First Trust Advisors LP purchased a new stake in Tandem Diabetes Care Inc (NASDAQ:TNDM) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 79,974 shares of the medical device company’s stock, valued at approximately $3,037,000. First Trust Advisors LP owned 0.14% of Tandem Diabetes Care at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Sigma Planning Corp bought a new position in Tandem Diabetes Care during the 4th quarter worth $290,000. Prudential Financial Inc. bought a new position in Tandem Diabetes Care during the 3rd quarter worth $235,000. Teachers Advisors LLC increased its position in Tandem Diabetes Care by 11.9% during the 3rd quarter. Teachers Advisors LLC now owns 99,521 shares of the medical device company’s stock worth $4,263,000 after buying an additional 10,576 shares during the period. Emerald Advisers LLC increased its position in Tandem Diabetes Care by 22.8% during the 4th quarter. Emerald Advisers LLC now owns 772,093 shares of the medical device company’s stock worth $29,316,000 after buying an additional 143,587 shares during the period. Finally, Renaissance Technologies LLC increased its position in Tandem Diabetes Care by 91.7% during the 3rd quarter. Renaissance Technologies LLC now owns 395,594 shares of the medical device company’s stock worth $16,947,000 after buying an additional 189,230 shares during the period. Institutional investors and hedge funds own 83.08% of the company’s stock.
Several research firms have weighed in on TNDM. ValuEngine cut Tandem Diabetes Care from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 28th. Oppenheimer increased their price objective on Tandem Diabetes Care from $57.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 27th. Craig Hallum increased their price objective on Tandem Diabetes Care from $59.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, February 27th. Cowen increased their price objective on Tandem Diabetes Care from $40.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 27th. Finally, Bank of America reiterated a “neutral” rating and set a $59.00 price objective on shares of Tandem Diabetes Care in a research report on Tuesday, March 5th. Four analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $59.00.
Tandem Diabetes Care (NASDAQ:TNDM) last released its earnings results on Tuesday, February 26th. The medical device company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.22. The company had revenue of $76.20 million for the quarter, compared to analyst estimates of $56.34 million. Tandem Diabetes Care had a negative return on equity of 67.92% and a negative net margin of 66.68%. Tandem Diabetes Care’s quarterly revenue was up 89.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.23) EPS. Research analysts anticipate that Tandem Diabetes Care Inc will post -0.72 earnings per share for the current year.
In other news, insider Kim D. Blickenstaff sold 200,000 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $64.95, for a total transaction of $12,990,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Brian B. Hansen sold 25,000 shares of the stock in a transaction on Tuesday, January 15th. The stock was sold at an average price of $41.54, for a total value of $1,038,500.00. Following the sale, the executive vice president now directly owns 26,381 shares in the company, valued at $1,095,866.74. The disclosure for this sale can be found here. Over the last three months, insiders have sold 372,088 shares of company stock worth $22,434,978. 9.30% of the stock is currently owned by insiders.
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About Tandem Diabetes Care
Tandem Diabetes Care, Inc, a medical device company, designs, develops, and commercializes various products for people with insulin-dependent diabetes in the United States. The company's flagship product is the t:slim X2 insulin delivery system that comprises t:slim X2 pump, its 300-unit disposable insulin cartridge, and an infusion set.
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