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

Insulet (NASDAQ:PODD) had its price objective hoisted by equities researchers at Canaccord Genuity Group from $269.00 to $304.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the medical instruments supplier’s stock. Canaccord Genuity Group’s price target indicates a potential upside of 10.63% from the company’s current price.

A number of other equities analysts have also commented on the stock. Sanford C. Bernstein assumed coverage on shares of Insulet in a research report on Wednesday, November 6th. They issued an “outperform” rating and a $300.00 price objective for the company. Piper Sandler boosted their price target on shares of Insulet from $230.00 to $285.00 and gave the company an “overweight” rating in a research report on Tuesday, September 17th. Citigroup lifted their price objective on Insulet from $250.00 to $275.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Raymond James upped their target price on Insulet from $213.00 to $260.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Finally, Morgan Stanley boosted their price objective on Insulet from $234.00 to $317.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $255.60.

Insulet Price Performance

NASDAQ PODD opened at $274.79 on Monday. The company has a market cap of $19.28 billion, a PE ratio of 47.05, a price-to-earnings-growth ratio of 4.06 and a beta of 1.21. The company has a quick ratio of 2.80, a current ratio of 3.68 and a debt-to-equity ratio of 1.21. The firm’s 50-day simple moving average is $248.93 and its two-hundred day simple moving average is $218.65. Insulet has a 52 week low of $160.19 and a 52 week high of $279.40.

Institutional Trading of Insulet

Hedge funds have recently made changes to their positions in the stock. CWM LLC increased its holdings in shares of Insulet by 47.2% during the second quarter. CWM LLC now owns 3,852 shares of the medical instruments supplier’s stock valued at $777,000 after acquiring an additional 1,236 shares in the last quarter. Simplicity Wealth LLC purchased a new position in Insulet in the second quarter worth about $299,000. Czech National Bank lifted its stake in shares of Insulet by 8.6% in the second quarter. Czech National Bank now owns 13,346 shares of the medical instruments supplier’s stock worth $2,693,000 after buying an additional 1,060 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in shares of Insulet by 8.1% during the second quarter. Sequoia Financial Advisors LLC now owns 2,089 shares of the medical instruments supplier’s stock valued at $422,000 after buying an additional 157 shares during the last quarter. Finally, Cooper Financial Group purchased a new stake in shares of Insulet during the second quarter valued at approximately $228,000.

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.