Zacks Investment Research upgraded shares of Tactile Systems Technology (NASDAQ:TCMD) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning, Zacks.com reports. The firm currently has $49.00 price target on the stock.
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 firms have also recently issued reports on TCMD. Dougherty & Co initiated coverage on Tactile Systems Technology in a report on Thursday, June 13th. They issued a buy rating and a $80.00 price target on the stock. ValuEngine upgraded Tactile Systems Technology from a hold rating to a buy rating in a report on Thursday, August 1st. BTIG Research upgraded Tactile Systems Technology from a neutral rating to a buy rating and set a $62.00 price target on the stock in a report on Wednesday, August 7th. BidaskClub cut Tactile Systems Technology from a hold rating to a sell rating in a report on Friday, September 27th. Finally, TheStreet raised Tactile Systems Technology from a d+ rating to a c+ rating in a research note on Monday, July 29th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $72.14.
Tactile Systems Technology (NASDAQ:TCMD) last posted its quarterly earnings results on Monday, August 5th. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.09. The business had revenue of $45.20 million for the quarter, compared to analysts’ expectations of $42.60 million. Tactile Systems Technology had a return on equity of 9.19% and a net margin of 5.05%. The firm’s quarterly revenue was up 32.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.13 earnings per share. As a group, sell-side analysts expect that Tactile Systems Technology will post 0.6 EPS for the current year.
In other news, SVP Bryan Rishe sold 4,812 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $45.80, for a total transaction of $220,389.60. Following the sale, the senior vice president now owns 47,635 shares of the company’s stock, valued at $2,181,683. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Robert J. Folkes sold 2,106 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $54.65, for a total value of $115,092.90. Following the sale, the chief operating officer now directly owns 88,890 shares in the company, valued at approximately $4,857,838.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 44,985 shares of company stock worth $2,234,905. 6.50% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in TCMD. Marshall Wace LLP raised its position in shares of Tactile Systems Technology by 6,820.2% during the first quarter. Marshall Wace LLP now owns 330,855 shares of the company’s stock worth $17,443,000 after purchasing an additional 326,074 shares during the period. Waddell & Reed Financial Inc. raised its position in Tactile Systems Technology by 21.2% in the 2nd quarter. Waddell & Reed Financial Inc. now owns 1,348,288 shares of the company’s stock valued at $76,745,000 after buying an additional 235,921 shares during the last quarter. Nuveen Asset Management LLC acquired a new stake in Tactile Systems Technology in the 2nd quarter valued at approximately $11,386,000. Calamos Advisors LLC acquired a new stake in Tactile Systems Technology in the 2nd quarter valued at approximately $4,704,000. Finally, Wasatch Advisors Inc. raised its position in Tactile Systems Technology by 124.9% in the 2nd quarter. Wasatch Advisors Inc. now owns 112,545 shares of the company’s stock valued at $6,406,000 after buying an additional 62,501 shares during the last quarter. 99.67% of the stock is currently owned by institutional investors.
About Tactile Systems Technology
Tactile Systems Technology, Inc, a medical technology company, develops and provides medical devices for the treatment of chronic diseases in the United States. The company offers Flexitouch system, an at-home solution for lymphedema patients; and ACTitouch system, a home-based solution for chronic venous insufficiency patients.
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