BTIG Research Reiterates Buy Rating for Tactile Systems Technology (NASDAQ:TCMD)

Tactile Systems Technology (NASDAQ:TCMD)‘s stock had its “buy” rating reiterated by equities research analysts at BTIG Research in a research note issued to investors on Thursday,Benzinga reports. They presently have a $40.00 price target on the stock. BTIG Research’s price target indicates a potential upside of 61.03% from the company’s current price.

Several other research firms have also recently issued reports on TCMD. Piper Sandler increased their target price on shares of Tactile Systems Technology from $35.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 18th. B. Riley Financial upgraded shares of Tactile Systems Technology from a “neutral” rating to a “buy” rating and increased their target price for the stock from $32.00 to $36.00 in a research note on Thursday, May 7th. Weiss Ratings cut shares of Tactile Systems Technology from a “hold (c+)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Finally, Lake Street Capital set a $40.00 target price on shares of Tactile Systems Technology and gave the stock a “buy” rating in a research note on Wednesday, February 18th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $38.60.

Tactile Systems Technology Stock Performance

NASDAQ TCMD opened at $24.84 on Thursday. Tactile Systems Technology has a 52-week low of $9.34 and a 52-week high of $37.77. The company has a 50-day simple moving average of $25.20 and a 200 day simple moving average of $26.82. The company has a market capitalization of $560.39 million, a PE ratio of 28.23 and a beta of 0.82.

Tactile Systems Technology (NASDAQ:TCMD) last issued its earnings results on Monday, May 4th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). The business had revenue of $75.27 million for the quarter, compared to the consensus estimate of $70.57 million. Tactile Systems Technology had a return on equity of 9.70% and a net margin of 5.91%. As a group, analysts forecast that Tactile Systems Technology will post 1.11 EPS for the current fiscal year.

Insider Activity at Tactile Systems Technology

In other Tactile Systems Technology news, CFO Elaine M. Birkemeyer sold 4,631 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $24.49, for a total value of $113,413.19. Following the completion of the transaction, the chief financial officer directly owned 130,188 shares in the company, valued at approximately $3,188,304.12. This represents a 3.43% 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. Also, CEO Sheri Louise Dodd sold 10,993 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $28.94, for a total transaction of $318,137.42. Following the completion of the transaction, the chief executive officer owned 243,885 shares of the company’s stock, valued at $7,058,031.90. This trade represents a 4.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 54,768 shares of company stock worth $1,548,252 in the last three months. 2.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in TCMD. Russell Investments Group Ltd. raised its holdings in Tactile Systems Technology by 1,594.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,118 shares of the company’s stock worth $29,000 after purchasing an additional 1,993 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Tactile Systems Technology in the 4th quarter worth $32,000. Quarry LP raised its holdings in Tactile Systems Technology by 302.6% in the 3rd quarter. Quarry LP now owns 2,319 shares of the company’s stock worth $32,000 after purchasing an additional 1,743 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Tactile Systems Technology in the 4th quarter worth $36,000. Finally, Global Retirement Partners LLC bought a new position in shares of Tactile Systems Technology in the 4th quarter worth about $37,000. 83.43% of the stock is currently owned by institutional investors.

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.