Tactile Systems Technology, Inc. (NASDAQ:TCMD) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS
Tactile Systems Technology, Inc. (NASDAQ:TCMD) announced its quarterly earnings data on Monday. The company reported $0.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.03, Morningstar.com reports. The company had revenue of $26.30 million for the quarter, compared to analysts’ expectations of $23.88 million. Tactile Systems Technology had a net margin of 2.24% and a return on equity of 4.82%. The business’s revenue was up 33.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.04 EPS.
Tactile Systems Technology (TCMD) traded up 14.42% on Tuesday, hitting $33.96. 284,966 shares of the stock traded hands. The stock has a market capitalization of $575.28 million and a P/E ratio of 305.95. The company’s 50 day moving average price is $28.57 and its 200-day moving average price is $21.57. Tactile Systems Technology has a 12-month low of $12.17 and a 12-month high of $35.79.
In other news, COO Robert J. Folkes sold 2,955 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $29.43, for a total value of $86,965.65. Following the completion of the sale, the chief operating officer now directly owns 132,792 shares of the company’s stock, valued at approximately $3,908,068.56. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Bryan Rishe sold 1,500 shares of the company’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $26.45, for a total value of $39,675.00. Following the completion of the sale, the vice president now directly owns 113,807 shares of the company’s stock, valued at $3,010,195.15. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,333,307 shares of company stock valued at $32,954,334. 49.90% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its stake in shares of Tactile Systems Technology by 33.7% in the first quarter. Bank of New York Mellon Corp now owns 13,805 shares of the company’s stock worth $262,000 after buying an additional 3,480 shares during the period. Bank of Montreal Can acquired a new stake in Tactile Systems Technology during the second quarter worth about $146,000. Bank of America Corp DE boosted its stake in 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. Rhumbline Advisers acquired a new stake in Tactile Systems Technology during the second quarter worth about $267,000. Finally, EAM Investors LLC boosted its stake in Tactile Systems Technology by 15.4% in the first quarter. EAM Investors LLC now owns 70,449 shares of the company’s stock worth $1,335,000 after buying an additional 9,383 shares during the last quarter. 34.73% of the stock is owned by institutional investors.
Several equities analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Tactile Systems Technology from a “buy” rating to a “hold” rating in a research note on Saturday, June 17th. Piper Jaffray Companies lifted their price objective on shares of Tactile Systems Technology to $36.00 and gave the stock an “overweight” rating in a research note on Tuesday. Canaccord Genuity reaffirmed a “buy” rating and issued a $37.00 price objective (up previously from $28.00) on shares of Tactile Systems Technology in a research note on Tuesday. Finally, ValuEngine raised shares of Tactile Systems Technology from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $32.00.
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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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