Tactile Systems Technology, Inc. (NASDAQ:TCMD) issued its earnings results on Monday. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.03, Morningstar.com reports. Tactile Systems Technology had a net margin of 2.24% and a return on equity of 4.82%. The company had revenue of $26.30 million for the quarter, compared to analyst estimates of $23.88 million. During the same period in the prior year, the business posted $0.04 earnings per share. The firm’s revenue for the quarter was up 33.5% compared to the same quarter last year.
Shares of Tactile Systems Technology (TCMD) traded up 14.42% on Tuesday, reaching $33.96. 284,966 shares of the company’s stock traded hands. Tactile Systems Technology has a 52 week low of $12.17 and a 52 week high of $35.79. The company has a 50 day moving average price of $28.57 and a 200 day moving average price of $21.57. The firm has a market capitalization of $575.28 million and a price-to-earnings ratio of 305.95.
In other news, COO Robert J. Folkes sold 2,955 shares of Tactile Systems Technology stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $29.43, for a total value of $86,965.65. Following the transaction, the chief operating officer now owns 132,792 shares of the company’s stock, valued at approximately $3,908,068.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William W. Burke sold 1,500 shares of Tactile Systems Technology stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $25.25, for a total transaction of $37,875.00. Following the completion of the transaction, the director now directly owns 8,306 shares in the company, valued at approximately $209,726.50. The disclosure for this sale can be found here. Insiders have sold a total of 1,333,307 shares of company stock worth $32,954,334 over the last 90 days. 49.90% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in the company. Bank of America Corp DE boosted its position in shares of 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 valued at $133,000 after buying an additional 6,409 shares in the last quarter. Bank of Montreal Can acquired a new position in shares of Tactile Systems Technology during the second quarter valued at about $146,000. Trexquant Investment LP acquired a new position in shares of Tactile Systems Technology during the first quarter valued at about $224,000. Bank of New York Mellon Corp boosted its position 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 valued at $262,000 after buying an additional 3,480 shares in the last quarter. Finally, Rhumbline Advisers acquired a new position in shares of Tactile Systems Technology during the second quarter valued at about $267,000. 34.73% of the stock is currently owned by institutional investors.
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Several research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Tactile Systems Technology from a “hold” rating to a “buy” rating and set a $27.00 target price on the stock in a research report on Saturday, May 20th. Canaccord Genuity restated a “buy” rating and set a $37.00 target price (up from $28.00) on shares of Tactile Systems Technology in a research report on Tuesday. Piper Jaffray Companies upped their target price on shares of Tactile Systems Technology to $36.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, ValuEngine upgraded shares of Tactile Systems Technology from a “sell” rating to a “hold” rating in a research report on Friday, July 28th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Tactile Systems Technology has a consensus rating of “Buy” and an average price target of $32.00.
Tactile Systems Technology Company Profile
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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