Tactile Systems Technology, Inc. (NASDAQ:TCMD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
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. “
Shares of Tactile Systems Technology (NASDAQ:TCMD) opened at 30.95 on Thursday. The firm’s 50-day moving average price is $25.23 and its 200-day moving average price is $19.34. The stock has a market capitalization of $524.29 million and a P/E ratio of 278.83. Tactile Systems Technology has a one year low of $10.00 and a one year high of $31.40.
Tactile Systems Technology (NASDAQ:TCMD) last announced its quarterly earnings results on Monday, May 8th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.05. Tactile Systems Technology had a return on equity of 4.82% and a net margin of 2.24%. The firm had revenue of $19.85 million during the quarter, compared to the consensus estimate of $16.17 million. During the same period in the prior year, the firm earned ($0.45) EPS. The firm’s quarterly revenue was up 44.9% compared to the same quarter last year. Equities research analysts anticipate that Tactile Systems Technology will post $0.13 EPS for the current fiscal year.
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In other news, CFO Lynn Larson Blake sold 2,727 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $19.25, for a total transaction of $52,494.75. Following the completion of the sale, the chief financial officer now directly owns 55,946 shares in the company, valued at $1,076,960.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Bryan Rishe sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $18.62, for a total value of $27,930.00. Following the sale, the vice president now owns 102,722 shares of the company’s stock, valued at $1,912,683.64. The disclosure for this sale can be found here. Insiders have sold 1,330,897 shares of company stock valued at $32,839,590 over the last 90 days. Insiders own 49.90% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. GSA Capital Partners LLP acquired a new stake in shares of Tactile Systems Technology during the fourth quarter valued at $379,000. Rice Hall James & Associates LLC acquired a new stake in shares of Tactile Systems Technology during the first quarter valued at $2,153,000. Murphy Pohlad Asset Management LLC acquired a new stake in shares of Tactile Systems Technology during the first quarter valued at $340,000. Kalmar Investments Inc. DE acquired a new stake in shares of Tactile Systems Technology during the first quarter valued at $1,141,000. Finally, Wells Fargo & Company MN increased its stake in shares of Tactile Systems Technology by 1,896.9% in the first quarter. Wells Fargo & Company MN now owns 59,389 shares of the company’s stock valued at $1,125,000 after buying an additional 56,415 shares in the last quarter. Institutional investors own 29.93% 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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