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

Tactile Systems Technology (NASDAQ:TCMD) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

A number of other brokerages have also recently weighed in on TCMD. BTIG Research dropped their price target 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. Weiss Ratings raised shares of Tactile Systems Technology from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.60.

Tactile Systems Technology Trading Down 3.3%

Tactile Systems Technology stock opened at $22.52 on Friday. The stock has a market cap of $510.08 million, a P/E ratio of 21.57 and a beta of 0.82. The stock has a 50 day moving average of $22.90 and a 200-day moving average of $25.20. Tactile Systems Technology has a 52 week low of $14.44 and a 52 week high of $37.77.

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

Insider Activity at Tactile Systems Technology

In other news, CEO Sheri Dodd sold 10,978 shares of Tactile Systems Technology 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 of the company’s stock, valued at approximately $6,856,782.08. This trade represents a 4.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 2.10% of the company’s stock.

Institutional Trading of Tactile Systems Technology

Several hedge funds have recently modified their holdings of TCMD. State of Alaska Department of Revenue grew its stake in shares of Tactile Systems Technology by 18.9% during the third quarter. State of Alaska Department of Revenue now owns 7,113 shares of the company’s stock valued at $158,000 after purchasing an additional 1,132 shares during the last quarter. First Light Asset Management LLC acquired a new position in shares of Tactile Systems Technology in the 2nd quarter valued at $13,775,000. Engineers Gate Manager LP bought a new position in shares of Tactile Systems Technology during the 2nd quarter valued at about $400,000. IFP Advisors Inc increased its position in shares of Tactile Systems Technology by 24.3% during the second quarter. IFP Advisors Inc now owns 3,606 shares of the company’s stock worth $107,000 after acquiring an additional 704 shares in the last quarter. Finally, Amundi boosted its position in shares of Tactile Systems Technology by 9.2% during the second quarter. Amundi now owns 19,761 shares of the company’s stock worth $588,000 after buying an additional 1,659 shares during the period. Institutional investors and hedge funds own 83.43% of the company’s stock.

Tactile Systems Technology Company Profile

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.