Major Shareholders Making Strategic Moves in Tactile Systems Technology (TCMD)

Analyst Rating Shift Signals Mixed Signals for TCMD

On January 5, 2026, Piper Sandler raised their outlook for Tactile Systems Technology from Neutral to Overweight, marking a notable shift in market perception. However, this positive rating adjustment stands in stark contrast to current price target expectations, which suggest a more cautious near-term outlook for investors.

Price Target Analysis: What Numbers Reveal

According to the most recent consensus data as of December 21, 2025, analysts have set an average price target of $24.48 per share for Tactile Systems Technology. This forecast range spans from a conservative low of $16.16 to an optimistic high of $33.60. Given the company’s closing price of $30.13 per share, the average target implies a potential 18.75% decline from current levels—a significant gap that raises questions about valuation concerns in the near term.

Looking at operational metrics, the company projects annual revenues of 342MM, representing a healthy 9.72% growth trajectory. The projected non-GAAP earnings per share stands at 1.21, indicating sustainable profitability.

Institutional Positioning: A Snapshot of Professional Money

The institutional landscape for Tactile Systems Technology shows deliberate repositioning. Currently, 296 funds and institutions maintain positions in TCMD, though this represents a decrease of 14 owners (4.52%) compared to the previous quarter. The aggregate portfolio weight among all funds holding TCMD stands at 0.07%, an increase of 2.14%, suggesting institutional confidence despite reduced participant count.

Institutional ownership decreased by 4.29% to 23,110K shares over the past three months. The put/call ratio of 0.28 indicates a generally bullish sentiment among options traders.

Major Players: Who’s Buying and Selling?

Cadian Capital Management remains the largest institutional holder with 2,056K shares (9.20% ownership). Notably, this represents a 12.35% reduction from their prior filing position of 2,310K shares. Despite trimming absolute holdings, Cadian increased its portfolio allocation to TCMD by 28.90%, suggesting they’re maintaining strategic exposure while diversifying overall capital deployment.

Paradigm Capital Management holds 1,538K shares representing 6.89% of the company. Similar to Cadian, they reduced share count by 5.21% from 1,619K shares but increased their portfolio weight by 6.61%.

Acadian Asset Management displayed notably aggressive positioning, holding 845K shares (3.79% ownership). This reflects a 19.14% increase from their previous 684K share position, with portfolio allocation climbing 42.70%—the largest proportional increase among major holders.

Capitolis Liquid Global Markets maintains a stable position at 902K shares (4.04%), with no change during the quarter. Vanguard’s Total Stock Market Index Fund Investor Shares holds 717K shares (3.21%), also unchanged.

The Bottom Line

Tactile Systems Technology presents a complex picture: analyst upgrades and revenue growth prospects clash with conservative price targets and mixed institutional activity. Major shareholders are demonstrating measured repositioning rather than wholesale exit or accumulation.