Needham & Company LLC Reiterates Buy Rating for AtriCure (ATRC)

AtriCure (NASDAQ:ATRC)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research note issued on Friday. They currently have a $39.00 target price on the medical device company’s stock. Needham & Company LLC’s price target would suggest a potential upside of 24.40% from the company’s previous close.

The analysts wrote, “On 10/3/18, ATRC preannounced 3Q18 revenue that was above consensus as 3Q18 revenue accelerated to 18.6% from 13.5% in 2Q18. We note that ATRC had an easy comp due to last year’s hurricanes; management estimates revenue growth was ~16% adjusting for this. Management raised its 2018 revenue guidance but lowered its adjusted EBITDA guidance. Excluding certain items, gross margin declined Y/Y by 40 bps while operating margin improved Y/Y by 360 bps. We believe recent society guidelines, new products, and surgeon training activities should drive strong growth in the near-term and that CONVERGE could be a significant longer- term tailwind and we reiterate our Buy rating.””

ATRC has been the topic of a number of other reports. Canaccord Genuity boosted their price objective on AtriCure from $37.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, October 9th. Zacks Investment Research upgraded AtriCure from a “sell” rating to a “hold” rating in a research report on Friday, August 24th. Stifel Nicolaus boosted their price objective on AtriCure from $32.00 to $34.00 and gave the company a “buy” rating in a research report on Thursday, August 2nd. BTIG Research restated a “hold” rating on shares of AtriCure in a research report on Thursday, August 2nd. Finally, ValuEngine upgraded AtriCure from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 3rd. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. AtriCure presently has a consensus rating of “Buy” and a consensus price target of $33.60.

ATRC opened at $31.35 on Friday. The company has a market cap of $1.11 billion, a PE ratio of -37.77 and a beta of 0.16. The company has a current ratio of 3.16, a quick ratio of 2.37 and a debt-to-equity ratio of 0.32. AtriCure has a 1 year low of $14.88 and a 1 year high of $36.49.

AtriCure (NASDAQ:ATRC) last released its quarterly earnings data on Thursday, November 1st. The medical device company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The firm had revenue of $49.90 million for the quarter, compared to the consensus estimate of $49.90 million. AtriCure had a negative net margin of 10.41% and a negative return on equity of 17.08%. The business’s revenue for the quarter was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.22) earnings per share. As a group, research analysts predict that AtriCure will post -0.72 earnings per share for the current year.

In other AtriCure news, SVP Justin J. Noznesky sold 4,000 shares of the company’s stock in a transaction 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 sale, the senior vice president now directly owns 124,920 shares in the company, valued at $3,787,574.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 10.00% of the company’s stock.

A number of institutional investors have recently bought and sold shares of ATRC. JPMorgan Chase & Co. boosted its stake in AtriCure by 105.1% in the first 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 in the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in AtriCure in the second quarter worth $301,000. BlueMountain Capital Management LLC boosted its stake in AtriCure by 121.8% in the second quarter. BlueMountain Capital Management LLC now owns 14,904 shares of the medical device company’s stock worth $403,000 after purchasing an additional 8,184 shares in the last quarter. Engineers Gate Manager LP acquired a new position in AtriCure in the third quarter worth $521,000. Finally, GSA Capital Partners LLP boosted its stake in AtriCure by 135.4% in the second quarter. GSA Capital Partners LLP now owns 26,054 shares of the medical device company’s stock worth $705,000 after purchasing an additional 14,984 shares in the last quarter. 86.57% of the stock is currently owned by institutional investors.

AtriCure Company Profile

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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