Needham & Company LLC Reiterates Buy Rating for AtriCure, Inc. (ATRC)
Needham & Company LLC reiterated their buy rating on shares of AtriCure, Inc. (NASDAQ:ATRC) in a research report sent to investors on Friday morning, Marketbeat reports. They currently have a $26.00 price objective on the medical device company’s stock, up from their previous price objective of $25.00.
“ATRC’s 2Q17 revenue, EBITDA, and EPS beat consensus and management raised its 2017 revenue guidance. Worldwide Open-Heart Ablation growth improved to 11% from 10% in 1Q17 and US Open-Heart Ablation growth improved to 14% from 12% in 1Q17. We think that the accelerating Open-Heart growth should help to reduce concerns that this business is in a permanent slowdown and we think this shows that the new guidelines for ablation in concomitant open-heart procedures are driving stronger growth in this business. ATRC shares remain at a large discount to peers (2017E EV/sales of 4.4x vs. small/mid-cap growth peers at a median of 7.1x) and we reiterate our Buy rating.”,” Needham & Company LLC’s analyst wrote.
Other analysts have also recently issued research reports about the stock. TheStreet raised shares of AtriCure from a d+ rating to a c- rating in a report on Monday, May 15th. BidaskClub cut shares of AtriCure from a strong-buy rating to a buy rating in a report on Monday, July 24th. Leerink Swann reiterated an outperform rating and issued a $26.00 target price on shares of AtriCure in a research report on Friday, June 16th. ValuEngine upgraded shares of AtriCure from a sell rating to a hold rating in a research report on Friday, June 2nd. Finally, Piper Jaffray Companies reiterated an overweight rating and issued a $26.00 target price on shares of AtriCure in a research report on Tuesday, May 30th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. The stock has an average rating of Buy and an average price target of $23.10.
Shares of AtriCure (NASDAQ:ATRC) opened at 24.37 on Friday. The stock’s market cap is $836.72 million. The stock has a 50 day moving average of $23.59 and a 200 day moving average of $20.17. AtriCure has a one year low of $13.45 and a one year high of $25.18.
AtriCure (NASDAQ:ATRC) last released its quarterly earnings data on Thursday, July 27th. The medical device company reported ($0.21) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.26) by $0.05. AtriCure had a negative net margin of 19.56% and a negative return on equity of 19.38%. The business had revenue of $45.23 million for the quarter, compared to analysts’ expectations of $44.15 million. During the same quarter last year, the company earned ($0.26) EPS. The company’s revenue for the quarter was up 14.0% compared to the same quarter last year. Equities analysts expect that AtriCure will post ($0.96) EPS for the current fiscal year.
In other news, Director Elizabeth D. Krell sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $21.44, for a total transaction of $214,400.00. Following the completion of the transaction, the director now owns 24,162 shares in the company, valued at approximately $518,033.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 10.00% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Sei Investments Co. raised its position in AtriCure by 75.5% in the second quarter. Sei Investments Co. now owns 6,933 shares of the medical device company’s stock valued at $168,000 after buying an additional 2,983 shares during the period. Essex Investment Management Co. LLC raised its position in AtriCure by 19.8% in the second quarter. Essex Investment Management Co. LLC now owns 142,774 shares of the medical device company’s stock valued at $3,462,000 after buying an additional 23,585 shares during the period. US Bancorp DE raised its position in AtriCure by 152.1% in the second quarter. US Bancorp DE now owns 4,202 shares of the medical device company’s stock valued at $102,000 after buying an additional 2,535 shares during the period. Bank of America Corp DE raised its position in AtriCure by 42.0% in the first quarter. Bank of America Corp DE now owns 26,389 shares of the medical device company’s stock valued at $505,000 after buying an additional 7,809 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its position in AtriCure by 11.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 159,242 shares of the medical device company’s stock valued at $3,050,000 after buying an additional 16,895 shares during the period. Institutional investors own 86.01% of the company’s stock.
AtriCure Company Profile
AtriCure, Inc is an atrial fibrillation (Afib) solutions company. The Company develops, manufactures, and sells devices designed primarily for the surgical ablation of cardiac tissue and systems designed for the exclusion of the left atrial appendage. It has various product lines for the ablation of cardiac tissue, including its Isolator Synergy Ablation System, for the treatment of persistent and longstanding persistent forms of Afib in patients undergoing certain open concomitant procedures.
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