BlackRock Inc. Purchases New Position in Tactile Systems Technology, Inc. $TCMD

Key Points

• BlackRock acquired 1.91 million shares of Tactile Systems Technology in the second quarter, worth approximately $56.7 million and representing an 8.44% stake. Institutional investors collectively own 83.43% of TCMD.
• Tactile Systems reported quarterly EPS of $0.34, exceeding the $0.14 analyst consensus, while revenue of $85.7 million was roughly in line with estimates.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $38.40; however, CEO Sheri Louise Dodd sold shares to cover tax withholding obligations.

BlackRock Inc. purchased a new position in Tactile Systems Technology, Inc. (NASDAQ:TCMD - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 1,905,086 shares of the company's stock, valued at approximately $56,733,000. BlackRock Inc. owned approximately 8.44% of Tactile Systems Technology at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TCMD. Quantinno Capital Management LP boosted its stake in Tactile Systems Technology by 1.3% during the first quarter. Quantinno Capital Management LP now owns 53,612 shares of the company's stock worth $1,401,000 after buying an additional 684 shares during the period. Prudential Financial Inc. boosted its stake in shares of Tactile Systems Technology by 3.5% during 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 during the period. Versant Capital Management Inc grew its holdings in Tactile Systems Technology by 36.4% during the 2nd quarter. Versant Capital Management Inc now owns 3,285 shares of the company's stock valued at $98,000 after purchasing an additional 876 shares during the last quarter. Strs Ohio grew its holdings in Tactile Systems Technology by 4.1% during the 1st quarter. Strs Ohio now owns 22,700 shares of the company's stock valued at $593,000 after purchasing an additional 900 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in Tactile Systems Technology in the 4th quarter worth about $32,000. 83.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Sheri Louise Dodd sold 10,978 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $29.44, for a total transaction of $323,192.32. Following the completion of the sale, the chief executive officer owned 232,907 shares of the company's stock, valued at $6,856,782.08. This represents a 4.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 Stock Down 0.8%

Tactile Systems Technology stock opened at $22.98 on Tuesday. The business has a fifty day moving average of $27.49 and a two-hundred day moving average of $26.55. The firm has a market cap of $520.50 million, a P/E ratio of 21.28 and a beta of 0.81. Tactile Systems Technology, Inc. has a twelve month low of $12.91 and a twelve month high of $37.77.

Tactile Systems Technology (NASDAQ:TCMD - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported $0.34 earnings per share (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 business had revenue of $85.70 million for the quarter, compared to the consensus estimate of $85.52 million. Equities analysts expect that Tactile Systems Technology, Inc. will post 1.07 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

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.

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