Tactile Systems Technology (NASDAQ:TCMD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued 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 research analysts also recently commented on TCMD. Northland Securities downgraded Tactile Systems Technology from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Canaccord Genuity lifted their price target on Tactile Systems Technology from $37.00 to $42.00 and gave the stock a “buy” rating in a research report on Tuesday. Piper Jaffray Companies raised Tactile Systems Technology to a “buy” rating and set a $36.00 price target on the stock in a research report on Tuesday, February 20th. BidaskClub raised Tactile Systems Technology from a “sell” rating to a “hold” rating in a research report on Saturday, January 20th. Finally, BTIG Research upgraded Tactile Systems Technology from a “neutral” rating to a “buy” rating in a research report on Thursday, November 9th. They noted that the move was a valuation call. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Tactile Systems Technology currently has a consensus rating of “Hold” and an average target price of $35.08.
In other news, Director Jordan Davis sold 75,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $32.00, for a total transaction of $2,400,000.00. Following the sale, the director now directly owns 5,006 shares in the company, valued at $160,192. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William W. Burke sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $28.86, for a total value of $57,720.00. Following the sale, the director now owns 6,306 shares in the company, valued at $181,991.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 255,676 shares of company stock worth $7,703,623. 49.90% of the stock is currently owned by company insiders.
A number of large investors have recently made changes to their positions in TCMD. BlackRock Inc. grew its position in Tactile Systems Technology by 197.1% in the fourth quarter. BlackRock Inc. now owns 1,705,703 shares of the company’s stock valued at $49,431,000 after acquiring an additional 1,131,497 shares during the period. Peregrine Capital Management LLC bought a new stake in Tactile Systems Technology in the third quarter valued at $16,984,000. Cortina Asset Management LLC grew its position in Tactile Systems Technology by 280.0% in the fourth quarter. Cortina Asset Management LLC now owns 681,966 shares of the company’s stock valued at $19,763,000 after acquiring an additional 502,497 shares during the period. Thrivent Financial For Lutherans bought a new stake in Tactile Systems Technology in the fourth quarter valued at $13,969,000. Finally, Fred Alger Management Inc. bought a new stake in Tactile Systems Technology in the fourth quarter valued at $11,653,000. Hedge funds and other institutional investors own 84.94% of the company’s stock.
About Tactile Systems Technology
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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