Zacks Investment Research cut shares of Insulet Corporation (NASDAQ:PODD) from a buy rating to a hold rating in a research report report published on Thursday morning.
According to Zacks, “INSULET CORPORATION is an innovative medical device company dedicated to improving the lives of people with diabetes. The Company’s OmniPod Insulin Management System is a revolutionary, discreet and easy-to-use insulin infusion system that features two easy-to-use components with no tubing and fully-automated cannula insertion. Through the OmniPod System, Insulet seeks to expand the use of continuous subcutaneous insulin infusion (CSII) therapy among people with insulin-dependent diabetes. “
Several other research firms have also weighed in on PODD. Canaccord Genuity restated a hold rating and set a $50.00 target price (up from $42.00) on shares of Insulet Corporation in a report on Tuesday, July 11th. Jefferies Group LLC restated a buy rating and set a $48.00 target price on shares of Insulet Corporation in a report on Friday, July 14th. Cowen and Company restated a buy rating and set a $52.00 target price on shares of Insulet Corporation in a report on Friday, July 14th. BTIG Research lowered Insulet Corporation from a buy rating to a neutral rating in a report on Monday, July 17th. Finally, BidaskClub upgraded Insulet Corporation from a buy rating to a strong-buy rating in a report on Tuesday, June 27th. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $48.15.
Insulet Corporation (NASDAQ:PODD) opened at 51.43 on Thursday. The firm has a 50-day moving average of $47.90 and a 200-day moving average of $43.86. The stock’s market capitalization is $2.98 billion. Insulet Corporation has a 1-year low of $30.69 and a 1-year high of $52.55.
Insulet Corporation (NASDAQ:PODD) last posted its earnings results on Monday, May 8th. The medical instruments supplier reported ($0.17) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by $0.01. Insulet Corporation had a negative net margin of 6.81% and a negative return on equity of 48.46%. The company had revenue of $101.70 million for the quarter, compared to the consensus estimate of $97.73 million. During the same quarter last year, the business earned ($0.19) earnings per share. Insulet Corporation’s quarterly revenue was up 25.2% on a year-over-year basis. Equities analysts expect that Insulet Corporation will post ($0.48) EPS for the current fiscal year.
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In related news, Director David A. Lemoine sold 1,524 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $43.40, for a total transaction of $66,141.60. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jessica Hopfield purchased 2,580 shares of the stock in a transaction that occurred on Thursday, May 11th. The shares were purchased at an average price of $38.68 per share, for a total transaction of $99,794.40. The disclosure for this purchase can be found here. Insiders have purchased 8,080 shares of company stock worth $317,339 over the last 90 days. Corporate insiders own 1.90% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Strs Ohio raised its position in shares of Insulet Corporation by 73.9% in the first quarter. Strs Ohio now owns 4,000 shares of the medical instruments supplier’s stock valued at $172,000 after buying an additional 1,700 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Insulet Corporation during the first quarter valued at about $201,000. Diversified Trust Co purchased a new position in shares of Insulet Corporation during the second quarter valued at about $205,000. Ameritas Investment Partners Inc. purchased a new position in shares of Insulet Corporation during the first quarter valued at about $215,000. Finally, Fiduciary Trust Co. purchased a new position in shares of Insulet Corporation during the first quarter valued at about $226,000.
About Insulet Corporation
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 features a self-adhesive disposable tubeless Omnipod device, which is worn on the body for approximately three days at a time and its wireless companion, the handheld Personal Diabetes Manager (PDM).
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