Shares of Insulet Corporation (PODD) are skyrocketing 18.21% in Friday's pre-market trading session, following the company's impressive first-quarter results and a series of positive analyst actions. The medical device maker, known for its innovative insulin delivery systems, has captured investors' attention with its robust performance and optimistic future outlook.

Insulet reported a stellar first quarter, with earnings per share of $1.02, significantly surpassing analysts' average estimate of 80 cents. The company's total revenue surged 28.8% to $569 million, outpacing expectations of $543.4 million. This strong performance was primarily driven by high demand for Insulet's wearable insulin pumps, showcasing the company's strong market position in diabetes care technology.

Adding to the positive sentiment, Insulet raised its annual revenue growth forecast to between 19% and 22%, up from its previous projection of 16% to 20%. This upward revision signals management's confidence in the company's growth trajectory. The optimistic outlook has prompted several Wall Street firms to upgrade their ratings and increase price targets for Insulet. Notable adjustments include RBC Capital Markets raising its target to $330 from $325, Wells Fargo increasing to $330 from $322, and Leerink Partners setting the most bullish target at $333, up from $314. These upgrades reflect growing confidence in Insulet's business prospects and potential for continued expansion in the diabetes care market.