Zacks Investment Research upgraded shares of Tactile Systems Technology (NASDAQ:TCMD) from a hold rating to a buy rating in a research note published on Saturday, Zacks.com reports. They currently have $65.00 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. “
TCMD has been the topic of several other reports. BidaskClub upgraded Tactile Systems Technology from a sell rating to a hold rating in a report on Saturday, May 4th. Northland Securities restated a hold rating and set a $38.00 price objective on shares of Tactile Systems Technology in a report on Friday, January 11th. BTIG Research restated a hold rating on shares of Tactile Systems Technology in a report on Tuesday, March 5th. Canaccord Genuity lifted their price objective on Tactile Systems Technology from $55.00 to $80.00 and gave the stock a buy rating in a report on Friday, March 1st. Finally, Guggenheim lifted their price objective on Tactile Systems Technology from $95.00 to $100.00 and gave the stock a buy rating in a report on Tuesday, May 7th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $75.80.
Tactile Systems Technology (NASDAQ:TCMD) last posted its quarterly earnings data on Monday, May 6th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.20. Tactile Systems Technology had a return on equity of 8.17% and a net margin of 5.27%. The company had revenue of $37.60 million for the quarter, compared to the consensus estimate of $33.30 million. Tactile Systems Technology’s quarterly revenue was up 40.3% compared to the same quarter last year. On average, equities analysts forecast that Tactile Systems Technology will post 0.5 EPS for the current fiscal year.
In other news, CEO Gerald R. Mattys sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, February 15th. The stock was sold at an average price of $70.27, for a total value of $3,513,500.00. Following the completion of the sale, the chief executive officer now directly owns 328,362 shares in the company, valued at approximately $23,073,997.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Bryan Rishe sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $69.44, for a total value of $208,320.00. Following the completion of the sale, the senior vice president now owns 54,143 shares of the company’s stock, valued at $3,759,689.92. The disclosure for this sale can be found here. Insiders sold a total of 116,939 shares of company stock valued at $7,918,532 over the last quarter. Company insiders own 6.50% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. MetLife Investment Advisors LLC increased its holdings in shares of Tactile Systems Technology by 55.2% in the 3rd quarter. MetLife Investment Advisors LLC now owns 12,782 shares of the company’s stock valued at $908,000 after acquiring an additional 4,544 shares during the last quarter. Weiss Multi Strategy Advisers LLC grew its stake in Tactile Systems Technology by 9.0% during the 4th quarter. Weiss Multi Strategy Advisers LLC now owns 11,000 shares of the company’s stock worth $501,000 after buying an additional 904 shares during the last quarter. Vanguard Group Inc grew its stake in Tactile Systems Technology by 6.8% during the 3rd quarter. Vanguard Group Inc now owns 1,010,783 shares of the company’s stock worth $71,816,000 after buying an additional 63,944 shares during the last quarter. Legal & General Group Plc grew its stake in Tactile Systems Technology by 20.5% during the 3rd quarter. Legal & General Group Plc now owns 35,879 shares of the company’s stock worth $2,533,000 after buying an additional 6,113 shares during the last quarter. Finally, WINTON GROUP Ltd grew its stake in Tactile Systems Technology by 63.4% during the 4th quarter. WINTON GROUP Ltd now owns 7,953 shares of the company’s stock worth $362,000 after buying an additional 3,087 shares during the last quarter. Institutional investors and hedge funds own 96.89% of the company’s stock.
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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