Canaccord Genuity Group Issues Positive Forecast for Insulet (NASDAQ:PODD) Stock Price

Insulet (NASDAQ:PODD) had its target price hoisted by Canaccord Genuity Group from $432.00 to $450.00 in a research note issued to investors on Wednesday morning, MarketBeat reports. They currently have a buy rating on the medical instruments supplier’s stock.

A number of other research firms have also recently commented on PODD. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Insulet in a research report on Wednesday, October 8th. Piper Sandler boosted their target price on Insulet from $320.00 to $360.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Cowen reissued a “buy” rating on shares of Insulet in a research report on Thursday, December 4th. Raymond James Financial increased their price objective on Insulet from $366.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 21st. Finally, BTIG Research lifted their price target on shares of Insulet from $370.00 to $380.00 and gave the stock a “buy” rating in a research note on Friday, November 21st. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $380.05.

Insulet Stock Performance

PODD opened at $289.57 on Wednesday. The company has a market cap of $20.37 billion, a price-to-earnings ratio of 83.93, a PEG ratio of 2.03 and a beta of 1.37. Insulet has a 52-week low of $230.05 and a 52-week high of $354.88. The firm’s fifty day simple moving average is $317.47 and its two-hundred day simple moving average is $314.16. The company has a quick ratio of 2.18, a current ratio of 2.87 and a debt-to-equity ratio of 0.68.

Insulet (NASDAQ:PODD) last announced its earnings results on Thursday, November 6th. The medical instruments supplier reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.11. The company had revenue of $521.70 million for the quarter, compared to analysts’ expectations of $678.70 million. Insulet had a net margin of 9.76% and a return on equity of 24.36%. The firm’s quarterly revenue was up 29.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.08 EPS. Equities analysts anticipate that Insulet will post 3.92 earnings per share for the current fiscal year.

Institutional Trading of Insulet

Hedge funds and other institutional investors have recently bought and sold shares of the company. True Wealth Design LLC increased its stake in shares of Insulet by 288.0% during the 3rd quarter. True Wealth Design LLC now owns 97 shares of the medical instruments supplier’s stock valued at $30,000 after acquiring an additional 72 shares during the last quarter. Kozak & Associates Inc. purchased a new position in shares of Insulet in the 2nd quarter worth about $32,000. Golden State Wealth Management LLC grew its holdings in shares of Insulet by 202.9% during the 2nd quarter. Golden State Wealth Management LLC now owns 103 shares of the medical instruments supplier’s stock worth $32,000 after purchasing an additional 69 shares during the period. Trust Co. of Toledo NA OH purchased a new position in Insulet in the second quarter valued at approximately $35,000. Finally, Whittier Trust Co. of Nevada Inc. grew its stake in Insulet by 48.9% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 131 shares of the medical instruments supplier’s stock worth $40,000 after buying an additional 43 shares during the period.

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.