Empowered Funds LLC Buys New Stake in Tactile Systems Technology, Inc. $TCMD

Empowered Funds LLC purchased a new stake in Tactile Systems Technology, Inc. (NASDAQ:TCMD) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 121,116 shares of the company’s stock, valued at approximately $3,607,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. raised its stake in shares of 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 valued at $29,000 after buying an additional 1,993 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Tactile Systems Technology in the 4th quarter valued at about $32,000. Quarry LP boosted its stake in shares of Tactile Systems Technology by 302.6% in the third quarter. Quarry LP now owns 2,319 shares of the company’s stock worth $32,000 after buying an additional 1,743 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Tactile Systems Technology in the fourth quarter worth about $36,000. Finally, Global Retirement Partners LLC acquired a new stake in Tactile Systems Technology during the fourth quarter worth about $37,000. 83.43% of the stock is owned by institutional investors and hedge funds.

Tactile Systems Technology Stock Performance

Shares of Tactile Systems Technology stock opened at $22.25 on Wednesday. The firm has a 50-day simple moving average of $27.41 and a two-hundred day simple moving average of $26.51. Tactile Systems Technology, Inc. has a fifty-two week low of $12.91 and a fifty-two week high of $37.77. The company has a market cap of $504.01 million, a P/E ratio of 20.60 and a beta of 0.81.

Tactile Systems Technology (NASDAQ:TCMD) last posted its earnings results on Monday, August 10th. The company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.20. Tactile Systems Technology had a return on equity of 11.49% and a net margin of 7.10%.The firm had revenue of $85.70 million for the quarter, compared to analysts’ expectations of $85.52 million. Equities research analysts forecast that Tactile Systems Technology, Inc. will post 1.1 EPS for the current year.

Analysts Set New Price Targets

TCMD has been the subject of several recent research reports. Weiss Ratings upgraded Tactile Systems Technology from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Monday, August 17th. BTIG Research lowered their price objective on Tactile Systems Technology from $40.00 to $39.00 and set a “buy” rating on the stock in a research report on Tuesday, August 11th. Wall Street Zen cut shares of Tactile Systems Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 15th. Finally, B. Riley Financial raised shares of Tactile Systems Technology from a “neutral” rating to a “buy” rating and lifted their target price for the company from $32.00 to $36.00 in a report on Thursday, May 7th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Tactile Systems Technology currently has a consensus rating of “Moderate Buy” and an average price target of $38.40.

Insiders Place Their Bets

In other Tactile Systems Technology news, CEO Sheri Louise Dodd sold 10,978 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $29.44, for a total transaction of $323,192.32. Following the transaction, the chief executive officer owned 232,907 shares in the company, valued at approximately $6,856,782.08. This represents a 4.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 2.10% of the company’s stock.

About Tactile Systems Technology

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.