AtriCure’s (ATRC) Buy Rating Reiterated at Needham & Company LLC

AtriCure (NASDAQ:ATRC)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a report released on Friday,Benzinga reports. They presently have a $51.00 price target on the medical device company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 52.06% from the company’s previous close.

Other equities analysts also recently issued reports about the company. Piper Sandler increased their target price on AtriCure from $40.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. JPMorgan Chase & Co. increased their target price on AtriCure from $40.00 to $51.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 11th. Canaccord Genuity Group raised their price objective on AtriCure from $61.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Stifel Nicolaus raised their price objective on AtriCure from $36.00 to $48.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $60.00 price objective on shares of AtriCure in a research note on Monday, February 10th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.56.

AtriCure Stock Performance

Shares of ATRC stock opened at $33.54 on Friday. The company has a market cap of $1.64 billion, a price-to-earnings ratio of -35.30 and a beta of 1.53. The stock has a 50 day simple moving average of $38.22 and a 200-day simple moving average of $33.72. AtriCure has a 12-month low of $18.94 and a 12-month high of $43.11. The company has a current ratio of 3.65, a quick ratio of 2.62 and a debt-to-equity ratio of 0.13.

Insiders Place Their Bets

In other AtriCure news, Director Karen Prange sold 6,100 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $38.12, for a total transaction of $232,532.00. Following the completion of the transaction, the director now owns 17,828 shares of the company’s stock, valued at approximately $679,603.36. This trade represents a 25.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AtriCure

Several hedge funds have recently bought and sold shares of the stock. Hood River Capital Management LLC increased its position in AtriCure by 3.3% during the fourth quarter. Hood River Capital Management LLC now owns 2,923,731 shares of the medical device company’s stock worth $89,349,000 after buying an additional 93,131 shares in the last quarter. Champlain Investment Partners LLC boosted its holdings in shares of AtriCure by 4.3% during the third quarter. Champlain Investment Partners LLC now owns 2,790,758 shares of the medical device company’s stock worth $78,253,000 after purchasing an additional 115,813 shares during the last quarter. First Light Asset Management LLC boosted its holdings in shares of AtriCure by 5.6% during the fourth quarter. First Light Asset Management LLC now owns 1,969,221 shares of the medical device company’s stock worth $60,179,000 after purchasing an additional 103,685 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of AtriCure by 0.4% during 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 purchasing an additional 6,045 shares during the last quarter. Finally, State Street Corp boosted its holdings in shares of 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 purchasing an additional 63,002 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

About AtriCure

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.