Tactile Systems Technology, Inc. (TCMD) Stock Rating Reaffirmed by Northland Securities
Tactile Systems Technology, Inc. (NASDAQ:TCMD)‘s stock had its “hold” rating reiterated by equities researchers at Northland Securities in a research note issued on Monday. They presently have a $31.50 target price on the stock. Northland Securities’ price target would indicate a potential downside of 1.32% from the company’s current price.
The analysts wrote, “We don’t have a clear understanding of where tissue fluid from the lymphedematous limb drains to, if residual proteins move at all, why some patients develop lymphedema post- radiation & others don’t, what constitutes good outcomes – edema reduction / limb girth reduction, etc? At the same time, industry as a whole has not invested in rigorous clinical studies to study the effects of various therapies. Manual drainage therapy (MLD) & compression garments are usually first-line therapy, but <10% of the patients first start using compression garments ~4 yrs after developing lymphedema. Pneumatic compression devices (PCD), from companies like Tactile, are next in line therapy, and are based on the concept of graduated external pressure gradients created to move fluid away from the affected area."”
A number of other analysts have also recently issued reports on TCMD. Zacks Investment Research upgraded shares of Tactile Systems Technology from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a research note on Thursday, August 10th. Piper Jaffray Companies lifted their target price on shares of Tactile Systems Technology from $30.00 to $36.00 and gave the company an “overweight” rating in a research note on Tuesday, August 8th. Canaccord Genuity reiterated a “buy” rating and issued a $37.00 target price (up from $28.00) on shares of Tactile Systems Technology in a research note on Tuesday, August 8th. Guggenheim began coverage on shares of Tactile Systems Technology in a research note on Thursday. They issued a “buy” rating and a $47.00 target price for the company. Finally, ValuEngine upgraded shares of Tactile Systems Technology from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $35.75.
Shares of Tactile Systems Technology (TCMD) traded down 2.63% during trading on Monday, hitting $31.08. 58,652 shares of the stock were exchanged. The stock has a market cap of $546.57 million, a price-to-earnings ratio of 117.73 and a beta of -0.01. The stock’s 50 day moving average is $32.80 and its 200-day moving average is $27.32. Tactile Systems Technology has a 12-month low of $14.37 and a 12-month high of $37.88.
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 Zacks’ consensus estimate of $0.01 by $0.03. The firm had revenue of $26.30 million during 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 company’s revenue was up 33.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.04 earnings per share. Equities research analysts anticipate that Tactile Systems Technology will post $0.28 EPS for the current year.
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In other news, VP Bryan Rishe sold 1,500 shares of the business’s stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $30.41, for a total value of $45,615.00. Following the completion of the sale, the vice president now directly owns 110,807 shares in the company, valued at $3,369,640.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Radius Venture Partners Iii, L sold 1,000,500 shares of the business’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $31.02, for a total transaction of $31,035,510.00. The disclosure for this sale can be found here. Insiders sold 1,078,547 shares of company stock valued at $33,514,042 over the last 90 days. 49.90% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its stake 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 buying an additional 1,252 shares during the last quarter. Bank of Montreal Can acquired a new stake in shares of Tactile Systems Technology in the second quarter worth $146,000. Nationwide Fund Advisors lifted its stake 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 buying an additional 3,457 shares during the last quarter. Bank of America Corp DE lifted its stake 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 buying an additional 6,409 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake 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 buying an additional 7,400 shares during the last quarter. Institutional investors and hedge funds own 45.65% of the company’s stock.
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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