Principal Financial Group Inc. Cuts Stock Holdings in Tandem Diabetes Care, Inc. (NASDAQ:TNDM)

Principal Financial Group Inc. lowered its holdings in Tandem Diabetes Care, Inc. (NASDAQ:TNDM) by 17.4% in the 3rd quarter, Holdings Channel.com reports. The fund owned 370,322 shares of the medical device company’s stock after selling 77,771 shares during the quarter. Principal Financial Group Inc.’s holdings in Tandem Diabetes Care were worth $15,705,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp grew its holdings in Tandem Diabetes Care by 17.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 494,313 shares of the medical device company’s stock worth $19,916,000 after buying an additional 73,397 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Tandem Diabetes Care by 14.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 7,569 shares of the medical device company’s stock valued at $305,000 after purchasing an additional 934 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Tandem Diabetes Care by 4.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,960 shares of the medical device company’s stock worth $603,000 after buying an additional 592 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Tandem Diabetes Care by 29.2% in the second quarter. Signaturefd LLC now owns 2,307 shares of the medical device company’s stock valued at $93,000 after buying an additional 522 shares during the period. Finally, Mizuho Markets Americas LLC acquired a new position in Tandem Diabetes Care during the second quarter worth about $2,911,000.

Insider Buying and Selling at Tandem Diabetes Care

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

Tandem Diabetes Care Price Performance

TNDM opened at $36.88 on Friday. Tandem Diabetes Care, Inc. has a 12-month low of $21.85 and a 12-month high of $53.69. The company has a market cap of $2.42 billion, a price-to-earnings ratio of -19.11 and a beta of 1.32. The company has a current ratio of 2.90, a quick ratio of 2.32 and a debt-to-equity ratio of 1.29. The stock has a fifty day simple moving average of $32.35 and a two-hundred day simple moving average of $38.69.

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

Analysts Set New Price Targets

Several analysts recently commented on TNDM shares. Canaccord Genuity Group cut their target price on shares of Tandem Diabetes Care from $57.00 to $56.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Royal Bank of Canada began coverage on shares of Tandem Diabetes Care in a research report on Wednesday, October 2nd. They issued an “outperform” rating and a $65.00 price target for the company. Barclays lifted their price objective on shares of Tandem Diabetes Care from $58.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. The Goldman Sachs Group assumed coverage on Tandem Diabetes Care in a report on Friday, October 4th. They set a “neutral” rating and a $46.00 price target on the stock. Finally, Robert W. Baird cut their price target on Tandem Diabetes Care from $39.00 to $37.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Four equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $53.81.

About Tandem Diabetes Care

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.