State Street Corp increased its position in shares of Tactile Systems Technology, Inc. (NASDAQ:TCMD) by 115.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 121,255 shares of the company’s stock after purchasing an additional 64,883 shares during the quarter. State Street Corp owned approximately 0.69% of Tactile Systems Technology worth $3,466,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. increased its position in shares of Tactile Systems Technology by 39.3% during the second quarter. JPMorgan Chase & Co. now owns 4,435 shares of the company’s stock worth $127,000 after purchasing an additional 1,252 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Tactile Systems Technology during the second quarter worth approximately $146,000. Nationwide Fund Advisors increased its position in shares of Tactile Systems Technology by 201.8% during the second quarter. Nationwide Fund Advisors now owns 5,170 shares of the company’s stock worth $148,000 after purchasing an additional 3,457 shares in the last quarter. Bank of America Corp DE increased its position in shares of Tactile Systems Technology by 1,118.5% during the first quarter. Bank of America Corp DE now owns 6,982 shares of the company’s stock worth $133,000 after purchasing an additional 6,409 shares in the last quarter. Finally, White Pine Capital LLC purchased a new stake in shares of Tactile Systems Technology during the second quarter worth approximately $254,000. Hedge funds and other institutional investors own 71.68% of the company’s stock.
Shares of Tactile Systems Technology, Inc. (TCMD) opened at $27.53 on Friday. The stock has a market capitalization of $477.95, a price-to-earnings ratio of 180.00, a price-to-earnings-growth ratio of 4.43 and a beta of -0.69. Tactile Systems Technology, Inc. has a twelve month low of $14.37 and a twelve month high of $37.88.
Tactile Systems Technology (NASDAQ:TCMD) last issued its earnings results on Tuesday, November 7th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.02. The company had revenue of $28.28 million during the quarter, compared to analysts’ expectations of $27.66 million. Tactile Systems Technology had a return on equity of 4.75% and a net margin of 5.84%. The firm’s quarterly revenue was up 25.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.01 EPS. analysts forecast that Tactile Systems Technology, Inc. will post 0.31 EPS for the current year.
Several brokerages recently commented on TCMD. Sidoti began coverage on Tactile Systems Technology in a research report on Friday. They set a “neutral” rating for the company. Northland Securities reiterated a “hold” rating and set a $31.50 price target on shares of Tactile Systems Technology in a research report on Monday, October 16th. Zacks Investment Research cut Tactile Systems Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, October 11th. BTIG Research upgraded Tactile Systems Technology from a “neutral” rating to a “buy” rating in a research report on Thursday, November 9th. They noted that the move was a valuation call. Finally, Guggenheim began coverage on Tactile Systems Technology in a research report on Thursday, October 12th. They set a “buy” rating and a $47.00 price target for the company. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $34.25.
In other Tactile Systems Technology news, VP Bryan Rishe sold 1,500 shares of the company’s stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $32.86, for a total value of $49,290.00. Following the completion of the sale, the vice president now directly owns 109,807 shares in the company, valued at approximately $3,608,258.02. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Radius Venture Partners Iii, L sold 1,000,500 shares of the company’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $31.02, for a total value of $31,035,510.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,084,605 shares of company stock valued at $33,344,231. 49.90% of the stock is owned by company insiders.
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Tactile Systems Technology 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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