical device company’s stock worth $37,710,000 after buying an additional 63,002 shares during the period. 99.11% of the stock is 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.