Zacks Investment Research Downgrades Tactile Systems Technology (NASDAQ:TCMD) to Hold

Tactile Systems Technology (NASDAQ:TCMD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, Zacks.com reports.

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. “

NASDAQ:TCMD opened at $44.96 on Thursday. Tactile Systems Technology has a twelve month low of $31.01 and a twelve month high of $64.53. The business has a 50 day moving average price of $44.00 and a two-hundred day moving average price of $49.93. The company has a market cap of $889.40 million, a P/E ratio of 66.12, a price-to-earnings-growth ratio of 19.01 and a beta of 1.60.

Tactile Systems Technology (NASDAQ:TCMD) last released its quarterly earnings data on Sunday, August 1st. The company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.01 by $0.06. The company had revenue of $51.06 million during the quarter, compared to the consensus estimate of $49.77 million. Tactile Systems Technology had a return on equity of 9.90% and a net margin of 6.72%. As a group, research analysts forecast that Tactile Systems Technology will post 0.45 EPS for the current year.

In other news, CEO Daniel L. Reuvers sold 1,063 shares of the stock in a transaction that occurred on Friday, August 6th. The stock was sold at an average price of $43.11, for a total value of $45,825.93. Following the completion of the sale, the chief executive officer now owns 22,667 shares of the company’s stock, valued at approximately $977,174.37. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 3.33% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Fred Alger Management LLC raised its stake in Tactile Systems Technology by 1.4% in the 1st quarter. Fred Alger Management LLC now owns 2,186,545 shares of the company’s stock valued at $119,145,000 after acquiring an additional 29,524 shares during the period. Champlain Investment Partners LLC raised its stake in Tactile Systems Technology by 24.4% in the 1st quarter. Champlain Investment Partners LLC now owns 1,761,625 shares of the company’s stock valued at $95,991,000 after acquiring an additional 346,090 shares during the period. Vanguard Group Inc. raised its stake in Tactile Systems Technology by 4.4% in the 2nd quarter. Vanguard Group Inc. now owns 1,297,465 shares of the company’s stock valued at $67,468,000 after acquiring an additional 54,638 shares during the period. Macquarie Group Ltd. raised its stake in Tactile Systems Technology by 2,300.3% in the 2nd quarter. Macquarie Group Ltd. now owns 1,111,340 shares of the company’s stock valued at $57,790,000 after acquiring an additional 1,065,040 shares during the period. Finally, State Street Corp raised its stake in Tactile Systems Technology by 4.7% in the 2nd quarter. State Street Corp now owns 774,388 shares of the company’s stock valued at $40,268,000 after acquiring an additional 35,019 shares during the period. Institutional investors and hedge funds own 96.26% of the company’s stock.

About Tactile Systems Technology

Tactile Systems Technology, Inc is a medical technology company. It develops and provides innovative medical devices for the treatment of chronic diseases at home. The company focus on advancing the standard of care in treating chronic diseases in the home setting to improve patient outcomes and quality of life and help control rising healthcare expenditures.

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