Inspire Medical Systems’ (INSP) Outperform Rating Reiterated at Royal Bank of Canada

Inspire Medical Systems (NYSE:INSP)‘s stock had its “outperform” rating restated by stock analysts at Royal Bank of Canada in a report issued on Tuesday, Benzinga reports. They presently have a $260.00 price objective on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 31.77% from the company’s previous close.

A number of other research analysts have also recently commented on the stock. KeyCorp reduced their price target on shares of Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Stifel Nicolaus reiterated a “hold” rating and set a $200.00 price target (up from $170.00) on shares of Inspire Medical Systems in a research report on Tuesday. Morgan Stanley cut their target price on shares of Inspire Medical Systems from $250.00 to $210.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Piper Sandler restated an “overweight” rating and issued a $260.00 target price (up previously from $255.00) on shares of Inspire Medical Systems in a report on Tuesday. Finally, Robert W. Baird raised their target price on shares of Inspire Medical Systems from $240.00 to $252.00 and gave the stock an “outperform” rating in a report on Tuesday. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $227.75.

Inspire Medical Systems Stock Up 2.4 %

Shares of INSP stock traded up $4.60 during trading on Tuesday, hitting $197.31. The company had a trading volume of 783,592 shares, compared to its average volume of 595,968. The stock’s 50-day moving average is $201.15 and its two-hundred day moving average is $179.93. The stock has a market capitalization of $5.88 billion, a price-to-earnings ratio of 1,085.44 and a beta of 1.36. Inspire Medical Systems has a 52 week low of $123.00 and a 52 week high of $257.40.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.54. The company had revenue of $203.20 million for the quarter, compared to analysts’ expectations of $197.59 million. Inspire Medical Systems had a net margin of 0.85% and a return on equity of 1.03%. Inspire Medical Systems’s revenue for the quarter was up 32.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.29) earnings per share. On average, research analysts predict that Inspire Medical Systems will post 0.75 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Randy Ban sold 4,861 shares of Inspire Medical Systems stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $188.55, for a total value of $916,541.55. Following the completion of the sale, the insider now directly owns 3,056 shares in the company, valued at approximately $576,208.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Inspire Medical Systems news, Director Shawn Mccormick sold 800 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $220.00, for a total value of $176,000.00. Following the completion of the transaction, the director now directly owns 23,140 shares in the company, valued at $5,090,800. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Randy Ban sold 4,861 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $188.55, for a total value of $916,541.55. Following the completion of the transaction, the insider now owns 3,056 shares of the company’s stock, valued at $576,208.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,692 shares of company stock worth $1,099,207. 4.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SouthState Corp purchased a new stake in Inspire Medical Systems in the second quarter worth $27,000. Farther Finance Advisors LLC boosted its holdings in Inspire Medical Systems by 1,158.3% in the third quarter. Farther Finance Advisors LLC now owns 151 shares of the company’s stock worth $32,000 after acquiring an additional 139 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Inspire Medical Systems by 559.3% in the third quarter. GAMMA Investing LLC now owns 178 shares of the company’s stock worth $38,000 after acquiring an additional 151 shares in the last quarter. Quarry LP lifted its holdings in shares of Inspire Medical Systems by 105.4% during the second quarter. Quarry LP now owns 343 shares of the company’s stock worth $46,000 after purchasing an additional 176 shares during the period. Finally, Daiwa Securities Group Inc. acquired a new stake in shares of Inspire Medical Systems during the second quarter worth about $53,000. 94.91% of the stock is currently owned by institutional investors.

About Inspire Medical Systems

Inspire Medical Systems, Inc, a medical technology company, focuses on the development and commercialization of minimally invasive solutions for patients with obstructive sleep apnea (OSA) in the United States and internationally. The company offers Inspire system, a neurostimulation technology that provides a safe and effective treatment for moderate to severe OSA.