Tactile Systems Technology (NASDAQ:TCMD) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday, November 10th. The brokerage presently has a $28.00 price target on the stock. Zacks Investment Research‘s target price would indicate a potential downside of 0.81% from the company’s previous close.
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. “
A number of other equities analysts have also weighed in on TCMD. Canaccord Genuity reiterated a “buy” rating and issued a $37.00 price target (up from $28.00) on shares of Tactile Systems Technology in a research report on Tuesday, August 8th. Piper Jaffray Companies boosted their target price on shares of Tactile Systems Technology from $30.00 to $36.00 and gave the stock an “overweight” rating in a report on Tuesday, August 8th. Northland Securities reissued a “hold” rating and issued a $31.50 target price on shares of Tactile Systems Technology in a report on Monday, October 16th. BTIG Research raised shares of Tactile Systems Technology from a “neutral” rating to a “buy” rating in a report on Thursday, November 9th. They noted that the move was a valuation call. Finally, ValuEngine raised shares of Tactile Systems Technology from a “sell” rating to a “hold” rating in a report on Friday, July 28th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $34.25.
Tactile Systems Technology (NASDAQ:TCMD) last announced its earnings results on Tuesday, November 7th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.02. The company had revenue of $28.28 million during the quarter, compared to analyst estimates of $27.66 million. Tactile Systems Technology had a net margin of 5.84% and a return on equity of 4.75%. The firm’s quarterly revenue was up 25.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.01 earnings per share. analysts predict that Tactile Systems Technology will post 0.31 earnings per share for the current year.
In other news, CEO Gerald R. Mattys sold 40,000 shares of the stock in a transaction on Monday, November 20th. The shares were sold at an average price of $27.00, for a total value of $1,080,000.00. Following the sale, the chief executive officer now owns 334,013 shares of the company’s stock, valued at $9,018,351. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Robert J. Folkes sold 2,955 shares of the stock in a transaction on Friday, September 1st. The shares were sold at an average price of $32.46, for a total transaction of $95,919.30. Following the completion of the sale, the chief operating officer now directly owns 136,292 shares in the company, valued at approximately $4,424,038.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,085,160 shares of company stock worth $33,386,021. 49.90% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in shares of Tactile Systems Technology by 39.3% in the second quarter. JPMorgan Chase & Co. now owns 4,435 shares of the company’s stock worth $127,000 after purchasing an additional 1,252 shares during the last quarter. Bank of Montreal Can bought a new position in shares of Tactile Systems Technology in the second quarter worth about $146,000. Nationwide Fund Advisors grew its holdings in shares of Tactile Systems Technology by 201.8% in the second quarter. Nationwide Fund Advisors now owns 5,170 shares of the company’s stock worth $148,000 after purchasing an additional 3,457 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of 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 during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Tactile Systems Technology by 10,882.4% in the second quarter. The Manufacturers Life Insurance Company now owns 7,468 shares of the company’s stock worth $213,000 after purchasing an additional 7,400 shares during the last quarter. Hedge funds and other institutional investors own 71.27% of the company’s stock.
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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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