Insulet (NASDAQ:PODD) Hits New 1-Year High on Analyst Upgrade

Insulet Co. (NASDAQ:PODD) reached a new 52-week high during trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $280.00 to $330.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Insulet traded as high as $279.42 and last traded at $279.05, with a volume of 101802 shares traded. The stock had previously closed at $273.47.

A number of other brokerages have also weighed in on PODD. Piper Sandler lifted their price target on shares of Insulet from $230.00 to $285.00 and gave the company an “overweight” rating in a research note on Tuesday, September 17th. Barclays boosted their price objective on shares of Insulet from $220.00 to $234.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Raymond James increased their target price on Insulet from $213.00 to $260.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Canaccord Genuity Group boosted their price target on Insulet from $269.00 to $304.00 and gave the company a “buy” rating in a report on Monday, December 9th. Finally, Wells Fargo & Company increased their price objective on Insulet from $290.00 to $305.00 and gave the stock an “overweight” rating in a report on Wednesday. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Insulet presently has a consensus rating of “Moderate Buy” and a consensus price target of $267.44.

Insider Buying and Selling

In other news, CAO Lauren Budden sold 915 shares of Insulet stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $275.62, for a total transaction of $252,192.30. Following the completion of the transaction, the chief accounting officer now directly owns 5,733 shares in the company, valued at approximately $1,580,129.46. The trade was a 13.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.47% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Insulet

Several hedge funds have recently added to or reduced their stakes in the business. Marshall Wace LLP bought a new position in shares of Insulet in the second quarter valued at about $99,978,000. Baillie Gifford & Co. raised its holdings in 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 acquiring an additional 443,783 shares during the period. Mizuho Securities USA LLC lifted its position in Insulet by 5,928.1% during the third quarter. Mizuho Securities USA LLC now owns 325,821 shares of the medical instruments supplier’s stock worth $75,835,000 after acquiring an additional 320,416 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Insulet by 43.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 636,265 shares of the medical instruments supplier’s stock worth $148,091,000 after acquiring an additional 193,839 shares during the period. Finally, Westfield Capital Management Co. LP grew its position in shares of Insulet by 27.6% in the third quarter. Westfield Capital Management Co. LP now owns 754,872 shares of the medical instruments supplier’s stock valued at $175,697,000 after purchasing an additional 163,388 shares during the last quarter.

Insulet Stock Down 0.9 %

The company has a market cap of $18.89 billion, a price-to-earnings ratio of 46.12, a P/E/G ratio of 4.18 and a beta of 1.21. The firm has a 50-day moving average price of $251.37 and a 200 day moving average price of $220.02. The company has a debt-to-equity ratio of 1.21, a current ratio of 3.68 and a quick ratio of 2.80.

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.