BTIG Research Cuts Tactile Systems Technology (NASDAQ:TCMD) Price Target to $39.00

Tactile Systems Technology (NASDAQ:TCMD) had its price objective cut by BTIG Research from $40.00 to $39.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also recently issued reports on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Tactile Systems Technology in a research note on Monday, August 3rd. B. Riley Financial upgraded shares of Tactile Systems Technology from a “neutral” rating to a “buy” rating and upped their price target for the stock from $32.00 to $36.00 in a research report on Thursday, May 7th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.40.

Tactile Systems Technology Stock Down 3.3%

Shares of NASDAQ TCMD opened at $23.71 on Tuesday. The firm’s 50-day moving average price is $28.10 and its two-hundred day moving average price is $26.94. Tactile Systems Technology has a 52-week low of $12.25 and a 52-week high of $37.77. The stock has a market capitalization of $537.03 million, a P/E ratio of 21.95 and a beta of 0.81.

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. Tactile Systems Technology had a return on equity of 11.62% and a net margin of 7.10%.The business had revenue of $85.70 million for the quarter, compared to analysts’ expectations of $85.52 million. As a group, equities research analysts expect that Tactile Systems Technology will post 1.07 earnings per share for the current year.

Insider Activity

In other news, CEO Sheri Louise Dodd sold 10,978 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer directly 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Tactile Systems Technology

Large investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. raised its position in shares of Tactile Systems Technology by 2.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 186,936 shares of the company’s stock worth $2,471,000 after buying an additional 3,898 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Tactile Systems Technology by 4.0% in the second quarter. Rhumbline Advisers now owns 37,780 shares of the company’s stock valued at $383,000 after acquiring an additional 1,441 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Tactile Systems Technology by 11.2% during the second quarter. American Century Companies Inc. now owns 53,264 shares of the company’s stock valued at $540,000 after acquiring an additional 5,364 shares during the period. Prudential Financial Inc. raised its holdings in Tactile Systems Technology by 3.5% during the second quarter. Prudential Financial Inc. now owns 24,360 shares of the company’s stock worth $247,000 after purchasing an additional 835 shares in the last quarter. Finally, Norges Bank bought a new stake in Tactile Systems Technology during the second quarter worth approximately $1,464,000. Institutional investors and hedge funds own 83.43% of the company’s stock.

Tactile Systems Technology Company Profile

Tactile Systems Technology, Inc, headquartered in Plymouth, Minnesota, is a medical device company specializing in the design, manufacture and marketing of home-use pneumatic compression therapy systems for the treatment of lymphedema and other chronic edema-related conditions. Using proprietary software and patented pump technologies, the company’s platforms are designed to improve patient outcomes through sequential pressure treatment that promotes fluid mobilization and enhanced lymphatic function.

At the core of Tactile Systems’ product portfolio is the Flexitouch® system, a programmable pneumatic pump and garment system approved for home use, and the Aria® device, which features an intuitive touchscreen interface and advanced garment design.