Tactile Systems Technology (NASDAQ:TCMD) Cut to Buy at Wall Street Zen

Wall Street Zen downgraded shares of Tactile Systems Technology (NASDAQ:TCMD) from a strong-buy rating to a buy rating in a report published on Sunday,Wall Street Zen reports.

A number of other analysts also recently issued reports on the company. Weiss Ratings downgraded Tactile Systems Technology from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, November 3rd. BTIG Research dropped their price objective on Tactile Systems Technology from $35.00 to $31.00 and set a “buy” rating on the stock in a report on Tuesday, November 3rd. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $36.80.

Tactile Systems Technology Trading Up 0.1%

Shares of NASDAQ:TCMD opened at $26.62 on Friday. Tactile Systems Technology has a 52 week low of $20.53 and a 52 week high of $37.77. The company’s 50 day moving average is $23.07 and its two-hundred day moving average is $25.79. The company has a market cap of $594.69 million, a PE ratio of 25.82 and a beta of 0.95.

Tactile Systems Technology (NASDAQ:TCMD) last released its quarterly earnings data on Monday, November 2nd. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.03. The business had revenue of $91.86 million during the quarter, compared to analysts’ expectations of $91.99 million. Tactile Systems Technology had a net margin of 6.68% and a return on equity of 10.73%. As a group, equities research analysts expect that Tactile Systems Technology will post 1.11 EPS for the current year.

Insider Activity at Tactile Systems Technology

In other news, Director Laura G. King sold 4,800 shares of the company’s stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $25.00, for a total value of $120,000.00. Following the completion of the transaction, the director owned 20,769 shares in the company, valued at approximately $519,225. This represents a 18.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director William Burke sold 5,000 shares of the stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $27.00, for a total transaction of $135,000.00. Following the completion of the transaction, the director directly owned 50,041 shares in the company, valued at $1,351,107. This trade represents a 9.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tactile Systems Technology

Several large investors have recently bought and sold shares of TCMD. BlackRock Inc. purchased a new position in shares of Tactile Systems Technology during the second quarter worth about $56,733,000. First Light Asset Management LLC purchased a new stake in shares of Tactile Systems Technology in the 2nd quarter valued at about $13,775,000. Renaissance Technologies LLC lifted its holdings in shares of Tactile Systems Technology by 32.3% in the 1st quarter. Renaissance Technologies LLC now owns 510,897 shares of the company’s stock valued at $13,350,000 after purchasing an additional 124,597 shares during the last quarter. Jupiter Topco LLC purchased a new stake in shares of Tactile Systems Technology in the 2nd quarter valued at about $11,831,000. Finally, Punch & Associates Investment Management Inc. purchased a new stake in shares of Tactile Systems Technology in the 2nd quarter valued at about $9,381,000. Institutional investors and hedge funds own 83.43% of the company’s stock.

About Tactile Systems Technology

Tactile Systems Technology, doing business as Tactile Medical, develops and provides medical devices and services for people with chronic swelling and related conditions. The company focuses primarily on lymphedema and chronic venous insufficiency, conditions that can cause persistent fluid buildup in the limbs and trunk. Its principal products include advanced pneumatic compression devices, such as the Flexitouch Plus system for the treatment of lymphedema and the Entre Plus system for home treatment of lymphedema and chronic venous insufficiency.