Canaccord Genuity Group Forecasts Strong Price Appreciation for Insulet (NASDAQ:PODD) Stock

Insulet (NASDAQ:PODD) had its price target boosted by analysts at Canaccord Genuity Group from $432.00 to $450.00 in a note issued to investors on Wednesday,MarketScreener reports. The brokerage presently has a “buy” rating on the medical instruments supplier’s stock. Canaccord Genuity Group’s target price points to a potential upside of 55.85% from the stock’s current price.

A number of other analysts have also recently weighed in on the company. Raymond James Financial raised their price objective on Insulet from $366.00 to $385.00 and gave the stock an “outperform” rating in a research report on Friday, November 21st. Wolfe Research increased their price target on Insulet from $350.00 to $375.00 and gave the company an “outperform” rating in a research note on Friday, November 7th. Barclays boosted their price target on Insulet from $300.00 to $301.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Insulet in a research report on Wednesday, October 8th. Finally, Truist Financial lifted their target price on shares of Insulet from $390.00 to $412.00 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 assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Insulet presently has a consensus rating of “Moderate Buy” and a consensus price target of $380.05.

Insulet Stock Down 1.0%

NASDAQ:PODD opened at $288.73 on Wednesday. The company’s 50-day simple moving average is $317.99 and its 200-day simple moving average is $314.34. The company has a debt-to-equity ratio of 0.68, a quick ratio of 2.18 and a current ratio of 2.87. Insulet has a fifty-two week low of $230.05 and a fifty-two week high of $354.88. The stock has a market capitalization of $20.31 billion, a P/E ratio of 83.69, a P/E/G ratio of 2.05 and a beta of 1.37.

Insulet (NASDAQ:PODD) last posted its earnings results on Thursday, November 6th. The medical instruments supplier reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.11. The company had revenue of $521.70 million during 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%. Insulet’s revenue for the quarter was up 29.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.08 earnings per share. On average, equities analysts anticipate that Insulet will post 3.92 earnings per share for the current fiscal year.

Institutional Trading of Insulet

Several institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new stake in Insulet during the 2nd quarter worth about $324,689,000. Qube Research & Technologies Ltd purchased a new stake in shares of Insulet in the second quarter worth about $131,439,000. Worldquant Millennium Advisors LLC purchased a new stake in shares of Insulet in the second quarter worth about $80,082,000. Squarepoint Ops LLC grew its holdings in Insulet by 11,905.8% during the third quarter. Squarepoint Ops LLC now owns 227,270 shares of the medical instruments supplier’s stock worth $70,165,000 after acquiring an additional 225,377 shares during the period. Finally, Munro Partners raised its position in Insulet by 1,483.0% during the third quarter. Munro Partners now owns 227,240 shares of the medical instruments supplier’s stock valued at $70,156,000 after acquiring an additional 212,885 shares in the last quarter.

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.