Insulet (NASDAQ:PODD) Given New $269.00 Price Target at Canaccord Genuity Group

Insulet (NASDAQ:PODD) had its price target hoisted by equities researchers at Canaccord Genuity Group from $236.00 to $269.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the medical instruments supplier’s stock. Canaccord Genuity Group’s price target points to a potential upside of 12.08% from the company’s current price.

Several other equities analysts have also recently issued reports on the stock. Redburn Atlantic began coverage on shares of Insulet in a research report on Thursday, May 30th. They set a “buy” rating and a $235.00 price target on the stock. OTR Global reiterated a “mixed” rating on shares of Insulet in a research note on Monday, June 10th. BTIG Research reduced their price objective on Insulet from $270.00 to $250.00 and set a “buy” rating for the company in a research note on Friday, August 9th. UBS Group increased their price objective on shares of Insulet from $211.00 to $223.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Finally, Barclays increased their price target on Insulet from $200.00 to $220.00 and gave the company an “equal weight” rating in a report on Monday, August 12th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $231.71.

Insulet Trading Up 0.4 %

Insulet stock traded up $0.99 during trading hours on Wednesday, reaching $240.00. The company had a trading volume of 73,648 shares, compared to its average volume of 828,403. The company has a debt-to-equity ratio of 1.36, a current ratio of 3.60 and a quick ratio of 2.71. Insulet has a 12-month low of $125.82 and a 12-month high of $243.98. The company has a 50-day moving average price of $204.43 and a 200 day moving average price of $189.34. The firm has a market cap of $16.83 billion, a price-to-earnings ratio of 72.61, a P/E/G ratio of 4.47 and a beta of 1.21.

Insulet (NASDAQ:PODD) last issued its earnings results on Thursday, August 8th. The medical instruments supplier reported $0.55 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.01). The firm had revenue of $488.50 million during the quarter, compared to analysts’ expectations of $488.00 million. Insulet had a return on equity of 30.73% and a net margin of 21.11%. The firm’s quarterly revenue was up 23.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.38 earnings per share. Equities analysts forecast that Insulet will post 3.04 earnings per share for the current year.

Institutional Investors Weigh In On Insulet

Hedge funds have recently added to or reduced their stakes in the business. Capital Research Global Investors raised its position in shares of Insulet by 19.7% during the 4th quarter. Capital Research Global Investors now owns 9,476,623 shares of the medical instruments supplier’s stock worth $2,056,255,000 after purchasing an additional 1,556,455 shares during the last quarter. Marshall Wace LLP purchased a new position in Insulet in the 2nd quarter valued at approximately $99,978,000. Baillie Gifford & Co. raised its holdings in shares of Insulet by 30.8% in the 2nd quarter. Baillie Gifford & Co. now owns 1,886,062 shares of the medical instruments supplier’s stock valued at $380,607,000 after purchasing an additional 443,783 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Insulet by 56.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 878,529 shares of the medical instruments supplier’s stock valued at $190,623,000 after purchasing an additional 316,649 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in shares of Insulet by 206.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 429,591 shares of the medical instruments supplier’s stock valued at $73,632,000 after purchasing an additional 289,591 shares in the last quarter.

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.