Fred Alger Management LLC Sells 188,730 Shares of Insulet Co. (NASDAQ:PODD)

Fred Alger Management LLC reduced its holdings in Insulet Co. (NASDAQ:PODDFree Report) by 33.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 376,902 shares of the medical instruments supplier’s stock after selling 188,730 shares during the quarter. Fred Alger Management LLC owned 0.54% of Insulet worth $120,217,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PODD. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Insulet by 5.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 3,365 shares of the medical instruments supplier’s stock worth $896,000 after acquiring an additional 187 shares in the last quarter. MetLife Investment Management LLC bought a new position in shares of Insulet during the first quarter worth about $1,140,000. Synovus Financial Corp grew its holdings in shares of Insulet by 12.4% during the first quarter. Synovus Financial Corp now owns 3,716 shares of the medical instruments supplier’s stock worth $989,000 after buying an additional 410 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Insulet by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 96,390 shares of the medical instruments supplier’s stock worth $25,676,000 after buying an additional 1,232 shares in the last quarter. Finally, Vontobel Holding Ltd. grew its holdings in shares of Insulet by 91.0% during the first quarter. Vontobel Holding Ltd. now owns 3,888 shares of the medical instruments supplier’s stock worth $1,026,000 after buying an additional 1,852 shares in the last quarter.

Insulet Stock Performance

PODD traded down $3.51 during trading on Tuesday, hitting $171.75. The stock had a trading volume of 288,996 shares, compared to its average volume of 793,950. The company has a 50 day moving average price of $239.68 and a 200-day moving average price of $280.34. The firm has a market cap of $11.99 billion, a price-to-earnings ratio of 192.92, a P/E/G ratio of 3.05 and a beta of 0.81. Insulet Co. has a one year low of $170.87 and a one year high of $335.91. The company has a debt-to-equity ratio of 2.47, a current ratio of 3.34 and a quick ratio of 2.38.

Insulet (NASDAQ:PODDGet Free Report) last released its earnings results on Tuesday, August 8th. The medical instruments supplier reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.14. The firm had revenue of $396.50 million during the quarter, compared to the consensus estimate of $383.97 million. Insulet had a return on equity of 22.42% and a net margin of 4.29%. As a group, research analysts predict that Insulet Co. will post 1.64 EPS for the current year.

Insider Activity

In related news, CEO James Hollingshead bought 5,550 shares of the business’s stock in a transaction dated Monday, August 28th. The stock was purchased at an average cost of $181.41 per share, for a total transaction of $1,006,825.50. Following the transaction, the chief executive officer now owns 34,177 shares in the company, valued at approximately $6,200,049.57. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO James Hollingshead bought 5,550 shares of the business’s stock in a transaction dated Monday, August 28th. The stock was purchased at an average cost of $181.41 per share, for a total transaction of $1,006,825.50. Following the transaction, the chief executive officer now owns 34,177 shares in the company, valued at approximately $6,200,049.57. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Wayde D. Mcmillan sold 1,388 shares of the business’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $282.94, for a total value of $392,720.72. Following the transaction, the chief financial officer now directly owns 21,477 shares of the company’s stock, valued at approximately $6,076,702.38. The disclosure for this sale can be found here. Corporate insiders own 0.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Raymond James decreased their price objective on Insulet from $350.00 to $299.00 and set an “outperform” rating for the company in a report on Wednesday, August 9th. TD Cowen decreased their price target on Insulet from $350.00 to $300.00 and set an “outperform” rating for the company in a research note on Wednesday, August 9th. Morgan Stanley decreased their price target on Insulet from $343.00 to $208.00 and set an “equal weight” rating for the company in a research note on Thursday, August 24th. Piper Sandler decreased their price target on Insulet from $360.00 to $325.00 in a research note on Wednesday, August 9th. Finally, UBS Group decreased their price target on Insulet from $270.00 to $215.00 and set a “neutral” rating for the company in a research note on Wednesday, September 6th. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $286.67.

Read Our Latest Stock Report on Insulet

Insulet Profile

(Free Report)

Insulet Corporation develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes. It offers Omnipod System, a self-adhesive disposable tubeless Omnipod device that is worn on the body for up to three days at a time, as well as its wireless companion, the handheld personal diabetes manager.

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Institutional Ownership by Quarter for Insulet (NASDAQ:PODD)

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