Westfield Capital Management Co. LP Sells 79,549 Shares of Insulet Corporation (NASDAQ:PODD)

Key Points

• Westfield Capital Management Co. LP has reduced its stake in Insulet Corporation by 12.9%, selling 79,549 shares to hold 538,247 shares valued at approximately $141.35 million.
• Analysts are optimistic about Insulet's future, with Barclays and Wolfe Research raising price targets to $266.00 and $350.00, respectively, while sixteen analysts issued a buy rating.
• Insulet reported earnings of $1.02 per share, exceeding estimates, with revenue growth of 28.8% year-over-year, totaling $569 million for the quarter.

Westfield Capital Management Co. LP reduced its stake in Insulet Corporation (NASDAQ:PODD - Free Report) by 12.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 538,247 shares of the medical instruments supplier's stock after selling 79,549 shares during the quarter. Westfield Capital Management Co. LP owned approximately 0.76% of Insulet worth $141,349,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PODD. Larson Financial Group LLC raised its stake in Insulet by 426.3% during the 1st quarter. Larson Financial Group LLC now owns 100 shares of the medical instruments supplier's stock worth $26,000 after acquiring an additional 81 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new stake in Insulet in the 4th quarter valued at approximately $42,000. Ramirez Asset Management Inc. acquired a new position in shares of Insulet in the first quarter valued at approximately $53,000. Golden State Wealth Management LLC grew its position in shares of Insulet by 553.1% in the first quarter. Golden State Wealth Management LLC now owns 209 shares of the medical instruments supplier's stock valued at $55,000 after purchasing an additional 177 shares during the period. Finally, GW&K Investment Management LLC increased its stake in shares of Insulet by 114.7% during the 1st quarter. GW&K Investment Management LLC now owns 249 shares of the medical instruments supplier's stock valued at $65,000 after acquiring an additional 133 shares during the last quarter.

Insider Buying and Selling

In related news, SVP John W. Kapples sold 5,278 shares of the company's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $318.47, for a total value of $1,680,884.66. Following the completion of the transaction, the senior vice president directly owned 23,180 shares in the company, valued at approximately $7,382,134.60. This represents a 18.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.39% of the stock is owned by insiders.

Insulet Trading Down 1.3%

Shares of NASDAQ PODD traded down $3.70 during midday trading on Wednesday, reaching $277.30. 1,016,657 shares of the stock were exchanged, compared to its average volume of 525,733. Insulet Corporation has a twelve month low of $173.00 and a twelve month high of $329.33. The company has a debt-to-equity ratio of 1.21, a quick ratio of 3.63 and a current ratio of 4.47. The stock has a market capitalization of $19.52 billion, a P/E ratio of 49.87, a PEG ratio of 2.51 and a beta of 1.35. The company has a 50 day simple moving average of $300.80 and a 200 day simple moving average of $282.63.

Insulet (NASDAQ:PODD - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The medical instruments supplier reported $1.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.81 by $0.21. The business had revenue of $569.00 million for the quarter, compared to analyst estimates of $543.20 million. Insulet had a net margin of 18.29% and a return on equity of 22.25%. The business's revenue was up 28.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.73 earnings per share. As a group, equities analysts expect that Insulet Corporation will post 3.92 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have commented on PODD shares. Wall Street Zen cut Insulet from a "buy" rating to a "hold" rating in a research note on Saturday, June 14th. Sanford C. Bernstein restated an "outperform" rating on shares of Insulet in a research note on Friday, May 16th. Wells Fargo & Company set a $322.00 price objective on shares of Insulet in a research note on Monday, April 28th. Citigroup restated a "buy" rating on shares of Insulet in a research report on Tuesday, July 8th. Finally, Truist Financial began coverage on Insulet in a research report on Monday, June 16th. They set a "buy" rating and a $365.00 price target for the company. Four analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $321.00.

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.