Inspire Medical Systems (NYSE:INSP) Raised to Buy at Bank of America

Bank of America upgraded shares of Inspire Medical Systems (NYSE:INSP) from a neutral rating to a buy rating in a research report released on Wednesday morning, Marketbeat reports. Bank of America currently has $255.00 target price on the stock, up from their previous target price of $220.00.

Several other analysts also recently weighed in on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $260.00 target price on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Piper Sandler reissued an “overweight” rating and issued a $260.00 price objective (up from $255.00) on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Truist Financial restated a “buy” rating and issued a $240.00 price objective (up from $217.00) on shares of Inspire Medical Systems in a report on Monday, September 30th. Robert W. Baird increased 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, November 5th. Finally, Stifel Nicolaus restated a “hold” rating and issued a $200.00 price target (up previously from $170.00) on shares of Inspire Medical Systems in a report on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $233.58.

Inspire Medical Systems Stock Performance

INSP opened at $184.88 on Wednesday. The stock has a market capitalization of $5.54 billion, a price-to-earnings ratio of 172.78 and a beta of 1.36. The company has a fifty day moving average of $200.62 and a 200 day moving average of $176.11. Inspire Medical Systems has a fifty-two week low of $123.00 and a fifty-two week high of $257.40.

Inspire Medical Systems (NYSE:INSP) last issued its earnings results on Monday, November 4th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.54. The firm had revenue of $203.20 million for the quarter, compared to analysts’ expectations of $197.59 million. Inspire Medical Systems had a return on equity of 5.30% and a net margin of 4.37%. The business’s revenue was up 32.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.29) earnings per share. On average, equities research analysts forecast that Inspire Medical Systems will post 1.33 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Shawn Mccormick sold 800 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $220.00, for a total transaction of $176,000.00. Following the sale, the director now owns 23,140 shares of the company’s stock, valued at approximately $5,090,800. The trade was a 3.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.10% of the company’s stock.

Institutional Trading of Inspire Medical Systems

Large investors have recently bought and sold shares of the company. State Street Corp grew its position 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 valued at $221,557,000 after purchasing an additional 459,990 shares during the last quarter. Point72 Asset Management L.P. increased its stake in Inspire Medical Systems by 954.4% in the third quarter. Point72 Asset Management L.P. now owns 319,364 shares of the company’s stock valued at $67,402,000 after purchasing an additional 289,075 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Inspire Medical Systems by 798.3% in 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 during the last quarter. Bank of New York Mellon Corp boosted its stake in Inspire Medical Systems by 32.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 787,815 shares of the company’s stock worth $105,433,000 after buying an additional 192,238 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in Inspire Medical Systems by 51.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 459,766 shares of the company’s stock valued at $98,754,000 after buying an additional 156,893 shares during the period. Institutional investors and hedge funds own 94.91% of the company’s stock.

Inspire Medical Systems Company Profile

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.