Insulet (NASDAQ:PODD) Downgraded by Canaccord Genuity to Hold

Canaccord Genuity lowered shares of Insulet (NASDAQ:PODD) from a buy rating to a hold rating in a research note published on Friday, October 18th, BenzingaRatingsTable reports. The firm currently has $145.00 price target on the medical instruments supplier’s stock, up from their prior price target of $135.00.

PODD has been the topic of several other reports. Guggenheim lowered Insulet from a buy rating to a neutral rating in a research report on Thursday, October 3rd. They noted that the move was a valuation call. JPMorgan Chase & Co. raised Insulet from a neutral rating to an overweight rating and increased their target price for the stock from $120.00 to $155.00 in a research report on Tuesday, August 6th. BTIG Research lowered Insulet from a buy rating to a neutral rating in a research report on Monday, October 14th. Morgan Stanley increased their target price on Insulet from $127.00 to $135.00 and gave the stock an equal weight rating in a research report on Tuesday, August 6th. Finally, BMO Capital Markets increased their target price on Insulet from $130.00 to $150.00 and gave the stock an outperform rating in a research report on Tuesday, August 6th. Ten research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $151.71.

NASDAQ:PODD traded up $4.59 during trading hours on Friday, reaching $169.46. 1,241,100 shares of the company were exchanged, compared to its average volume of 751,627. The company has a current ratio of 4.72, a quick ratio of 3.91 and a debt-to-equity ratio of 2.43. The firm has a market cap of $8.73 billion, a PE ratio of 3,389.20 and a beta of 0.96. Insulet has a twelve month low of $70.80 and a twelve month high of $171.96. The stock’s 50-day moving average is $154.75 and its 200-day moving average is $130.77.

Insulet (NASDAQ:PODD) last posted its quarterly earnings results on Tuesday, November 5th. The medical instruments supplier reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.02). Insulet had a net margin of 2.38% and a return on equity of 9.46%. The firm had revenue of $192.12 million for the quarter, compared to analyst estimates of $179.50 million. During the same period in the prior year, the company posted $0.03 earnings per share. The business’s revenue was up 27.2% on a year-over-year basis. As a group, research analysts anticipate that Insulet will post 0.23 EPS for the current year.

In related news, CEO Shacey Petrovic sold 689 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $145.69, for a total transaction of $100,380.41. Following the completion of the transaction, the chief executive officer now owns 94,510 shares of the company’s stock, valued at $13,769,161.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael P. Spears sold 4,153 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $146.12, for a total value of $606,836.36. Following the transaction, the senior vice president now directly owns 22,626 shares of the company’s stock, valued at approximately $3,306,111.12. The disclosure for this sale can be found here. Insiders have sold 5,491 shares of company stock valued at $806,124 in the last ninety days. Company insiders own 3.50% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Insulet by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 5,284,289 shares of the medical instruments supplier’s stock worth $630,838,000 after purchasing an additional 24,197 shares in the last quarter. William Blair Investment Management LLC raised its position in Insulet by 8.8% in the 2nd quarter. William Blair Investment Management LLC now owns 2,334,135 shares of the medical instruments supplier’s stock valued at $278,649,000 after purchasing an additional 189,147 shares during the last quarter. JPMorgan Chase & Co. raised its position in Insulet by 5.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,619,136 shares of the medical instruments supplier’s stock valued at $188,808,000 after purchasing an additional 88,440 shares during the last quarter. Marshall Wace North America L.P. bought a new position in Insulet in the 2nd quarter valued at $87,481,000. Finally, Eagle Asset Management Inc. raised its position in Insulet by 86.3% in the 3rd quarter. Eagle Asset Management Inc. now owns 709,266 shares of the medical instruments supplier’s stock valued at $116,979,000 after purchasing an additional 328,620 shares during the last quarter.

About Insulet

Insulet Corporation develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes. The company offers Omnipod System, which consists of self-adhesive disposable tubeless Omnipod device (the pod) that delivers insulin into the body; and Personal Diabetes Manager, a handheld wireless device, which programs the Pod.

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Analyst Recommendations for Insulet (NASDAQ:PODD)

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