Needham Believes Atricure (ATRC) Won’t Stop Here

Needham analyst Michael Matson reiterated a Buy rating on Atricure (NASDAQ: ATRC) today and set a price target of $32. The company’s shares closed on Friday at $26.99, close to its 52-week high of $27.22.

Matson wrote:

“We have increased confidence in ATRC’s ability to sustain strong revenue growth and to drive upside to consensus estimates given: 1) strong Open-Heart Ablation growth driven by society guidelines and increasing penetration, 2) strong AtriClip growth driven by new products with higher prices, 3) conservative guidance, and 4) easing comps, particularly in 2H18. Additionally, we expect ATRC’s analyst meeting (6/26 in NYC) to serve as a nearer-term catalyst and results from its CONVERGE trial to serve a a significant longer-term catalyst in 2H19. Given this, we raise our price target to $32 from $26 and reiterate our Buy rating.”

According to TipRanks.com, Matson is a 5-star analyst with an average return of 10.9% and a 63.8% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.

Atricure has an analyst consensus of Strong Buy, with a price target consensus of $27.33.

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Based on Atricure’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $10.13 million. In comparison, last year the company had a GAAP net loss of $10.18 million.

Based on the recent corporate insider activity of 47 insiders, corporate insider sentiment is negative on the stock. Last month, Elizabeth Krell, a Director at ATRC sold 10,000 shares for a total of $228,200.

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AtriCure, Inc. engages provision of treatment of atrial fibrillation and left atrial appendage. It operates through the following geographical segments: United States, Europe, Asia, and Other International.