Tactile Systems Technology, Inc. (NASDAQ:TCMD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

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 EntrĂ© System and the ACTitouch System (R). Tactile Systems Technology, Inc. is headquartered in Minneapolis, Minnesota. “

Several other equities research analysts also recently commented on TCMD. Piper Jaffray Companies boosted their target price on Tactile Systems Technology from $30.00 to $36.00 and gave the stock an “overweight” rating in a report on Tuesday, August 8th. Canaccord Genuity reissued a “buy” rating and issued a $37.00 target price (up from $28.00) on shares of Tactile Systems Technology in a report on Tuesday, August 8th. ValuEngine raised Tactile Systems Technology from a “sell” rating to a “hold” rating in a report on Friday, July 28th. Finally, BTIG Research downgraded Tactile Systems Technology from a “buy” rating to a “neutral” rating in a report on Monday, September 18th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $34.00.

Shares of Tactile Systems Technology (NASDAQ:TCMD) traded down 0.35% during trading on Wednesday, hitting $31.03. The company had a trading volume of 54,391 shares. The company’s 50 day moving average is $32.92 and its 200 day moving average is $27.02. Tactile Systems Technology has a 1-year low of $14.37 and a 1-year high of $37.88. The firm has a market capitalization of $547.03 million, a P/E ratio of 54.44 and a beta of -0.07.

Tactile Systems Technology (NASDAQ:TCMD) last released its earnings results on Monday, August 7th. The company reported $0.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.03. Tactile Systems Technology had a return on equity of 3.05% and a net margin of 4.97%. The business had revenue of $26.30 million for the quarter, compared to the consensus estimate of $23.88 million. During the same period in the previous year, the company posted $0.04 earnings per share. The company’s revenue for the quarter was up 33.5% compared to the same quarter last year. Analysts anticipate that Tactile Systems Technology will post $0.28 earnings per share for the current fiscal year.

COPYRIGHT VIOLATION NOTICE: This piece was originally reported by American Banking News and is the property of of American Banking News. If you are reading this piece on another site, it was stolen and republished in violation of U.S. and international copyright & trademark laws. The original version of this piece can be read at https://www.americanbankingnews.com/2017/10/11/tactile-systems-technology-inc-tcmd-downgraded-by-zacks-investment-research-to-hold.html.

In other Tactile Systems Technology news, COO Robert J. Folkes sold 2,955 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $29.43, for a total value of $86,965.65. Following the sale, the chief operating officer now directly owns 132,792 shares of the company’s stock, valued at $3,908,068.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Robert J. Folkes sold 1,500 shares of the business’s stock in a transaction on Wednesday, October 4th. The stock was sold at an average price of $31.73, for a total value of $47,595.00. The disclosure for this sale can be found here. Insiders sold 1,078,547 shares of company stock worth $33,514,042 over the last three months. Corporate insiders own 49.90% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its holdings in 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 acquiring an additional 1,252 shares in the last quarter. Nationwide Fund Advisors lifted its holdings in shares of Tactile Systems Technology by 201.8% during the second quarter. Nationwide Fund Advisors now owns 5,170 shares of the company’s stock valued at $148,000 after purchasing an additional 3,457 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Tactile Systems Technology by 33.7% during the first quarter. Bank of New York Mellon Corp now owns 13,805 shares of the company’s stock valued at $262,000 after purchasing an additional 3,480 shares in the last quarter. Bank of Montreal Can bought a new position in shares of Tactile Systems Technology during the second quarter valued at $146,000. Finally, Bank of America Corp DE lifted its holdings in shares of Tactile Systems Technology by 1,118.5% during the first quarter. Bank of America Corp DE now owns 6,982 shares of the company’s stock valued at $133,000 after purchasing an additional 6,409 shares in the last quarter. 45.65% of the stock is currently owned by institutional investors and hedge funds.

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.

Get a free copy of the Zacks research report on Tactile Systems Technology (TCMD)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Tactile Systems Technology Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tactile Systems Technology Inc. and related companies with MarketBeat.com's FREE daily email newsletter.