Tactile Systems Technology (NASDAQ:TCMD) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of Tactile Systems Technology (NASDAQ:TCMD) from a strong-buy rating to a buy rating in a research note released on Saturday,Wall Street Zen reports.

A number of other analysts have also recently issued reports on TCMD. Weiss Ratings raised Tactile Systems Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, October 13th. BTIG Research dropped their target price on Tactile Systems Technology from $39.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday, October 12th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Tactile Systems Technology has an average rating of “Moderate Buy” and an average target price of $37.60.

Tactile Systems Technology Price Performance

Tactile Systems Technology stock opened at $22.73 on Friday. The company’s 50 day simple moving average is $22.77 and its 200 day simple moving average is $25.17. The firm has a market capitalization of $514.83 million, a price-to-earnings ratio of 20.85 and a beta of 0.82. Tactile Systems Technology has a fifty-two week low of $14.46 and a fifty-two week high of $37.77.

Tactile Systems Technology (NASDAQ:TCMD) last announced its quarterly earnings results on Monday, August 10th. The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.20. The company had revenue of $85.70 million for the quarter, compared to analysts’ expectations of $85.52 million. Tactile Systems Technology had a net margin of 7.10% and a return on equity of 11.49%. As a group, analysts predict that Tactile Systems Technology will post 1.10 EPS for the current fiscal year.

Insider Buying and Selling at Tactile Systems Technology

In other news, CEO Sheri Dodd sold 10,978 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $29.44, for a total transaction of $323,192.32. Following the sale, the chief executive officer owned 232,907 shares in the company, valued at $6,856,782.08. This represents a 4.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tactile Systems Technology

Several hedge funds and other institutional investors have recently made changes to their positions in TCMD. BlackRock Inc. bought a new stake in Tactile Systems Technology during the second quarter worth $56,733,000. First Light Asset Management LLC acquired a new position in Tactile Systems Technology during the second quarter worth approximately $13,775,000. Jupiter Topco LLC acquired a new position in Tactile Systems Technology during the second quarter worth approximately $11,831,000. Punch & Associates Investment Management Inc. acquired a new position in Tactile Systems Technology during the second quarter worth approximately $9,381,000. Finally, Paradigm Capital Management Inc. NY bought a new stake in Tactile Systems Technology in the second quarter valued at approximately $6,826,000. 83.43% of the stock is owned by institutional investors.

About Tactile Systems Technology

Tactile Systems Technology, Inc, doing business as Tactile Medical, is a medical technology company focused on developing, manufacturing and distributing devices for people with chronic swelling and respiratory conditions. Its products are intended for use in the home and are commonly prescribed by health care professionals as part of ongoing disease-management programs.

The company’s core products include the Flexitouch pneumatic compression system, designed to support the treatment of lymphedema and related conditions, and the Entre system, which provides pneumatic compression therapy for the upper and lower extremities.