Jennison Associates LLC Acquires 69,180 Shares of Insulet Co. (NASDAQ:PODD)

Jennison Associates LLC increased its stake in Insulet Co. (NASDAQ:PODD) by 113.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 129,967 shares of the medical instruments supplier’s stock after purchasing an additional 69,180 shares during the quarter. Jennison Associates LLC’s holdings in Insulet were worth $30,250,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Segall Bryant & Hamill LLC increased its holdings in shares of Insulet by 33.1% in the third quarter. Segall Bryant & Hamill LLC now owns 63,052 shares of the medical instruments supplier’s stock worth $14,675,000 after purchasing an additional 15,683 shares during the period. Prospera Private Wealth LLC purchased a new position in shares of Insulet during the 3rd quarter valued at about $150,000. Avior Wealth Management LLC lifted its holdings in shares of Insulet by 22.1% in the 3rd quarter. Avior Wealth Management LLC now owns 2,871 shares of the medical instruments supplier’s stock worth $668,000 after acquiring an additional 519 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Insulet by 7.3% during the third quarter. PNC Financial Services Group Inc. now owns 12,969 shares of the medical instruments supplier’s stock valued at $3,019,000 after buying an additional 886 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Insulet during the 3rd quarter valued at about $2,221,000.

Insulet Price Performance

NASDAQ PODD opened at $262.99 on Friday. The stock has a market cap of $18.45 billion, a price-to-earnings ratio of 45.03, a PEG ratio of 4.01 and a beta of 1.22. Insulet Co. has a 12 month low of $160.19 and a 12 month high of $279.40. The company’s 50 day moving average is $240.74 and its two-hundred day moving average is $209.99. The company has a current ratio of 3.68, a quick ratio of 2.80 and a debt-to-equity ratio of 1.21.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PODD. Sanford C. Bernstein began coverage on shares of Insulet in a report on Wednesday, November 6th. They issued an “outperform” rating and a $300.00 price target on the stock. Piper Sandler boosted their target price on shares of Insulet from $230.00 to $285.00 and gave the company an “overweight” rating in a report on Tuesday, September 17th. Barclays lifted their price objective on Insulet from $220.00 to $234.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Canaccord Genuity Group upped their target price on shares of Insulet from $236.00 to $269.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Finally, Citigroup lifted their price objective on Insulet from $250.00 to $275.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $253.27.

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.