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

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AtriCure (NASDAQ:ATRC)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a note issued to investors on Friday. They presently have a $39.00 price target on the medical device company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 25.36% from the company’s previous close.

The analysts wrote, “ATRC announced on 8/28/18 that it had completed enrollment in its CONVERGE pivotal trial. The one-year follow-up period should be completed in 3Q19 and we expect a subsequent decision by the FDA on an atrial fibrillation (AF) indication for ATRC’s Convergent hybrid ablation procedure in late 2020 or early 2021. Given single-center data from Emory and public comments by the principal investigator, we think it is likely that CONVERGE meets its primary endpoints. Convergent could be the first product to obtain an FDA clearance to treat the large persistent and long-standing persistent AF population. If approved, we believe that Convergent could significantly accelerate ATRC’s growth and estimate that it could be worth $19 per share.””

Other equities analysts have also recently issued reports about the company. Canaccord Genuity raised their price objective on AtriCure from $27.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, June 27th. Stifel Nicolaus raised their price objective on AtriCure from $23.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, June 27th. Zacks Investment Research raised AtriCure from a “sell” rating to a “hold” rating in a report on Friday, August 24th. BTIG Research reissued a “hold” rating on shares of AtriCure in a report on Wednesday, June 27th. Finally, Piper Jaffray Companies lifted their price target on AtriCure to $30.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 26th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $33.60.

Shares of NASDAQ ATRC opened at $31.11 on Friday. The stock has a market cap of $1.24 billion, a P/E ratio of -37.48 and a beta of 0.17. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.37 and a current ratio of 3.16. AtriCure has a 1-year low of $14.88 and a 1-year high of $36.49.

AtriCure (NASDAQ:ATRC) last announced its quarterly earnings data on Wednesday, August 1st. The medical device company reported ($0.19) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.23) by $0.04. The company had revenue of $51.80 million for the quarter, compared to analysts’ expectations of $49.94 million. AtriCure had a negative return on equity of 16.57% and a negative net margin of 10.85%. AtriCure’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.21) EPS. As a group, equities analysts expect that AtriCure will post -0.89 earnings per share for the current year.

In other AtriCure news, SVP Justin J. Noznesky sold 4,000 shares of AtriCure stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $30.32, for a total value of $121,280.00. Following the transaction, the senior vice president now directly owns 124,920 shares of the company’s stock, valued at approximately $3,787,574.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 8.70% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in ATRC. JPMorgan Chase & Co. increased its stake in AtriCure by 105.1% in the 1st quarter. JPMorgan Chase & Co. now owns 14,208 shares of the medical device company’s stock worth $292,000 after purchasing an additional 7,281 shares during the period. The Manufacturers Life Insurance Company increased its stake in AtriCure by 481.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 263,831 shares of the medical device company’s stock worth $5,414,000 after purchasing an additional 218,485 shares during the period. Millennium Management LLC increased its stake in AtriCure by 13.6% in the 1st quarter. Millennium Management LLC now owns 859,871 shares of the medical device company’s stock worth $17,645,000 after purchasing an additional 102,911 shares during the period. Hudson Executive Capital LP increased its stake in AtriCure by 18.4% in the 1st quarter. Hudson Executive Capital LP now owns 2,374,119 shares of the medical device company’s stock worth $48,717,000 after purchasing an additional 368,509 shares during the period. Finally, Highbridge Capital Management LLC purchased a new position in AtriCure in the 1st quarter worth approximately $208,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

About AtriCure

AtriCure, Inc provides atrial fibrillation solutions 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; COBRA Fusion surgical ablation system to combine bipolar temperature-controlled radio frequency energy control with monopolar energy; and EPi-Sense guided coagulation system used for the temporary cardiac signal sensing and recording during surgery.

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Analyst Recommendations for AtriCure (NASDAQ:ATRC)

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