AtriCure (NASDAQ:ATRC) Hits New 52-Week High Following Analyst Upgrade

AtriCure, Inc. (NASDAQ:ATRC - Get Free Report)'s share price hit a new 52-week high during trading on Thursday after Needham & Company LLC raised their price target on the stock from $40.00 to $51.00. Needham & Company LLC currently has a buy rating on the stock. AtriCure traded as high as $41.05 and last traded at $39.50, with a volume of 782535 shares traded. The stock had previously closed at $39.63.

ATRC has been the topic of several other reports. UBS Group boosted their target price on shares of AtriCure from $35.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Oppenheimer upped their target price on AtriCure from $32.00 to $36.00 and gave the company an "outperform" rating in a research note on Wednesday, October 30th. Canaccord Genuity Group lifted their price target on shares of AtriCure from $53.00 to $61.00 and gave the company a "buy" rating in a report on Monday, December 9th. Finally, JPMorgan Chase & Co. restated an "overweight" rating and set a $40.00 price target on shares of AtriCure in a research note on Tuesday, December 17th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, AtriCure currently has an average rating of "Moderate Buy" and a consensus price target of $43.38.

Hedge Funds Weigh In On AtriCure

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Heck Capital Advisors LLC acquired a new position in AtriCure in the fourth quarter worth approximately $60,000. R Squared Ltd acquired a new position in shares of AtriCure during the 4th quarter worth $89,000. KBC Group NV lifted its stake in shares of AtriCure by 65.3% in the 4th quarter. KBC Group NV now owns 2,360 shares of the medical device company's stock valued at $72,000 after purchasing an additional 932 shares during the last quarter. Blue Trust Inc. lifted its position in shares of AtriCure by 1.8% in the fourth quarter. Blue Trust Inc. now owns 14,751 shares of the medical device company's stock worth $414,000 after buying an additional 265 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of AtriCure by 0.9% during the 3rd quarter. Franklin Resources Inc. now owns 56,843 shares of the medical device company's stock valued at $1,569,000 after acquiring an additional 484 shares during the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

AtriCure Price Performance

The stock has a 50 day moving average of $33.96 and a two-hundred day moving average of $29.34. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.59 and a current ratio of 3.62. The firm has a market capitalization of $1.97 billion, a P/E ratio of -48.64 and a beta of 1.42.

AtriCure (NASDAQ:ATRC - Get Free Report) last posted its earnings results on Tuesday, October 29th. The medical device company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.19) by $0.02. The business had revenue of $115.91 million for the quarter, compared to analyst estimates of $112.23 million. AtriCure had a negative net margin of 8.70% and a negative return on equity of 8.12%. AtriCure's revenue was up 17.9% compared to the same quarter last year. During the same period last year, the business posted ($0.20) EPS. Sell-side analysts predict that AtriCure, Inc. will post -0.75 earnings per share for the current fiscal year.

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.