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

Key Points

• Canaccord Genuity Group has raised its price target for Insulet (NASDAQ:PODD) from $331.00 to $353.00, indicating a potential upside of 14.95% from its previous close.
• Insulet reported a strong earnings performance, with $1.17 earnings per share for the last quarter, surpassing analysts' estimates of $0.92, and a revenue increase of 32.9% year-over-year.
• Overall, the stock has received 16 buy ratings compared to four hold ratings, reflecting a general positive sentiment among analysts towards Insulet's performance and future prospects.

Insulet (NASDAQ:PODD - Free Report) had its price target raised by Canaccord Genuity Group from $331.00 to $353.00 in a research report released on Friday,Benzinga reports. They currently have a buy rating on the medical instruments supplier's stock.

A number of other brokerages have also recently weighed in on PODD. The Goldman Sachs Group started coverage on shares of Insulet in a report on Friday, May 30th. They issued a "buy" rating and a $380.00 price objective on the stock. Truist Financial started coverage on shares of Insulet in a report on Monday, June 16th. They issued a "buy" rating and a $365.00 price objective on the stock. Jefferies Financial Group restated a "buy" rating on shares of Insulet in a report on Thursday, August 7th. Citigroup reissued a "buy" rating on shares of Insulet in a research note on Tuesday, July 8th. Finally, Sanford C. Bernstein reissued an "outperform" rating on shares of Insulet in a research note on Friday, May 16th. Two research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $330.71.

Insulet Price Performance

NASDAQ:PODD traded down $0.20 during mid-day trading on Friday, reaching $309.44. The stock had a trading volume of 153,250 shares, compared to its average volume of 770,139. The firm has a 50 day moving average price of $298.45 and a two-hundred day moving average price of $283.42. The stock has a market capitalization of $21.78 billion, a P/E ratio of 93.89, a P/E/G ratio of 2.58 and a beta of 1.35. Insulet has a one year low of $180.31 and a one year high of $329.33. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.81 and a current ratio of 2.26.

Insulet (NASDAQ:PODD - Get Free Report) last announced its earnings results on Thursday, August 7th. The medical instruments supplier reported $1.17 EPS for the quarter, beating analysts' consensus estimates of $0.92 by $0.25. The company had revenue of $649.10 million during the quarter, compared to the consensus estimate of $612.31 million. Insulet had a return on equity of 23.78% and a net margin of 10.01%. The firm's revenue for the quarter was up 32.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.55 earnings per share. As a group, analysts expect that Insulet will post 3.92 earnings per share for the current year.

Institutional Trading of Insulet

Several institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC grew its holdings in Insulet by 55.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,229 shares of the medical instruments supplier's stock valued at $1,376,000 after buying an additional 1,867 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in Insulet by 85.1% during the 1st quarter. Farther Finance Advisors LLC now owns 896 shares of the medical instruments supplier's stock valued at $236,000 after buying an additional 412 shares in the last quarter. QRG Capital Management Inc. grew its holdings in Insulet by 75.6% during the 1st quarter. QRG Capital Management Inc. now owns 2,030 shares of the medical instruments supplier's stock valued at $533,000 after buying an additional 874 shares in the last quarter. Exchange Traded Concepts LLC grew its holdings in Insulet by 225.4% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,552 shares of the medical instruments supplier's stock valued at $408,000 after buying an additional 1,075 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its holdings in shares of Insulet by 2.6% in the 1st quarter. State of Alaska Department of Revenue now owns 8,212 shares of the medical instruments supplier's stock worth $2,156,000 after purchasing an additional 210 shares during the period.

Insulet Company Profile

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.