Evolve Private Wealth LLC Takes Position in Tactile Systems Technology, Inc. $TCMD

Evolve Private Wealth LLC bought a new position in shares of Tactile Systems Technology, Inc. (NASDAQ:TCMD) in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 17,700 shares of the company’s stock, valued at approximately $463,000.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Goldman Sachs Group Inc. lifted its position in Tactile Systems Technology by 2.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 186,936 shares of the company’s stock worth $2,471,000 after buying an additional 3,898 shares in the last quarter. Rhumbline Advisers raised its position in shares of Tactile Systems Technology by 4.0% in the second quarter. Rhumbline Advisers now owns 37,780 shares of the company’s stock valued at $383,000 after purchasing an additional 1,441 shares during the period. American Century Companies Inc. grew its stake in shares of Tactile Systems Technology by 11.2% in the second quarter. American Century Companies Inc. now owns 53,264 shares of the company’s stock valued at $540,000 after acquiring an additional 5,364 shares in the last quarter. Prudential Financial Inc. raised its stake in Tactile Systems Technology by 3.5% in the 2nd quarter. Prudential Financial Inc. now owns 24,360 shares of the company’s stock worth $247,000 after purchasing an additional 835 shares in the last quarter. Finally, Norges Bank bought a new stake in Tactile Systems Technology in the 2nd quarter valued at about $1,464,000. 83.43% of the stock is owned by institutional investors and hedge funds.

Tactile Systems Technology Price Performance

TCMD stock opened at $30.28 on Friday. The company’s 50-day moving average is $25.18 and its 200-day moving average is $27.12. The stock has a market capitalization of $683.12 million, a PE ratio of 34.41 and a beta of 0.83. Tactile Systems Technology, Inc. has a 1 year low of $9.41 and a 1 year high of $37.77.

Tactile Systems Technology (NASDAQ:TCMD) last issued its earnings results on Monday, May 4th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). Tactile Systems Technology had a net margin of 5.91% and a return on equity of 9.70%. The firm had revenue of $75.27 million during the quarter, compared to the consensus estimate of $70.57 million. On average, analysts anticipate that Tactile Systems Technology, Inc. will post 1.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tactile Systems Technology news, CFO Elaine M. Birkemeyer sold 4,631 shares of Tactile Systems Technology stock in a transaction dated 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 transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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.

Analyst Upgrades and Downgrades

TCMD has been the subject of several analyst reports. Weiss Ratings cut shares of Tactile Systems Technology from a “hold (c+)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. B. Riley Financial upgraded shares of Tactile Systems Technology from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $32.00 to $36.00 in a research report on Thursday, May 7th. Finally, BTIG Research reissued a “buy” rating and issued a $40.00 price objective on shares of Tactile Systems Technology in a research note on Thursday, May 21st. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $38.60.

Tactile Systems Technology 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.