AtriCure (NASDAQ:ATRC) Price Target Raised to $60.00

AtriCure (NASDAQ:ATRC) had its price target increased by SVB Leerink from $55.00 to $60.00 in a report issued on Wednesday, The Fly reports. The brokerage currently has an outperform rating on the medical device company’s stock. SVB Leerink also issued estimates for AtriCure’s Q3 2020 earnings at ($0.29) EPS, Q4 2020 earnings at ($0.36) EPS, Q1 2021 earnings at ($0.19) EPS, Q2 2021 earnings at ($0.21) EPS, Q3 2021 earnings at ($0.17) EPS, Q4 2021 earnings at ($0.20) EPS, FY2021 earnings at ($0.77) EPS, Q1 2022 earnings at ($0.14) EPS, Q2 2022 earnings at ($0.14) EPS, FY2022 earnings at ($0.51) EPS and FY2023 earnings at ($0.16) EPS.

Several other brokerages have also recently weighed in on ATRC. Needham & Company LLC reaffirmed a buy rating and issued a $49.00 price target on shares of AtriCure in a research note on Friday, May 8th. Oppenheimer increased their target price on AtriCure from $45.00 to $52.00 and gave the stock an outperform rating in a research note on Monday, May 11th. Piper Sandler increased their target price on AtriCure from $47.00 to $50.00 and gave the stock an overweight rating in a research note on Wednesday. Zacks Investment Research cut AtriCure from a buy rating to a hold rating in a research note on Tuesday. Finally, BTIG Research reissued a buy rating and issued a $56.00 target price on shares of AtriCure in a research note on Tuesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $48.90.

ATRC stock traded down $1.47 during midday trading on Wednesday, hitting $40.81. The stock had a trading volume of 318,575 shares, compared to its average volume of 304,001. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of -31.64 and a beta of 0.81. The business has a 50-day moving average of $44.89 and a two-hundred day moving average of $40.87. AtriCure has a 52-week low of $22.57 and a 52-week high of $51.76. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.67 and a quick ratio of 2.43.

AtriCure (NASDAQ:ATRC) last issued its quarterly earnings results on Tuesday, July 28th. The medical device company reported ($0.38) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.59) by $0.21. The company had revenue of $40.82 million for the quarter, compared to analysts’ expectations of $36.07 million. AtriCure had a negative return on equity of 19.55% and a negative net margin of 23.64%. The firm’s revenue for the quarter was down 30.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.17) earnings per share. Research analysts predict that AtriCure will post -1.3 earnings per share for the current year.

In other news, CEO Michael H. Carrel sold 25,000 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $45.00, for a total transaction of $1,125,000.00. Following the transaction, the chief executive officer now directly owns 539,147 shares of the company’s stock, valued at $24,261,615. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Mark A. Collar sold 4,000 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $44.60, for a total value of $178,400.00. Following the transaction, the director now directly owns 81,558 shares in the company, valued at $3,637,486.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,000 shares of company stock worth $2,453,400. Corporate insiders own 5.80% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. Ameritas Investment Partners Inc. lifted its holdings in AtriCure by 7.4% in the first quarter. Ameritas Investment Partners Inc. now owns 3,396 shares of the medical device company’s stock valued at $114,000 after acquiring an additional 234 shares during the period. Diversified Trust Co lifted its holdings in AtriCure by 5.2% in the second quarter. Diversified Trust Co now owns 8,125 shares of the medical device company’s stock valued at $365,000 after acquiring an additional 400 shares during the period. UBS Group AG lifted its holdings in AtriCure by 74.8% in the fourth quarter. UBS Group AG now owns 1,215 shares of the medical device company’s stock valued at $40,000 after acquiring an additional 520 shares during the period. Meeder Asset Management Inc. lifted its holdings in AtriCure by 212.9% in the first quarter. Meeder Asset Management Inc. now owns 1,064 shares of the medical device company’s stock valued at $37,000 after acquiring an additional 724 shares during the period. Finally, Altshuler Shaham Ltd bought a new position in AtriCure in the first quarter valued at about $27,000. 89.94% of the stock is currently owned by institutional investors.

About AtriCure

AtriCure, Inc develops, manufactures, and sells devices for the surgical ablation of cardiac tissue and systems 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; EPi-Sense guided coagulation system used for the coagulation of tissue; and COBRA Fusion surgical ablation system to combine bipolar temperature-controlled radio frequency energy control with monopolar energy.

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