AtriCure (NASDAQ:ATRC) Upgraded by Wall Street Zen to Buy Rating

Key Points

• AtriCure has received an upgraded rating from Wall Street Zen, moving from a "hold" to a "buy" rating, reflecting increasing analyst confidence in the stock.
• Multiple analysts have revised their price targets for AtriCure, with an average target price of $50.89, indicating a potential growth outlook for investors.
• The company's recent quarterly earnings showed a revenue increase of 17.1% year-over-year, surpassing analyst expectations with earnings per share of ($0.02) against a consensus estimate of ($0.15).

AtriCure (NASDAQ:ATRC - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Saturday.

ATRC has been the subject of several other reports. UBS Group decreased their price objective on shares of AtriCure from $60.00 to $58.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Needham & Company LLC upped their price objective on shares of AtriCure from $44.00 to $45.00 and gave the stock a "buy" rating in a report on Wednesday. BTIG Research set a $54.00 price target on shares of AtriCure in a report on Wednesday. Finally, JMP Securities reissued a "market outperform" rating and issued a $60.00 price target on shares of AtriCure in a report on Wednesday, April 30th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $50.89.

AtriCure Stock Performance

Shares of ATRC opened at $34.41 on Friday. The company has a quick ratio of 2.88, a current ratio of 3.94 and a debt-to-equity ratio of 0.16. The company's fifty day moving average is $32.36 and its 200-day moving average is $34.32. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of -44.69 and a beta of 1.61. AtriCure has a 12 month low of $20.20 and a 12 month high of $43.11.

AtriCure (NASDAQ:ATRC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The medical device company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.13. The business had revenue of $136.14 million during the quarter, compared to the consensus estimate of $130.17 million. AtriCure had a negative net margin of 7.27% and a negative return on equity of 4.20%. AtriCure's quarterly revenue was up 17.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.17) EPS. Equities analysts expect that AtriCure will post -0.6 EPS for the current fiscal year.

Insider Activity at AtriCure

In other news, insider Vinayak Doraiswamy sold 2,500 shares of the firm's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $33.44, for a total transaction of $83,600.00. Following the completion of the transaction, the insider directly owned 73,550 shares of the company's stock, valued at approximately $2,459,512. This trade represents a 3.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.50% of the company's stock.

Hedge Funds Weigh In On AtriCure

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of AtriCure by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 4,714,371 shares of the medical device company's stock worth $152,086,000 after acquiring an additional 61,166 shares during the period. Hood River Capital Management LLC lifted its holdings in shares of AtriCure by 3.3% during the 4th quarter. Hood River Capital Management LLC now owns 2,923,731 shares of the medical device company's stock worth $89,349,000 after acquiring an additional 93,131 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of AtriCure by 170.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,196,914 shares of the medical device company's stock worth $70,872,000 after acquiring an additional 1,385,544 shares during the period. First Light Asset Management LLC lifted its holdings in shares of AtriCure by 5.6% during the 4th quarter. First Light Asset Management LLC now owns 1,969,221 shares of the medical device company's stock worth $60,179,000 after acquiring an additional 103,685 shares during the period. Finally, Neuberger Berman Group LLC lifted its holdings in shares of AtriCure by 26.3% during the 1st quarter. Neuberger Berman Group LLC now owns 1,186,065 shares of the medical device company's stock worth $38,365,000 after acquiring an additional 246,877 shares during the period. 99.11% of the stock is owned by institutional investors.

About AtriCure

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.

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