Piper Sandler Reaffirms “Overweight” Rating for Inspire Medical Systems (NYSE:INSP)

Piper Sandler reaffirmed their overweight rating on shares of Inspire Medical Systems (NYSE:INSP) in a research report released on Tuesday morning,Benzinga reports. Piper Sandler currently has a $260.00 target price on the stock, up from their previous target price of $255.00.

A number of other equities analysts have also weighed in on the company. KeyCorp reduced their price objective on Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Morgan Stanley cut their price target on Inspire Medical Systems from $250.00 to $210.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Robert W. Baird lifted their price target on Inspire Medical Systems from $240.00 to $252.00 and gave the company an “outperform” rating in a research note on Tuesday. Wells Fargo & Company lifted their price target on Inspire Medical Systems from $187.00 to $198.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $260.00 price target on shares of Inspire Medical Systems in a research note on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $227.75.

Inspire Medical Systems Stock Performance

Shares of INSP opened at $196.64 on Tuesday. The stock has a 50-day moving average of $202.62 and a two-hundred day moving average of $179.89. Inspire Medical Systems has a one year low of $123.00 and a one year high of $257.40. The stock has a market cap of $5.89 billion, a P/E ratio of 183.78 and a beta of 1.36.

Inspire Medical Systems (NYSE:INSP) last released its quarterly earnings data on Monday, November 4th. The company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.54. The business had revenue of $203.20 million during the quarter, compared to analyst estimates of $197.59 million. Inspire Medical Systems had a return on equity of 5.30% and a net margin of 4.37%. The company’s revenue was up 32.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.29) EPS. Analysts predict that Inspire Medical Systems will post 1.33 EPS for the current fiscal year.

Insider Activity

In related news, Director Shawn Mccormick sold 800 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $220.00, for a total transaction 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Randy Ban sold 4,861 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $188.55, for a total value of $916,541.55. Following the transaction, the insider now directly owns 3,056 shares of the company’s stock, valued at $576,208.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Shawn Mccormick sold 800 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $220.00, for a total transaction 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 trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,692 shares of company stock valued at $1,099,207. Company insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Farther Finance Advisors LLC grew its position in shares of Inspire Medical Systems by 1,158.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 151 shares of the company’s stock valued at $32,000 after buying an additional 139 shares during the last quarter. GAMMA Investing LLC grew its position in Inspire Medical Systems by 559.3% during the 3rd quarter. GAMMA Investing LLC now owns 178 shares of the company’s stock worth $38,000 after purchasing an additional 151 shares during the last quarter. SouthState Corp purchased a new position in Inspire Medical Systems during the 2nd quarter worth $27,000. Signaturefd LLC grew its position in Inspire Medical Systems by 45.9% during the 3rd quarter. Signaturefd LLC now owns 270 shares of the company’s stock worth $57,000 after purchasing an additional 85 shares during the last quarter. Finally, Quarry LP grew its position in Inspire Medical Systems by 105.4% during the 2nd quarter. Quarry LP now owns 343 shares of the company’s stock worth $46,000 after purchasing an additional 176 shares during the last quarter. 94.91% of the stock is owned by hedge funds and other 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.