Tactile Systems Technology, Inc. (NASDAQ:TCMD) was downgraded by research analysts at BTIG Research from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Monday.
TCMD has been the subject of a number of other research reports. Zacks Investment Research downgraded Tactile Systems Technology from a “buy” rating to a “hold” rating in a research report on Saturday, June 17th. Piper Jaffray Companies upped their price target on Tactile Systems Technology from $30.00 to $36.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 8th. Canaccord Genuity reaffirmed a “buy” rating and set a $37.00 price target (up previously from $28.00) on shares of Tactile Systems Technology in a research report on Tuesday, August 8th. Finally, ValuEngine raised Tactile Systems Technology from a “sell” rating to a “hold” rating in a research report on Friday, July 28th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $34.00.
Tactile Systems Technology (NASDAQ:TCMD) opened at 33.00 on Monday. The company’s 50-day moving average is $32.90 and its 200 day moving average is $25.64. The company has a market cap of $580.34 million, a price-to-earnings ratio of 125.00 and a beta of 0.35. Tactile Systems Technology has a 12 month low of $14.37 and a 12 month high of $37.88.
Tactile Systems Technology (NASDAQ:TCMD) last released its quarterly earnings results on Monday, August 7th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.03. Tactile Systems Technology had a return on equity of 3.05% and a net margin of 4.97%. The firm had revenue of $26.30 million during the quarter, compared to the consensus estimate of $23.88 million. During the same quarter in the prior year, the firm posted $0.04 EPS. The business’s revenue was up 33.5% on a year-over-year basis. Equities analysts forecast that Tactile Systems Technology will post $0.28 earnings per share for the current fiscal year.
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In other news, major shareholder Radius Venture Partners Iii, L sold 1,000,500 shares of the stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $31.02, for a total value of $31,035,510.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Galen Partners V. Lp sold 200,000 shares of the stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $28.85, for a total value of $5,770,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 1,277,047 shares of company stock valued at $39,218,881. 49.90% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC boosted its holdings in shares of Tactile Systems Technology by 108.3% in the 2nd quarter. Lord Abbett & CO. LLC now owns 371,980 shares of the company’s stock valued at $10,631,000 after buying an additional 193,429 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Tactile Systems Technology in the 2nd quarter valued at approximately $2,429,000. Koch Industries Inc. acquired a new stake in shares of Tactile Systems Technology in the 2nd quarter valued at approximately $217,000. Asymmetry Capital Management L.P. acquired a new stake in shares of Tactile Systems Technology in the 2nd quarter valued at approximately $1,741,000. Finally, California State Teachers Retirement System boosted its holdings in shares of Tactile Systems Technology by 92.9% in the 2nd quarter. California State Teachers Retirement System now owns 16,200 shares of the company’s stock valued at $463,000 after buying an additional 7,800 shares during the last quarter. 45.65% of the stock is owned by institutional investors.
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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