Royal Bank of Canada Reiterates “Outperform” Rating for Inspire Medical Systems (NYSE:INSP)

Royal Bank of Canada reiterated their outperform rating on shares of Inspire Medical Systems (NYSE:INSP) in a research report released on Tuesday,Benzinga reports. The firm currently has a $260.00 target price on the stock.

A number of other equities analysts also recently commented on INSP. Robert W. Baird decreased their price objective on shares of Inspire Medical Systems from $252.00 to $248.00 and set an “outperform” rating for the company in a report on Tuesday. Piper Sandler decreased their price target on shares of Inspire Medical Systems from $260.00 to $233.00 and set an “overweight” rating for the company in a report on Monday. Wells Fargo & Company dropped their price objective on shares of Inspire Medical Systems from $198.00 to $195.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Stifel Nicolaus decreased their target price on Inspire Medical Systems from $200.00 to $190.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. Finally, Morgan Stanley dropped their price target on Inspire Medical Systems from $230.00 to $220.00 and set an “overweight” rating on the stock in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Inspire Medical Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $228.82.

Inspire Medical Systems Stock Performance

Shares of Inspire Medical Systems stock opened at $183.17 on Tuesday. Inspire Medical Systems has a 1 year low of $123.00 and a 1 year high of $257.40. The firm’s 50-day simple moving average is $189.57 and its 200-day simple moving average is $190.98. The firm has a market cap of $5.49 billion, a PE ratio of 171.18 and a beta of 1.32.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings data on Monday, February 10th. The company reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.41. Inspire Medical Systems had a return on equity of 5.30% and a net margin of 4.37%. On average, equities analysts predict that Inspire Medical Systems will post 1.33 earnings per share for the current year.

Institutional Trading of Inspire Medical Systems

Several large investors have recently added to or reduced their stakes in the business. State Street Corp grew its stake in shares of Inspire Medical Systems by 78.0% in the third quarter. State Street Corp now owns 1,049,784 shares of the company’s stock worth $221,557,000 after purchasing an additional 459,990 shares in the last quarter. TimesSquare Capital Management LLC acquired a new stake in Inspire Medical Systems in the fourth quarter worth about $80,419,000. Point72 Asset Management L.P. grew its position in Inspire Medical Systems by 954.4% in the 3rd quarter. Point72 Asset Management L.P. now owns 319,364 shares of the company’s stock valued at $67,402,000 after buying an additional 289,075 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Inspire Medical Systems during the 4th quarter valued at about $47,604,000. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Inspire Medical Systems by 798.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 267,852 shares of the company’s stock worth $56,530,000 after buying an additional 238,034 shares in the last quarter. 94.91% of the stock is currently owned by institutional investors and hedge funds.

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.