Next Century Growth Investors LLC Invests $11.31 Million in Tactile Systems Technology, Inc. $TCMD

Next Century Growth Investors LLC acquired a new position in shares of Tactile Systems Technology, Inc. (NASDAQ:TCMD) in the fourth quarter, HoldingsChannel reports. The fund acquired 389,980 shares of the company’s stock, valued at approximately $11,309,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Marshall Wace LLP purchased a new stake in Tactile Systems Technology during the 4th quarter worth $7,700,000. LSV Asset Management boosted its position in Tactile Systems Technology by 119.8% during the 4th quarter. LSV Asset Management now owns 323,004 shares of the company’s stock worth $9,367,000 after purchasing an additional 176,059 shares during the period. Federated Hermes Inc. boosted its position in Tactile Systems Technology by 42.7% during the 2nd quarter. Federated Hermes Inc. now owns 551,561 shares of the company’s stock worth $5,593,000 after purchasing an additional 165,163 shares during the period. Norges Bank purchased a new stake in Tactile Systems Technology during the 2nd quarter worth $1,464,000. Finally, Counterpoint Mutual Funds LLC purchased a new stake in Tactile Systems Technology during the 4th quarter worth $3,391,000. 83.43% of the stock is currently owned by institutional investors and hedge funds.

Tactile Systems Technology Price Performance

NASDAQ:TCMD opened at $26.31 on Friday. The firm has a 50-day moving average of $24.65 and a two-hundred day moving average of $27.06. The stock has a market cap of $593.45 million, a P/E ratio of 29.90 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 posted its quarterly earnings data on Monday, May 4th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). The firm had revenue of $75.27 million during the quarter, compared to analysts’ expectations of $70.57 million. Tactile Systems Technology had a net margin of 5.91% and a return on equity of 9.70%. As a group, equities analysts expect that Tactile Systems Technology, Inc. will post 1.11 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. 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 raised shares of Tactile Systems Technology from a “neutral” rating to a “buy” rating and upped their price target for the stock from $32.00 to $36.00 in a research report on Thursday, May 7th. Lake Street Capital set a $40.00 price target on shares of Tactile Systems Technology and gave the stock a “buy” rating in a research report on Wednesday, February 18th. BTIG Research reaffirmed a “buy” rating and set a $40.00 price target on shares of Tactile Systems Technology in a research report on Thursday, May 21st. Finally, Piper Sandler upped their price target on shares of Tactile Systems Technology from $35.00 to $42.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 18th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $38.60.

Insiders Place Their Bets

In other Tactile Systems Technology news, CFO Elaine M. Birkemeyer sold 4,631 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $24.49, for a total value of $113,413.19. Following the completion of the transaction, the chief financial officer directly owned 130,188 shares of the company’s stock, valued at $3,188,304.12. This represents a 3.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.10% of the stock is currently owned by insiders.

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.