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

Zacks Investment Research lowered shares of Tactile Systems Technology (NASDAQ:TCMD) from a buy rating to a hold rating in a research report sent to investors on Thursday morning, 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. “

Shares of TCMD opened at $44.96 on Thursday. Tactile Systems Technology has a 1-year low of $31.01 and a 1-year high of $64.53. The firm has a market capitalization of $889.40 million, a price-to-earnings ratio of 66.12, a PEG ratio of 19.01 and a beta of 1.60. The firm’s 50-day moving average price is $44.00 and its 200-day moving average price is $49.93.

Tactile Systems Technology (NASDAQ:TCMD) last issued its quarterly earnings results on Sunday, August 1st. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.06. Tactile Systems Technology had a net margin of 6.72% and a return on equity of 9.90%. The company had revenue of $51.06 million during the quarter, compared to analysts’ expectations of $49.77 million. As a group, sell-side analysts expect that Tactile Systems Technology will post 0.45 earnings per share for the current fiscal year.

In other Tactile Systems Technology news, CEO Daniel L. Reuvers sold 1,063 shares of Tactile Systems Technology stock in a transaction dated Friday, August 6th. The shares were sold at an average price of $43.11, for a total value of $45,825.93. Following the completion of the transaction, the chief executive officer now directly owns 22,667 shares of the company’s stock, valued at $977,174.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.33% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Tactile Systems Technology by 1.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,973 shares of the company’s stock valued at $816,000 after purchasing an additional 208 shares during the last quarter. Prudential Financial Inc. grew its position in Tactile Systems Technology by 1.4% during the first quarter. Prudential Financial Inc. now owns 22,396 shares of the company’s stock valued at $1,220,000 after buying an additional 310 shares during the period. The Manufacturers Life Insurance Company grew its position in Tactile Systems Technology by 3.6% during the second quarter. The Manufacturers Life Insurance Company now owns 10,911 shares of the company’s stock valued at $567,000 after buying an additional 381 shares during the period. Advisor Group Holdings Inc. grew its position in Tactile Systems Technology by 23.8% during the second quarter. Advisor Group Holdings Inc. now owns 2,117 shares of the company’s stock valued at $110,000 after buying an additional 407 shares during the period. Finally, State of Alaska Department of Revenue grew its position in Tactile Systems Technology by 3.5% during the second quarter. State of Alaska Department of Revenue now owns 13,593 shares of the company’s stock valued at $706,000 after buying an additional 466 shares during the period. 96.26% of the stock is owned by hedge funds and other institutional investors.

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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