State Street Corp Raises Position in Tandem Diabetes Care, Inc. (NASDAQ:TNDM)

State Street Corp boosted its holdings in shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM) by 3.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,655,736 shares of the medical device company’s stock after buying an additional 83,172 shares during the period. State Street Corp owned approximately 4.04% of Tandem Diabetes Care worth $112,630,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brooklyn Investment Group purchased a new stake in shares of Tandem Diabetes Care during the third quarter valued at $28,000. Assetmark Inc. purchased a new stake in Tandem Diabetes Care during the 3rd quarter valued at about $29,000. ORG Wealth Partners LLC purchased a new stake in Tandem Diabetes Care during the 3rd quarter valued at about $30,000. ORG Partners LLC acquired a new position in shares of Tandem Diabetes Care in the second quarter valued at about $31,000. Finally, Waldron Private Wealth LLC purchased a new position in shares of Tandem Diabetes Care in the third quarter worth about $50,000.

Analyst Upgrades and Downgrades

TNDM has been the topic of several research reports. Canaccord Genuity Group cut their price target on shares of Tandem Diabetes Care from $57.00 to $56.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Citigroup reduced their target price on shares of Tandem Diabetes Care from $57.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, December 11th. Morgan Stanley raised shares of Tandem Diabetes Care from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a report on Monday, December 2nd. Royal Bank of Canada assumed coverage on Tandem Diabetes Care in a report on Wednesday, October 2nd. They issued an “outperform” rating and a $65.00 price objective for the company. Finally, The Goldman Sachs Group started coverage on Tandem Diabetes Care in a report on Friday, October 4th. They set a “neutral” rating and a $46.00 target price on the stock. Four analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, Tandem Diabetes Care currently has a consensus rating of “Moderate Buy” and an average target price of $53.81.

Tandem Diabetes Care Stock Performance

TNDM opened at $32.66 on Monday. The firm’s fifty day simple moving average is $32.82 and its two-hundred day simple moving average is $39.51. Tandem Diabetes Care, Inc. has a 52-week low of $21.85 and a 52-week high of $53.69. The company has a market cap of $2.15 billion, a price-to-earnings ratio of -16.92 and a beta of 1.32. The company has a quick ratio of 2.32, a current ratio of 2.90 and a debt-to-equity ratio of 1.29.

Tandem Diabetes Care (NASDAQ:TNDM) last released its quarterly earnings results on Wednesday, November 6th. The medical device company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.43) by $0.08. Tandem Diabetes Care had a negative net margin of 14.84% and a negative return on equity of 44.19%. The firm had revenue of $243.97 million during the quarter, compared to the consensus estimate of $224.14 million. During the same quarter in the prior year, the firm earned ($0.38) EPS. The company’s revenue for the quarter was up 31.4% on a year-over-year basis. Equities analysts anticipate that Tandem Diabetes Care, Inc. will post -1.68 earnings per share for the current fiscal year.

Insider Transactions at Tandem Diabetes Care

In other news, Director Kim D. Blickenstaff sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $30.00, for a total value of $300,000.00. Following the transaction, the director now directly owns 195,190 shares of the company’s stock, valued at approximately $5,855,700. This trade represents a 4.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.20% of the company’s stock.

Tandem Diabetes Care Profile

Tandem Diabetes Care, Inc, a medical device company, designs, develops, and commercializes technology solutions for people living with diabetes in the United States and internationally. The company's flagship product is the t:slim X2 insulin delivery system, a pump platform for managing insulin delivery and display continuous glucose monitoring sensor information directly on the pump home screen; and Tandem Mobi insulin pump, an automated insulin delivery system.