Insulet (NASDAQ:PODD) Price Target Raised to $350.00

Key Points

• The price target for Insulet (NASDAQ:PODD) has been raised by the Royal Bank of Canada from $330.00 to $350.00, indicating a potential upside of 13.68% from its previous close.
• Insulet had a strong quarterly performance with a reported earnings per share of $1.17, exceeding the consensus estimate of $0.92, alongside revenues of $649.10 million, up 32.9% year-over-year.
• The stock currently holds a consensus rating of "Moderate Buy" with sixteen analysts recommending a buy, reflecting positive market sentiment towards the company.

Insulet (NASDAQ:PODD - Get Free Report) had its price target raised by equities researchers at Royal Bank Of Canada from $330.00 to $350.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an "outperform" rating on the medical instruments supplier's stock. Royal Bank Of Canada's price target would suggest a potential upside of 13.68% from the stock's previous close.

A number of other analysts also recently issued reports on PODD. Citigroup reiterated a "buy" rating on shares of Insulet in a report on Tuesday, July 8th. Morgan Stanley reaffirmed an "overweight" rating on shares of Insulet in a research note on Thursday. Barclays upped their target price on shares of Insulet from $234.00 to $266.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. Raymond James Financial reissued an "outperform" rating and set a $360.00 price objective (up from $328.00) on shares of Insulet in a research note on Tuesday, May 27th. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of Insulet in a report on Friday, May 16th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $323.11.

Insulet Stock Performance

Shares of NASDAQ PODD traded up $4.33 during midday trading on Friday, hitting $307.88. 489,625 shares of the company's stock traded hands, compared to its average volume of 770,908. The firm has a fifty day moving average of $299.47 and a 200 day moving average of $282.79. Insulet has a 1 year low of $173.00 and a 1 year 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 $21.67 billion, a price-to-earnings ratio of 55.42, a price-to-earnings-growth ratio of 2.48 and a beta of 1.35.

Insulet (NASDAQ:PODD - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The medical instruments supplier reported $1.17 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.25. The business had revenue of $649.10 million for the quarter, compared to the consensus estimate of $612.31 million. Insulet had a net margin of 18.29% and a return on equity of 22.25%. The company's revenue for the quarter was up 32.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.55 earnings per share. On average, analysts forecast that Insulet will post 3.92 earnings per share for the current year.

Insider Buying and Selling at Insulet

In other news, SVP John W. Kapples sold 5,278 shares of the firm'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 owned 23,180 shares in the company, valued at $7,382,134.60. This trade represents a 18.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.39% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Larson Financial Group LLC lifted its stake in shares of Insulet by 426.3% in the 1st quarter. Larson Financial Group LLC now owns 100 shares of the medical instruments supplier's stock valued at $26,000 after purchasing an additional 81 shares in the last quarter. Zions Bancorporation National Association UT bought a new stake in shares of Insulet in the 1st quarter worth about $26,000. SouthState Corp raised its stake in Insulet by 253.3% during the first quarter. SouthState Corp now owns 106 shares of the medical instruments supplier's stock valued at $28,000 after buying an additional 76 shares in the last quarter. Kozak & Associates Inc. bought a new stake in Insulet during the second quarter valued at $32,000. Finally, Golden State Wealth Management LLC raised its stake in Insulet by 202.9% during the second quarter. Golden State Wealth Management LLC now owns 103 shares of the medical instruments supplier's stock worth $32,000 after acquiring an additional 69 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.

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