Tactile Systems Technology, Inc. (TCMD) Stock Rating Reaffirmed by Canaccord Genuity
Tactile Systems Technology, Inc. (NASDAQ:TCMD)‘s stock had its “buy” rating reiterated by stock analysts at Canaccord Genuity in a report issued on Tuesday, The Fly reports. They currently have a $37.00 target price on the stock, up from their previous target price of $28.00. Canaccord Genuity’s price target would indicate a potential upside of 24.66% from the company’s previous close.
Other analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Tactile Systems Technology from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a research note on Saturday, May 20th. Piper Jaffray Companies lifted their price target on shares of Tactile Systems Technology to $36.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, ValuEngine upgraded shares of Tactile Systems Technology from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $32.00.
Tactile Systems Technology (NASDAQ:TCMD) traded up 13.21% on Tuesday, reaching $33.60. 61,690 shares of the company’s stock were exchanged. The firm’s 50 day moving average price is $28.57 and its 200 day moving average price is $21.57. The company has a market cap of $569.18 million and a PE ratio of 302.70. Tactile Systems Technology has a 52-week low of $12.17 and a 52-week high of $34.19.
Tactile Systems Technology (NASDAQ:TCMD) last announced its quarterly earnings results on Monday, May 8th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.05. Tactile Systems Technology had a net margin of 2.24% and a return on equity of 4.82%. The firm had revenue of $19.85 million during the quarter, compared to analyst estimates of $16.17 million. During the same period in the previous year, the business posted ($0.45) earnings per share. The business’s revenue for the quarter was up 44.9% on a year-over-year basis. On average, analysts expect that Tactile Systems Technology will post $0.13 earnings per share for the current year.
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In other news, COO Robert J. Folkes sold 2,955 shares of Tactile Systems Technology stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $29.43, for a total value of $86,965.65. Following the completion of the sale, the chief operating officer now directly owns 132,792 shares in the company, valued at $3,908,068.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Bryan Rishe sold 1,500 shares of Tactile Systems Technology stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $26.45, for a total transaction of $39,675.00. Following the completion of the sale, the vice president now owns 113,807 shares of the company’s stock, valued at $3,010,195.15. The disclosure for this sale can be found here. Insiders sold 1,333,307 shares of company stock valued at $32,954,334 over the last quarter. Company insiders own 49.90% of the company’s stock.
Several institutional investors have recently bought and sold shares of TCMD. Bank of America Corp DE increased 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 buying an additional 6,409 shares during the last quarter. Bank of Montreal Can acquired a new position in Tactile Systems Technology during the second quarter worth about $146,000. Trexquant Investment LP acquired a new position in Tactile Systems Technology during the first quarter worth about $224,000. Bank of New York Mellon Corp increased 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 buying an additional 3,480 shares during the last quarter. Finally, Rhumbline Advisers acquired a new position in Tactile Systems Technology during the second quarter worth about $267,000. 34.73% of the stock is currently owned by institutional investors.
About Tactile Systems Technology
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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