Tactile Systems Technology (NASDAQ:TCMD) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Tactile Systems Technology (NASDAQ:TCMD) from a strong sell rating to a hold rating in a research report sent to investors on Tuesday, Zacks.com reports.

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. “

Other analysts have also issued research reports about the stock. Oppenheimer lowered their target price on shares of Tactile Systems Technology from $62.00 to $45.00 and set an outperform rating for the company in a research note on Tuesday, November 9th. Piper Sandler reduced their price objective on shares of Tactile Systems Technology from $45.00 to $40.00 in a research note on Monday, January 3rd. Finally, BTIG Research upped their target price on Tactile Systems Technology from $44.00 to $70.00 and gave the company a buy rating in a report on Tuesday, November 9th. They noted that the move was a valuation call. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Buy and an average price target of $51.25.

Shares of NASDAQ TCMD opened at $17.98 on Tuesday. Tactile Systems Technology has a 12 month low of $17.36 and a 12 month high of $64.53. The company has a 50-day simple moving average of $21.92 and a 200-day simple moving average of $36.54. The company has a market cap of $356.42 million, a PE ratio of 46.10 and a beta of 1.52. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.40 and a quick ratio of 2.64.

Tactile Systems Technology (NASDAQ:TCMD) last released its earnings results on Monday, November 8th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.20). The company had revenue of $52.50 million during the quarter, compared to analysts’ expectations of $57.03 million. Tactile Systems Technology had a net margin of 3.79% and a return on equity of 6.32%. During the same quarter in the previous year, the firm posted $0.12 earnings per share. On average, analysts anticipate that Tactile Systems Technology will post -0.08 EPS for the current year.

Several large investors have recently added to or reduced their stakes in TCMD. Macquarie Group Ltd. lifted its holdings in shares of Tactile Systems Technology by 2,300.3% during the 2nd quarter. Macquarie Group Ltd. now owns 1,111,340 shares of the company’s stock valued at $57,790,000 after purchasing an additional 1,065,040 shares in the last quarter. Millennium Management LLC increased its position in shares of Tactile Systems Technology by 2,049.4% during the 2nd quarter. Millennium Management LLC now owns 213,647 shares of the company’s stock worth $11,110,000 after purchasing an additional 203,707 shares during the last quarter. Morgan Stanley increased its holdings in shares of Tactile Systems Technology by 27.6% during the 3rd quarter. Morgan Stanley now owns 658,051 shares of the company’s stock worth $29,251,000 after acquiring an additional 142,459 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in shares of Tactile Systems Technology by 49.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 338,976 shares of the company’s stock worth $17,627,000 after acquiring an additional 112,102 shares during the last quarter. Finally, Balyasny Asset Management LLC acquired a new position in Tactile Systems Technology in the 3rd quarter valued at $3,523,000. Institutional investors and hedge funds own 96.36% of the company’s stock.

Tactile Systems Technology Company Profile

Tactile Systems Technology, Inc is a medical technology company. It develops and provides innovative medical devices for the treatment of chronic diseases at home. The company focus on advancing the standard of care in treating chronic diseases in the home setting to improve patient outcomes and quality of life and help control rising healthcare expenditures.

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