Insulet Corporation (NASDAQ:PODD) Shares Sold by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. sold 924 shares of Insulet Corporation, reducing its stake by 3.7% to a total of 23,786 shares valued at approximately $6.23 million.
• Insulet reported a significant increase in revenue, totaling $649.10 million for the last quarter, a 32.9% increase year-over-year, and exceeding analysts' estimates.
• Analysts have been optimistic about Insulet's prospects, with most giving it a rating of "Moderate Buy" and an average price target of about $330.71.

Resona Asset Management Co. Ltd. cut its stake in Insulet Corporation (NASDAQ:PODD - Free Report) by 3.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,786 shares of the medical instruments supplier's stock after selling 924 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Insulet were worth $6,228,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in Insulet by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 8,668,952 shares of the medical instruments supplier's stock worth $2,276,553,000 after buying an additional 178,976 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Insulet by 20.5% in the 4th quarter. Northern Trust Corp now owns 738,811 shares of the medical instruments supplier's stock valued at $192,881,000 after buying an additional 125,710 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Insulet by 4.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 674,367 shares of the medical instruments supplier's stock valued at $177,096,000 after buying an additional 27,408 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Insulet by 27,298.6% in the 1st quarter. GAMMA Investing LLC now owns 664,141 shares of the medical instruments supplier's stock valued at $1,744,100,000 after buying an additional 661,717 shares during the period. Finally, Federated Hermes Inc. raised its holdings in Insulet by 23.4% in the 1st quarter. Federated Hermes Inc. now owns 632,869 shares of the medical instruments supplier's stock worth $166,198,000 after purchasing an additional 120,197 shares during the period.

Analyst Ratings Changes

PODD has been the subject of a number of analyst reports. Canaccord Genuity Group upped their price target on Insulet from $331.00 to $353.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Morgan Stanley reissued an "overweight" rating on shares of Insulet in a report on Thursday, August 7th. Wall Street Zen raised Insulet from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Oppenheimer increased their target price on Insulet from $312.00 to $324.00 and gave the company an "outperform" rating in a report on Friday, May 9th. Finally, Barclays upped their price target on Insulet from $234.00 to $266.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. Two investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat, Insulet has an average rating of "Moderate Buy" and an average price target of $330.71.

Insulet Trading Up 1.7%

Shares of PODD traded up $5.49 during midday trading on Friday, hitting $321.27. 617,194 shares of the stock were exchanged, compared to its average volume of 695,485. Insulet Corporation has a 52-week low of $180.31 and a 52-week high of $329.33. The stock has a fifty day simple moving average of $298.40 and a 200 day simple moving average of $284.23. The firm has a market cap of $22.61 billion, a P/E ratio of 97.65, a P/E/G ratio of 2.69 and a beta of 1.35. 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 released its quarterly earnings results on Thursday, August 7th. The medical instruments supplier reported $1.17 EPS for the quarter, topping the consensus estimate of $0.92 by $0.25. The business had revenue of $649.10 million during the quarter, compared to analyst estimates of $612.31 million. Insulet had a return on equity of 23.78% and a net margin of 10.01%. The company's quarterly revenue was up 32.9% on a year-over-year basis. During the same period last year, the business posted $0.55 earnings per share. On average, research analysts anticipate that Insulet Corporation will post 3.92 EPS for the current fiscal year.

Insulet 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.