Insulet Corp. (PODD) Shares Down 1.7%
Insulet Corp. (NASDAQ:PODD)’s share price fell 1.7% during mid-day trading on Thursday . The company traded as low as $43.07 and last traded at $43.10, with a volume of 243,668 shares traded. The stock had previously closed at $43.85.
A number of brokerages recently issued reports on PODD. Canaccord Genuity reiterated a “hold” rating on shares of Insulet Corp. in a report on Saturday, April 30th. Zacks Investment Research upgraded Insulet Corp. from a “sell” rating to a “hold” rating in a report on Wednesday, May 4th. Piper Jaffray Cos. reiterated an “overweight” rating and issued a $46.00 target price (up from $41.00) on shares of Insulet Corp. in a report on Thursday, August 4th. Jefferies Group increased their target price on Insulet Corp. from $41.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, August 4th. Finally, Wedbush reiterated an “outperform” rating and issued a $44.00 target price on shares of Insulet Corp. in a report on Wednesday, June 15th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Insulet Corp. presently has a consensus rating of “Buy” and an average target price of $40.92.
The firm’s market capitalization is $2.46 billion. The stock’s 50 day moving average is $34.82 and its 200 day moving average is $31.83.
Insulet Corp. (NASDAQ:PODD) last posted its earnings results on Wednesday, August 3rd. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.09. During the same period last year, the firm posted ($0.30) earnings per share. The business had revenue of $87.30 million for the quarter, compared to analysts’ expectations of $81.10 million. Insulet Corp.’s quarterly revenue was up 44.2% on a year-over-year basis. On average, equities research analysts predict that Insulet Corp. will post ($0.44) earnings per share for the current year.
In other news, CEO Patrick J. Sullivan purchased 45,000 shares of Insulet Corp. stock in a transaction that occurred on Wednesday, May 18th. The shares were bought at an average cost of $27.00 per share, with a total value of $1,215,000.00. Following the completion of the purchase, the chief executive officer now directly owns 202,795 shares in the company, valued at $5,475,465. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Regina O. Sommer sold 8,019 shares of the company’s stock in a transaction on Wednesday, May 25th. The stock was sold at an average price of $30.42, for a total value of $243,937.98. Following the completion of the sale, the director now directly owns 20,330 shares in the company, valued at $618,438.60. The disclosure for this sale can be found here.
A number of large investors have recently modified their holdings of the company. Morgan Stanley boosted its stake in shares of Insulet Corp. by 12.0% in the fourth quarter. Morgan Stanley now owns 766,245 shares of the company’s stock valued at $28,971,000 after buying an additional 82,302 shares during the last quarter. New York State Common Retirement Fund boosted its stake in shares of Insulet Corp. by 3.2% in the fourth quarter. New York State Common Retirement Fund now owns 85,940 shares of the company’s stock valued at $3,249,000 after buying an additional 2,700 shares during the last quarter. California Public Employees Retirement System boosted its stake in shares of Insulet Corp. by 16.8% in the fourth quarter. California Public Employees Retirement System now owns 91,700 shares of the company’s stock valued at $3,467,000 after buying an additional 13,200 shares during the last quarter. Finally, Nationwide Fund Advisors boosted its stake in shares of Insulet Corp. by 0.9% in the fourth quarter. Nationwide Fund Advisors now owns 37,181 shares of the company’s stock valued at $1,406,000 after buying an additional 344 shares during the last quarter.
Insulet Corporation is engaged in the development, manufacturing and sale of the OmniPod Insulin Management System (the OmniPod System), an insulin delivery system for people with insulin-dependent diabetes. The OmniPod System consists of the OmniPod, a small, self-adhesive disposable tubeless OmniPod device, which is worn on the body for approximately three days at a time and its wireless handheld Personal Diabetes Manager (PDM).
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