Tactile Systems Technology, Inc. (NASDAQ:TCMD) Shares Bought by Bank of America Corp DE

Bank of America Corp DE boosted its holdings in shares of Tactile Systems Technology, Inc. (NASDAQ:TCMD - Free Report) by 67.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 101,867 shares of the company's stock after purchasing an additional 41,037 shares during the quarter. Bank of America Corp DE owned about 0.42% of Tactile Systems Technology worth $1,745,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of TCMD. SG Americas Securities LLC raised its stake in Tactile Systems Technology by 12.7% during the fourth quarter. SG Americas Securities LLC now owns 12,032 shares of the company's stock valued at $206,000 after purchasing an additional 1,354 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in Tactile Systems Technology during the fourth quarter valued at $1,328,000. Rhumbline Advisers raised its stake in Tactile Systems Technology by 1.6% during the fourth quarter. Rhumbline Advisers now owns 38,033 shares of the company's stock valued at $651,000 after purchasing an additional 581 shares in the last quarter. Principal Financial Group Inc. increased its position in Tactile Systems Technology by 9.9% during the fourth quarter. Principal Financial Group Inc. now owns 20,401 shares of the company's stock valued at $349,000 after acquiring an additional 1,836 shares during the last quarter. Finally, Jones Financial Companies Lllp bought a new position in Tactile Systems Technology during the fourth quarter valued at $39,000. Hedge funds and other institutional investors own 83.43% of the company's stock.

Insider Activity at Tactile Systems Technology

In other Tactile Systems Technology news, Director William W. Burke sold 3,300 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $9.67, for a total transaction of $31,911.00. Following the completion of the transaction, the director now directly owns 48,520 shares of the company's stock, valued at approximately $469,188.40. This trade represents a 6.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Elaine M. Birkemeyer sold 2,921 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $9.94, for a total transaction of $29,034.74. Following the transaction, the chief financial officer now directly owns 99,111 shares of the company's stock, valued at $985,163.34. This represents a 2.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have weighed in on TCMD. Piper Sandler cut shares of Tactile Systems Technology from an "overweight" rating to a "neutral" rating and cut their price objective for the company from $25.00 to $14.00 in a research report on Tuesday, May 6th. B. Riley upgraded shares of Tactile Systems Technology to a "hold" rating in a report on Wednesday, May 7th. Finally, Wall Street Zen cut shares of Tactile Systems Technology from a "buy" rating to a "hold" rating in a report on Wednesday, May 7th. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $16.00.

Tactile Systems Technology Stock Performance

Shares of Tactile Systems Technology stock traded down $0.03 during midday trading on Thursday, hitting $10.11. The company had a trading volume of 246,306 shares, compared to its average volume of 264,825. The stock has a market cap of $235.04 million, a price-to-earnings ratio of 14.44 and a beta of 1.05. The company has a quick ratio of 3.80, a current ratio of 4.36 and a debt-to-equity ratio of 0.11. The company has a fifty day simple moving average of $11.98 and a 200 day simple moving average of $14.95. Tactile Systems Technology, Inc. has a 12-month low of $8.61 and a 12-month high of $21.10.

Tactile Systems Technology (NASDAQ:TCMD - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.06). The company had revenue of $61.27 million during the quarter, compared to analysts' expectations of $63.48 million. Tactile Systems Technology had a net margin of 5.79% and a return on equity of 9.37%. During the same period in the previous year, the business earned ($0.05) earnings per share. As a group, analysts predict that Tactile Systems Technology, Inc. will post 0.7 earnings per share for the current fiscal year.

About Tactile Systems Technology

Tactile Systems Technology, Inc, a medical technology company, develops and provides medical devices to treat underserved chronic diseases in the United States. It offers Flexitouch Plus system, a pneumatic compression device for the treatment of lymphedema in the home setting; and Entre Plus System, a portable pneumatic compression device for the at-home treatment of venous disorders, such as lymphedema and chronic venous insufficiency, including venous leg ulcers.