Nicholas Investment Partners LP increased its stake in shares of Tactile Systems Technology, Inc. (NASDAQ:TCMD) by 27.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,032 shares of the company’s stock after purchasing an additional 16,732 shares during the quarter. Nicholas Investment Partners LP owned 0.44% of Tactile Systems Technology worth $2,384,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TCMD. JPMorgan Chase & Co. grew its stake in Tactile Systems Technology by 39.3% during the 2nd 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 America Corp DE grew its stake in Tactile Systems Technology by 1,118.5% during the 1st 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. Bank of Montreal Can acquired a new position in Tactile Systems Technology during the 2nd quarter worth $146,000. Nationwide Fund Advisors grew its stake in Tactile Systems Technology by 201.8% during the 2nd 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. Finally, The Manufacturers Life Insurance Company grew its stake in Tactile Systems Technology by 10,882.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,468 shares of the company’s stock worth $213,000 after purchasing an additional 7,400 shares in the last quarter. 71.68% of the stock is owned by hedge funds and other institutional investors.
In other Tactile Systems Technology news, VP Bryan Rishe sold 1,500 shares of Tactile Systems Technology stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $32.86, for a total transaction of $49,290.00. Following the completion of the sale, the vice president now directly owns 109,807 shares of the company’s stock, valued at approximately $3,608,258.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William W. Burke sold 2,000 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $28.86, for a total value of $57,720.00. Following the completion of the sale, the director now directly owns 6,306 shares of the company’s stock, valued at $181,991.16. The disclosure for this sale can be found here. Insiders have sold a total of 1,081,205 shares of company stock valued at $33,248,161 over the last ninety days. 49.90% of the stock is owned by company insiders.
Tactile Systems Technology (NASDAQ:TCMD) last announced its quarterly earnings results on Tuesday, November 7th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.02. The company had revenue of $28.28 million during the quarter, compared to the consensus estimate of $27.66 million. Tactile Systems Technology had a return on equity of 4.75% and a net margin of 5.84%. Tactile Systems Technology’s revenue for the quarter was up 25.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.01 EPS. analysts predict that Tactile Systems Technology, Inc. will post 0.31 EPS for the current year.
Several research analysts recently commented on the company. BTIG Research cut Tactile Systems Technology from a “buy” rating to a “neutral” rating in a research note on Monday, September 18th. Zacks Investment Research raised Tactile Systems Technology from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a research note on Thursday, August 10th. Northland Securities reaffirmed a “hold” rating and set a $31.50 price target on shares of Tactile Systems Technology in a report on Monday, October 16th. Guggenheim initiated coverage on Tactile Systems Technology in a report on Thursday, October 12th. They set a “buy” rating and a $47.00 price target for the company. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $37.00 price target (up from $28.00) on shares of Tactile Systems Technology in a report on Tuesday, August 8th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $34.25.
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Tactile Systems Technology Company 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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