AtriCure (NASDAQ:ATRC) Shares Gap Up – Still a Buy?

AtriCure, Inc. (NASDAQ:ATRC)’s share price gapped up prior to trading on Monday . The stock had previously closed at $31.41, but opened at $33.07. AtriCure shares last traded at $33.68, with a volume of 115,706 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. UBS Group boosted their price target on AtriCure from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Canaccord Genuity Group upped their target price on AtriCure from $53.00 to $61.00 and gave the company a “buy” rating in a report on Monday, December 9th. JPMorgan Chase & Co. restated an “overweight” rating and issued a $40.00 price target on shares of AtriCure in a research report on Tuesday, December 17th. Oppenheimer boosted their price objective on shares of AtriCure from $32.00 to $36.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, Needham & Company LLC restated a “buy” rating and set a $40.00 target price on shares of AtriCure in a report on Monday. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $42.00.

AtriCure Trading Up 0.9 %

The stock has a market cap of $1.69 billion, a PE ratio of -41.80 and a beta of 1.42. 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 business has a 50-day moving average of $33.82 and a 200 day moving average of $28.72.

AtriCure (NASDAQ:ATRC) last posted its quarterly earnings data on Tuesday, October 29th. The medical device company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.02. AtriCure had a negative net margin of 8.70% and a negative return on equity of 8.12%. The business had revenue of $115.91 million during the quarter, compared to analyst estimates of $112.23 million. During the same quarter in the previous year, the business posted ($0.20) earnings per share. The company’s revenue was up 17.9% on a year-over-year basis. Equities research analysts predict that AtriCure, Inc. will post -0.72 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Franklin Resources Inc. increased its stake in AtriCure by 0.9% in the third quarter. Franklin Resources Inc. now owns 56,843 shares of the medical device company’s stock valued at $1,569,000 after purchasing an additional 484 shares during the last quarter. Arizona State Retirement System increased its stake in shares of AtriCure by 4.0% during the 2nd quarter. Arizona State Retirement System now owns 13,542 shares of the medical device company’s stock valued at $308,000 after acquiring an additional 517 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of AtriCure by 4.0% during the 2nd quarter. Bank of Montreal Can now owns 21,441 shares of the medical device company’s stock worth $488,000 after acquiring an additional 831 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in shares of AtriCure in the third quarter worth approximately $28,000. Finally, The Manufacturers Life Insurance Company grew its holdings in AtriCure by 6.1% in the second quarter. The Manufacturers Life Insurance Company now owns 24,919 shares of the medical device company’s stock valued at $567,000 after purchasing an additional 1,429 shares during the period. Hedge funds and other institutional investors own 99.11% of the company’s stock.

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.