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

Insulet (NASDAQ:PODD) had its price objective increased by equities research analysts at Canaccord Genuity Group from $269.00 to $304.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the medical instruments supplier’s stock. Canaccord Genuity Group’s target price would suggest a potential upside of 14.52% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on the company. Piper Sandler lifted their price target on Insulet from $230.00 to $285.00 and gave the company an “overweight” rating in a report on Tuesday, September 17th. Citigroup boosted their price target on Insulet from $250.00 to $275.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Raymond James lifted their price objective on shares of Insulet from $213.00 to $260.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Morgan Stanley raised their target price on shares of Insulet from $234.00 to $317.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Finally, Barclays lifted their target price on Insulet from $220.00 to $234.00 and gave the stock an “equal weight” 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. According to data from MarketBeat, Insulet currently has a consensus rating of “Moderate Buy” and a consensus price target of $255.60.

Insulet Stock Performance

Shares of PODD stock traded down $2.12 during trading hours on Monday, reaching $265.47. The stock had a trading volume of 443,137 shares, compared to its average volume of 545,836. The firm has a market capitalization of $18.62 billion, a PE ratio of 45.46, a price-to-earnings-growth ratio of 4.06 and a beta of 1.21. The firm has a 50-day simple moving average of $247.48 and a 200-day simple moving average of $217.32. Insulet has a twelve month low of $160.19 and a twelve month high of $279.40. The company has a debt-to-equity ratio of 1.21, a current ratio of 3.68 and a quick ratio of 2.80.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PODD. Baillie Gifford & Co. boosted its stake in shares of Insulet by 20.7% during the 3rd quarter. Baillie Gifford & Co. now owns 2,275,701 shares of the medical instruments supplier’s stock valued at $529,669,000 after buying an additional 389,639 shares during the period. Geode Capital Management LLC grew its stake in Insulet by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,738,601 shares of the medical instruments supplier’s stock valued at $403,339,000 after purchasing an additional 22,850 shares in the last quarter. Clearbridge Investments LLC raised its stake in shares of Insulet by 6.0% during the 2nd quarter. Clearbridge Investments LLC now owns 1,339,763 shares of the medical instruments supplier’s stock worth $270,364,000 after purchasing an additional 75,526 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Insulet by 18.7% during the 2nd quarter. American Century Companies Inc. now owns 885,669 shares of the medical instruments supplier’s stock valued at $178,728,000 after buying an additional 139,246 shares during the last quarter. Finally, Westfield Capital Management Co. LP grew its stake in shares of Insulet by 27.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 754,872 shares of the medical instruments supplier’s stock valued at $175,697,000 after buying an additional 163,388 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.