Bernstein SocGen Group has reduced its price target for Insulet Corporation (NASDAQ:PODD) to $330 from $380 but left its Outperform rating intact. The firm said the move reflects rising concerns among investors about competition in the insulin pump market, even as Insulet continues to show strong revenue growth.
Insulet shares recently traded at $258.07, giving the company a market capitalization of $18.15 billion, according to InvestingPro data. Bernstein pointed to an increasingly crowded competitive landscape as established manufacturers such as Tandem Diabetes Care and Medtronic advance their product plans and newer entrants expand commercial efforts. The analyst highlighted investor unease over competitive patch pumps and the potential for pricing pressure in the pharmacy channel.
Those worries have been amplified by recent prescription data, Bernstein said, and the stock has underperformed as a result. The firm noted that investor concern persists despite what it described as Insulet’s strong competitive position and identifiable growth opportunities. Insulet’s own reported performance underpins that view: the company delivered revenue growth of 27.11% over the past twelve months and holds a "GREAT" overall financial health score of 3.29 in InvestingPro ratings.
From a valuation standpoint, Bernstein now applies a 6.0 times price-to-sales multiple to its fiscal 2027 sales estimate of $3.91 billion, reduced from a prior multiple of 7.0 times. The firm framed the change as a conservative adjustment that incorporates growing investor concerns about the competitive environment for insulin pumps.
The revised $330 price objective corresponds to a price-to-earnings multiple of 40 times Bernstein’s fiscal 2027 earnings-per-share estimate of $8.25. By comparison, Insulet’s current trading level implies a P/E of 70.79, a figure that InvestingPro identifies as indicative of a "high earnings multiple" characteristic for the stock. Bernstein said it still sees potential upside to the valuation tied to execution in the Type 2 diabetes market and margin expansion.
InvestingPro’s analysis, as referenced by the firm, suggests that the stock is presently undervalued relative to its Fair Value, with additional ProTips and deeper research available in the Pro Research Report.
Insulet’s most recent quarterly results provide context for the discussion. The company reported fourth-quarter 2025 revenue of $784 million, topping Oppenheimer’s estimate of $768 million and consensus expectations of $769 million. Canaccord Genuity recorded Insulet’s reported revenue as $783.8 million and noted that represented a 31.2% year-over-year increase in constant currency, beating their internal estimate of $772.5 million. Earnings per share in the quarter came in at $1.44, a slight miss versus expectations.
Analyst reactions to the quarter were mixed but generally positive on the top line. Oppenheimer kept an Outperform rating on Insulet but lowered its price target to $300, citing revised estimates. Canaccord Genuity raised its price target to $435 from $450 while maintaining a Buy rating. BTIG reiterated a Buy rating with a $380 price target, pointing to robust fourth-quarter results.
Operationally, Insulet’s U.S. Omnipod revenue reached $567.8 million in the fourth quarter, a 28% year-over-year increase. International Omnipod revenue totaled $214 million, up 41.7% year-over-year in constant currency. Bernstein and other analysts view these figures as supporting a favorable outlook for 2026, even as the company posted mixed results when comparing top-line strength with an earnings-per-share shortfall.
Overall, Bernstein’s adjustment to Insulet’s valuation reflects a reassessment of competitive risk rather than a change in the firm’s rating. The firm retained upside expectations tied to execution in Type 2 diabetes and margin improvement, while also signaling that investor sentiment and evolving prescription trends warrant a more conservative multiple on future sales.