BTIG Research Reaffirms Hold Rating for Tactile Systems Technology (TCMD)

BTIG Research reaffirmed their hold rating on shares of Tactile Systems Technology (NASDAQ:TCMD) in a research report report published on Tuesday morning.

“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.”,” BTIG Research’s analyst wrote.

A number of other research analysts have also commented on TCMD. Canaccord Genuity upped their price objective on shares of Tactile Systems Technology from $65.00 to $75.00 and gave the company a buy rating in a research report on Thursday, September 6th. Piper Jaffray Companies reaffirmed an overweight rating and set a $77.00 price objective on shares of Tactile Systems Technology in a research note on Monday, September 10th. BidaskClub raised shares of Tactile Systems Technology from a buy rating to a strong-buy rating in a research note on Tuesday, October 2nd. Zacks Investment Research cut shares of Tactile Systems Technology from a hold rating to a sell rating in a research note on Friday, August 10th. Finally, TheStreet cut shares of Tactile Systems Technology from a c+ rating to a d+ rating in a research note on Monday, August 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $67.33.

Tactile Systems Technology stock traded down $0.36 on Tuesday, reaching $61.62. 555 shares of the stock were exchanged, compared to its average volume of 224,329. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of 294.25, a P/E/G ratio of 10.07 and a beta of 1.40. Tactile Systems Technology has a twelve month low of $24.50 and a twelve month high of $73.24.

Tactile Systems Technology (NASDAQ:TCMD) last released its earnings results on Monday, November 5th. The company reported $0.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.04. The firm had revenue of $36.30 million during the quarter, compared to analyst estimates of $34.22 million. Tactile Systems Technology had a net margin of 4.92% and a return on equity of 8.53%. The business’s revenue was up 28.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.07 EPS. Analysts forecast that Tactile Systems Technology will post 0.31 earnings per share for the current year.

In other Tactile Systems Technology news, COO Robert J. Folkes sold 2,482 shares of the company’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $57.95, for a total transaction of $143,831.90. Following the sale, the chief operating officer now directly owns 120,718 shares of the company’s stock, valued at $6,995,608.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Gerald R. Mattys sold 5,558 shares of the company’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $62.42, for a total transaction of $346,930.36. Following the sale, the chief executive officer now directly owns 299,687 shares in the company, valued at $18,706,462.54. The disclosure for this sale can be found here. Insiders have sold 101,234 shares of company stock worth $6,538,983 over the last ninety days. Insiders own 8.70% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. grew its position in Tactile Systems Technology by 31.8% in the second quarter. BlackRock Inc. now owns 2,351,300 shares of the company’s stock valued at $122,266,000 after purchasing an additional 566,881 shares in the last quarter. Fred Alger Management Inc. boosted its holdings in Tactile Systems Technology by 16.2% in the second quarter. Fred Alger Management Inc. now owns 748,638 shares of the company’s stock valued at $38,929,000 after acquiring an additional 104,208 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Tactile Systems Technology by 5.3% in the second quarter. Janus Henderson Group PLC now owns 628,863 shares of the company’s stock valued at $32,701,000 after acquiring an additional 31,714 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Tactile Systems Technology by 7.4% in the third quarter. Bank of New York Mellon Corp now owns 284,180 shares of the company’s stock valued at $20,191,000 after acquiring an additional 19,659 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in Tactile Systems Technology by 142.0% in the third quarter. Wells Fargo & Company MN now owns 264,634 shares of the company’s stock valued at $18,803,000 after acquiring an additional 155,289 shares in the last quarter. 93.97% of the stock is currently owned by hedge funds and other institutional investors.

About Tactile Systems Technology

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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Analyst Recommendations for Tactile Systems Technology (NASDAQ:TCMD)

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