Key Points
- CFO Elaine Birkemeyer sold 4,631 shares of Tactile Systems Technology at an average price of $24.49, totaling about $113,413. The sale reduced her stake by 3.43% and was made to cover tax withholding tied to vested equity awards.
- TCMD shares were down about 1% and opened at $23.29, with the stock trading below both its 50-day and 200-day moving averages. The company has a market cap of roughly $525 million.
- Wall Street remains generally constructive on Tactile Systems Technology despite mixed earnings results, with analysts maintaining a “Moderate Buy” consensus and an average price target of $38.60. The company recently missed EPS estimates but posted revenue above forecasts.
Tactile Systems Technology, Inc. (NASDAQ:TCMD - Get Free Report) CFO Elaine Birkemeyer sold 4,631 shares of the firm's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $24.49, for a total transaction of $113,413.19. Following the completion of the sale, the chief financial officer owned 130,188 shares in the company, valued at approximately $3,188,304.12. The trade was a 3.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Tactile Systems Technology Trading Down 1.0%
Shares of Tactile Systems Technology stock opened at $23.29 on Thursday. The company's fifty day simple moving average is $25.77 and its 200-day simple moving average is $26.52. The company has a market cap of $525.33 million, a price-to-earnings ratio of 26.47 and a beta of 0.82. Tactile Systems Technology, Inc. has a 1 year low of $9.34 and a 1 year high of $37.77.
Tactile Systems Technology (NASDAQ:TCMD - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.01). The company had revenue of $75.27 million during the quarter, compared to analyst estimates 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, research analysts forecast that Tactile Systems Technology, Inc. will post 1.11 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Tactile Systems Technology
Several institutional investors and hedge funds have recently made changes to their positions in TCMD. Russell Investments Group Ltd. boosted its stake in shares of 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 valued at $29,000 after purchasing an additional 1,993 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Tactile Systems Technology in the 4th quarter valued at $32,000. Quarry LP boosted its stake in shares of Tactile Systems Technology by 302.6% in the 3rd quarter. Quarry LP now owns 2,319 shares of the company's stock valued at $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 acquired a new stake in shares of Tactile Systems Technology in the 4th quarter valued at $36,000. Finally, Global Retirement Partners LLC acquired a new stake in shares of Tactile Systems Technology in the 4th quarter valued at $37,000. Institutional investors and hedge funds own 83.43% of the company's stock.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on TCMD shares. Lake Street Capital set a $40.00 price target on shares of Tactile Systems Technology and gave the stock a "buy" 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 lifted their price target for the stock from $32.00 to $36.00 in a research note on Thursday, May 7th. Piper Sandler lifted their price target 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. BTIG Research lifted their price target on shares of Tactile Systems Technology from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Tuesday, May 5th. Finally, Weiss Ratings downgraded shares of Tactile Systems Technology from a "hold (c+)" rating to a "hold (c-)" rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $38.60.
View Our Latest Report on TCMD
About Tactile Systems Technology
(
Get Free Report)
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.
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