BTIG Research reiterated their hold rating on shares of Tactile Systems Technology (NASDAQ:TCMD) in a report published on Tuesday.
“Medical put up yet another good quarter, beating consensus total revenue by ~$2M. Guidance for 2018 was increased again, from the previous $134-$135M to $136-$137M, or 25-26% y/y growth. This is a familiar formula and we continue to see this guidance range as more than achievable. Although management pointed to a negotiated contract with a large payor—expected to negatively impact ASPs and gross margins—as a near-term revenue headwind, we see plenty of drivers that should continue to boost sales growth in Q4 and beyond. Among them, the anticipated lift to patient volumes from the large payor contract, the early timing of the awarded VA Federal Supply Schedule (FSS) that now includes Flexitouch Plus (we think this may start to have a small positive impact in Q4), accelerated sales rep hiring, and added focus on Head & Neck.”,” the firm’s analyst commented.
Other equities research analysts also recently issued research reports about the stock. BidaskClub downgraded shares of Tactile Systems Technology from a strong-buy rating to a buy rating in a research note on Friday, July 13th. Canaccord Genuity reaffirmed a buy rating and set a $65.00 price target (up previously from $60.00) on shares of Tactile Systems Technology in a research note on Tuesday, August 7th. Zacks Investment Research downgraded shares of Tactile Systems Technology from a strong-buy rating to a hold rating in a research note on Saturday, October 27th. Finally, TheStreet downgraded shares of Tactile Systems Technology from a c+ rating to a d+ rating in a research note on Monday, August 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $67.33.
Tactile Systems Technology stock traded up $1.83 during mid-day trading on Tuesday, reaching $62.91. 2,361 shares of the company’s stock traded hands, compared to its average volume of 192,405. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 298.62, a PEG ratio of 10.94 and a beta of 1.40. Tactile Systems Technology has a 12-month low of $22.72 and a 12-month high of $73.24.
Tactile Systems Technology (NASDAQ:TCMD) last released its quarterly earnings results on Monday, November 5th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.04. The company had revenue of $36.30 million for the quarter, compared to the consensus estimate of $34.22 million. Tactile Systems Technology had a net margin of 4.91% and a return on equity of 8.41%. Tactile Systems Technology’s revenue was up 28.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.07 earnings per share. As a group, sell-side analysts anticipate that Tactile Systems Technology will post 0.3 EPS for the current year.
In other news, COO Robert J. Folkes sold 3,043 shares of the stock in a transaction on Thursday, November 1st. The shares were sold at an average price of $65.29, for a total value of $198,677.47. Following the sale, the chief operating officer now owns 116,279 shares of the company’s stock, valued at $7,591,855.91. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Robert J. Folkes sold 2,482 shares of the stock in a transaction on Friday, August 17th. The shares were sold at an average price of $57.95, for a total transaction of $143,831.90. Following the completion of the sale, the chief operating officer now directly owns 120,718 shares in the company, valued at approximately $6,995,608.10. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 116,234 shares of company stock worth $7,403,583. 8.70% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in TCMD. SG Americas Securities LLC purchased a new stake in shares of Tactile Systems Technology in the second quarter valued at $175,000. Piedmont Investment Advisors LLC purchased a new stake in shares of Tactile Systems Technology in the second quarter valued at $182,000. Tealwood Asset Management Inc. purchased a new stake in shares of Tactile Systems Technology in the second quarter valued at $208,000. Engineers Gate Manager LP purchased a new stake in shares of Tactile Systems Technology in the second quarter valued at $208,000. Finally, Tower Research Capital LLC TRC purchased a new stake in shares of Tactile Systems Technology in the second quarter valued at $208,000. 93.97% of the stock is currently owned by institutional investors and hedge funds.
Tactile Systems Technology Company Profile
Tactile Systems Technology, Inc, a medical technology company, develops and provides medical devices for the treatment of chronic diseases in the United States. The company offers proprietary Flexitouch system, an at-home solution for lymphedema patients; and ACTitouch system, a home-based solution for chronic venous insufficiency patients.
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