Bank of Montreal Can purchased a new stake in shares of Tactile Systems Technology, Inc. (NASDAQ:TCMD) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,094 shares of the company’s stock, valued at approximately $146,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TCMD. Bank of America Corp DE raised its position in Tactile Systems Technology by 1,118.5% in the first quarter. Bank of America Corp DE now owns 6,982 shares of the company’s stock worth $133,000 after purchasing an additional 6,409 shares in the last quarter. Trexquant Investment LP acquired a new position in Tactile Systems Technology in the first quarter worth about $224,000. Bank of New York Mellon Corp raised its position in Tactile Systems Technology by 33.7% in the first quarter. Bank of New York Mellon Corp now owns 13,805 shares of the company’s stock worth $262,000 after purchasing an additional 3,480 shares in the last quarter. Menta Capital LLC acquired a new position in Tactile Systems Technology in the first quarter worth about $320,000. Finally, Wells Fargo & Company MN raised its position in Tactile Systems Technology by 1,896.9% in the first quarter. Wells Fargo & Company MN now owns 59,389 shares of the company’s stock worth $1,125,000 after purchasing an additional 56,415 shares in the last quarter. Institutional investors and hedge funds own 46.00% of the company’s stock.
In other Tactile Systems Technology news, major shareholder Galen Partners V. Lp sold 83,000 shares of the stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $26.45, for a total transaction of $2,195,350.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Robert J. Folkes sold 1,500 shares of the stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $32.54, for a total transaction of $48,810.00. The disclosure for this sale can be found here. Insiders have sold a total of 359,547 shares of company stock valued at $10,378,721 in the last ninety days. Insiders own 49.90% of the company’s stock.
Several analysts have recently weighed in on TCMD shares. Canaccord Genuity reissued a “buy” rating and issued a $37.00 price target (up previously from $28.00) on shares of Tactile Systems Technology in a report on Tuesday, August 8th. Zacks Investment Research raised shares of Tactile Systems Technology from a “hold” rating to a “buy” rating and set a $27.00 price objective on the stock in a research note on Saturday, May 20th. Finally, ValuEngine raised shares of Tactile Systems Technology from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Tactile Systems Technology presently has an average rating of “Buy” and a consensus target price of $34.00.
Shares of Tactile Systems Technology, Inc. (NASDAQ:TCMD) traded down 2.650% during trading on Friday, hitting $35.815. 101,369 shares of the stock were exchanged. Tactile Systems Technology, Inc. has a 52 week low of $14.37 and a 52 week high of $37.88. The firm’s 50 day moving average price is $32.53 and its 200-day moving average price is $25.22. The stock has a market cap of $629.84 million, a P/E ratio of 135.663 and a beta of 0.35.
Tactile Systems Technology (NASDAQ:TCMD) last posted its earnings results on Monday, August 7th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.03. The business had revenue of $26.30 million for the quarter, compared to analysts’ expectations of $23.88 million. Tactile Systems Technology had a net margin of 4.97% and a return on equity of 3.05%. The business’s revenue for the quarter was up 33.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.04 EPS. On average, analysts predict that Tactile Systems Technology, Inc. will post $0.28 EPS for the current year.
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Tactile Systems Technology Company Profile
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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