BTIG Research Cuts Tactile Systems Technology (NASDAQ:TCMD) Price Target to $39.00

Key Points

• BTIG Research lowered Tactile Systems Technology’s price target to $39 from $40 while maintaining a “buy” rating, implying 33.84% upside from the prior close.
• Analyst sentiment remains favorable, with four Buy ratings and two Hold ratings producing a “Moderate Buy” consensus and an average price target of $38.40.
• Tactile Systems reported quarterly EPS of $0.34, beating the $0.14 consensus estimate, while revenue of $85.70 million was broadly in line with expectations.

Tactile Systems Technology (NASDAQ:TCMD - Get Free Report) had its price target reduced by analysts at BTIG Research from $40.00 to $39.00 in a report released on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. BTIG Research's price objective indicates a potential upside of 33.84% from the company's previous close.

Several other brokerages also recently commented on TCMD. Weiss Ratings restated a "hold (c-)" rating on shares of Tactile Systems Technology in a research report on Monday, August 3rd. B. Riley Financial raised shares of Tactile Systems Technology from a "neutral" rating to a "buy" rating and boosted their target price for the company from $32.00 to $36.00 in a research note on Thursday, May 7th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Tactile Systems Technology currently has an average rating of "Moderate Buy" and a consensus price target of $38.40.

Tactile Systems Technology Stock Down 1.2%

NASDAQ:TCMD opened at $29.14 on Tuesday. Tactile Systems Technology has a 1-year low of $12.01 and a 1-year high of $37.77. The firm has a market capitalization of $657.40 million, a price-to-earnings ratio of 33.11 and a beta of 0.81. The stock has a fifty day simple moving average of $28.13 and a 200 day simple moving average of $27.06.

Tactile Systems Technology (NASDAQ:TCMD - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.20. Tactile Systems Technology had a return on equity of 9.70% and a net margin of 5.91%.The firm had revenue of $85.70 million for the quarter, compared to the consensus estimate of $85.52 million. Equities analysts predict that Tactile Systems Technology will post 1.11 earnings per share for the current year.

Hedge Funds Weigh In On Tactile Systems Technology

Several large investors have recently made changes to their positions in TCMD. Caitong International Asset Management Co. Ltd acquired a new position in Tactile Systems Technology in the fourth quarter worth about $32,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Tactile Systems Technology in the fourth quarter valued at $36,000. Global Retirement Partners LLC bought a new position in shares of Tactile Systems Technology in the fourth quarter valued at about $37,000. Russell Investments Group Ltd. grew its holdings in Tactile Systems Technology by 1,594.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,118 shares of the company's stock worth $29,000 after acquiring an additional 1,993 shares during the last quarter. Finally, Quarry LP increased its position in 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 acquiring an additional 1,743 shares in the last quarter. Institutional investors and hedge funds own 83.43% of the company's stock.

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.

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