Canaccord Genuity Group Forecasts Strong Price Appreciation for Insulet (NASDAQ:PODD) Stock

Insulet (NASDAQ:PODD) had its price objective increased by Canaccord Genuity Group from $304.00 to $324.00 in a research note published on Friday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the medical instruments supplier’s stock.

Several other analysts have also issued reports on PODD. Barclays lifted their target price on shares of Insulet from $220.00 to $234.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. BTIG Research increased their price objective on Insulet from $260.00 to $270.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Morgan Stanley increased their target price on shares of Insulet from $234.00 to $317.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Wells Fargo & Company boosted their price target on shares of Insulet from $290.00 to $305.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Finally, TD Cowen increased their price objective on shares of Insulet from $264.00 to $324.00 and gave the company a “buy” rating in a report on Friday, January 3rd. Three research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Insulet presently has an average rating of “Moderate Buy” and an average target price of $289.06.

Insulet Stock Down 1.9 %

PODD stock opened at $282.80 on Friday. The firm has a market cap of $19.84 billion, a PE ratio of 48.84, a P/E/G ratio of 3.62 and a beta of 1.23. The company has a debt-to-equity ratio of 1.21, a quick ratio of 2.80 and a current ratio of 3.68. The firm’s fifty day moving average is $272.98 and its 200 day moving average is $247.87. Insulet has a one year low of $160.19 and a one year high of $289.46.

Insulet (NASDAQ:PODD) last released its quarterly earnings results on Thursday, February 20th. The medical instruments supplier reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.15. Insulet had a return on equity of 24.46% and a net margin of 20.19%. The company had revenue of $597.50 million during the quarter, compared to analysts’ expectations of $582.02 million. On average, research analysts forecast that Insulet will post 3.92 EPS for the current year.

Insider Buying and Selling at Insulet

In related news, EVP Eric Benjamin sold 12,394 shares of Insulet stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $280.00, for a total value of $3,470,320.00. Following the completion of the transaction, the executive vice president now directly owns 11,383 shares in the company, valued at approximately $3,187,240. This trade represents a 52.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Lauren Budden sold 915 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $275.62, for a total transaction of $252,192.30. Following the completion of the sale, the chief accounting officer now directly owns 5,733 shares in the company, valued at approximately $1,580,129.46. This represents a 13.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.47% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PODD. Blue Trust Inc. raised its stake in shares of Insulet by 84.1% during the third quarter. Blue Trust Inc. now owns 127 shares of the medical instruments supplier’s stock worth $30,000 after purchasing an additional 58 shares during the last quarter. Venturi Wealth Management LLC raised its position in Insulet by 633.3% in the third quarter. Venturi Wealth Management LLC now owns 154 shares of the medical instruments supplier’s stock worth $36,000 after acquiring an additional 133 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in Insulet in the fourth quarter worth $36,000. Itau Unibanco Holding S.A. purchased a new stake in shares of Insulet during the 4th quarter worth $42,000. Finally, SRS Capital Advisors Inc. boosted its position in shares of Insulet by 43.1% during the 4th quarter. SRS Capital Advisors Inc. now owns 186 shares of the medical instruments supplier’s stock worth $49,000 after purchasing an additional 56 shares in the last quarter.

About Insulet

Insulet Corporation develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes. The company's Omnipod platform includes the Omnipod 5 Automated Insulin Delivery System (Omnipod 5) which includes a proprietary AID algorithm embedded in the Pod that integrates with a third-party continuous glucose monitor to obtain glucose values through wireless bluetooth communication; Omnipod DASH that features a bluetooth enabled Pod that is controlled by a smartphone-like Personal Diabetes Manager with a color touch screen user interface; and Omnipod GO, a standalone, wearable, insulin delivery system that provides a fixed rate of continuous rapid-acting insulin for 72 hours.