Zacks Investment Research cut shares of Tactile Systems Technology, Inc. (NASDAQ:TCMD) from a buy rating to a hold rating in a research note issued to investors on Wednesday.
According to Zacks, “Tactile Systems Technology, Inc. is a medical technology company which develops medical devices for the treatment of chronic diseases at home. The company’s product pipeline consists of Flexitouch System(R), the Entré System and the ACTitouch System (R). Tactile Systems Technology, Inc. is headquartered in Minneapolis, Minnesota. “
Several other equities analysts have also weighed in on TCMD. Piper Jaffray Companies increased their price objective on shares of Tactile Systems Technology from $30.00 to $36.00 and gave the company an overweight rating in a report on Tuesday, August 8th. Canaccord Genuity restated a buy rating and issued a $37.00 price objective (up from $28.00) on shares of Tactile Systems Technology in a report on Tuesday, August 8th. ValuEngine upgraded shares of Tactile Systems Technology from a sell rating to a hold rating in a report on Friday, July 28th. Finally, BTIG Research lowered shares of Tactile Systems Technology from a buy rating to a neutral rating in a report on Monday, September 18th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of Buy and an average target price of $36.60.
Tactile Systems Technology (NASDAQ TCMD) traded up 2.10% on Wednesday, hitting $31.64. The company’s stock had a trading volume of 107,581 shares. The company has a 50 day moving average price of $32.85 and a 200-day moving average price of $27.05. Tactile Systems Technology has a 1-year low of $14.37 and a 1-year high of $37.88. The company has a market capitalization of $556.42 million, a P/E ratio of 119.85 and a beta of -0.07.
Tactile Systems Technology (NASDAQ:TCMD) last released its quarterly earnings results on Monday, August 7th. The company reported $0.04 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.03. Tactile Systems Technology had a net margin of 4.97% and a return on equity of 3.05%. The business had revenue of $26.30 million for the quarter, compared to analysts’ expectations of $23.88 million. During the same period in the prior year, the firm earned $0.04 earnings per share. Tactile Systems Technology’s revenue was up 33.5% compared to the same quarter last year. On average, equities analysts forecast that Tactile Systems Technology will post $0.28 earnings per share for the current fiscal year.
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In related news, COO Robert J. Folkes sold 2,955 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $29.43, for a total value of $86,965.65. Following the transaction, the chief operating officer now directly owns 132,792 shares in the company, valued at $3,908,068.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Gerald R. Mattys sold 30,000 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $31.47, for a total transaction of $944,100.00. Following the completion of the transaction, the chief executive officer now owns 327,885 shares in the company, valued at $10,318,540.95. The disclosure for this sale can be found here. Insiders sold 1,078,547 shares of company stock worth $33,514,042 over the last 90 days. 49.90% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its holdings in Tactile Systems Technology by 39.3% in the second quarter. JPMorgan Chase & Co. now owns 4,435 shares of the company’s stock valued at $127,000 after buying an additional 1,252 shares during the period. Bank of America Corp DE raised its holdings in Tactile Systems Technology by 1,118.5% in the first quarter. Bank of America Corp DE now owns 6,982 shares of the company’s stock worth $133,000 after purchasing an additional 6,409 shares during the period. Bank of Montreal Can acquired a new stake in Tactile Systems Technology in the second quarter worth $146,000. Nationwide Fund Advisors raised its holdings in Tactile Systems Technology by 201.8% in the second quarter. Nationwide Fund Advisors now owns 5,170 shares of the company’s stock worth $148,000 after purchasing an additional 3,457 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in Tactile Systems Technology by 10,882.4% in the second quarter. The Manufacturers Life Insurance Company now owns 7,468 shares of the company’s stock worth $213,000 after purchasing an additional 7,400 shares during the period. Institutional investors and hedge funds own 45.65% of the company’s stock.
Tactile Systems Technology Company Profile
Tactile Systems Technology, Inc is a medical technology company that develops and provides medical devices for the treatment of chronic diseases at home. The Company is a manufacturer and distributor of the Flexitouch and Entre Systems, medical devices that help control symptoms of lymphedema, a chronic and progressive medical condition that is often an unintended consequence of cancer treatment, and the ACTitouch System, a medical device used to treat venous leg ulcers and chronic venous insufficiency.
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