52,370 Shares of Tactile Systems Technology, Inc. $TCMD Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 52,370 shares of Tactile Systems Technology in the second quarter, worth approximately $1.56 million. Institutional investors collectively own 83.43% of the company.
• Analysts maintain a generally positive outlook, with four Buy ratings and two Hold ratings, an overall “Moderate Buy” consensus, and an average price target of $38.40.
• TCMD reported quarterly earnings of $0.34 per share, exceeding estimates of $0.14, while revenue of $85.7 million was roughly in line with expectations. The stock opened at $21.71, down 2.6%.

Bank of America Corp DE purchased a new stake in shares of Tactile Systems Technology, Inc. (NASDAQ:TCMD - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 52,370 shares of the company's stock, valued at approximately $1,560,000. Bank of America Corp DE owned about 0.23% of Tactile Systems Technology at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Man Group plc purchased a new position in shares of Tactile Systems Technology in the second quarter valued at $1,597,000. Jupiter Topco LLC purchased a new stake in Tactile Systems Technology during the second quarter valued at $11,831,000. Canada Pension Plan Investment Board purchased a new stake in Tactile Systems Technology during the second quarter valued at $319,000. Legal & General Group Plc bought a new position in Tactile Systems Technology during the second quarter valued at $182,000. Finally, Paradigm Capital Management Inc. NY bought a new position in Tactile Systems Technology during the second quarter valued at $6,826,000. Institutional investors own 83.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. BTIG Research reduced their target price on shares of Tactile Systems Technology from $40.00 to $39.00 and set a "buy" rating on the stock in a report on Tuesday, August 11th. Wall Street Zen raised shares of Tactile Systems Technology from a "buy" rating to a "strong-buy" rating in a report on Saturday, September 26th. Finally, Weiss Ratings lowered Tactile Systems Technology from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $38.40.

Insider Activity at Tactile Systems Technology

In related news, CEO Sheri Dodd sold 10,978 shares of the company's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $29.44, for a total transaction of $323,192.32. Following the transaction, the chief executive officer directly owned 232,907 shares in the company, valued at approximately $6,856,782.08. This represents a 4.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 2.10% of the company's stock.

Tactile Systems Technology Stock Down 2.6%

Shares of TCMD opened at $21.71 on Friday. The business has a fifty day moving average of $24.27 and a 200 day moving average of $25.53. The company has a market cap of $491.73 million, a PE ratio of 20.10 and a beta of 0.82. Tactile Systems Technology, Inc. has a 52-week low of $13.60 and a 52-week high of $37.77.

Tactile Systems Technology (NASDAQ:TCMD - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.34 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.20. Tactile Systems Technology had a net margin of 7.10% and a return on equity of 11.49%. The business had revenue of $85.70 million for the quarter, compared to analysts' expectations of $85.52 million. As a group, research analysts anticipate that Tactile Systems Technology, Inc. will post 1.1 earnings per share for the current fiscal year.

About Tactile Systems Technology

Tactile Systems Technology, Inc, doing business as Tactile Medical, develops and provides medical devices designed to help manage chronic conditions involving the circulatory and lymphatic systems. The company focuses primarily on home-based therapy for lymphedema, chronic venous insufficiency and related conditions.

Its portfolio includes pneumatic compression systems such as the Flexitouch Plus system for lymphedema and the Entre Plus system for treating lymphedema and chronic venous insufficiency.

Want to see what other hedge funds are holding TCMD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tactile Systems Technology, Inc. (NASDAQ:TCMD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.