Inspire Medical Systems (NYSE:INSP) Upgraded 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 report released on Wednesday, Marketbeat Ratings reports. The firm currently has $255.00 price objective on the stock, up from their prior price objective of $220.00.

Other analysts also recently issued reports about the company. Piper Sandler reiterated an “overweight” rating and set a $260.00 price target (up from $255.00) on shares of Inspire Medical Systems in a report on Tuesday, November 5th. Royal Bank of Canada reiterated an “outperform” rating and set a $260.00 price target on shares of Inspire Medical Systems in a report on Tuesday, November 5th. Truist Financial reiterated a “buy” rating and set a $240.00 price target (up from $217.00) on shares of Inspire Medical Systems in a report on Monday, September 30th. Leerink Partners increased their price target on Inspire Medical Systems from $167.00 to $197.00 and gave the stock a “market perform” rating in a report on Tuesday, September 10th. Finally, KeyCorp cut their price objective 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. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Inspire Medical Systems has a consensus rating of “Moderate Buy” and an average price target of $233.58.

Inspire Medical Systems Stock Up 1.4 %

NYSE INSP opened at $188.73 on Wednesday. The company has a market capitalization of $5.66 billion, a price-to-earnings ratio of 176.38 and a beta of 1.36. Inspire Medical Systems has a twelve month low of $123.00 and a twelve month high of $257.40. The stock has a fifty day simple moving average of $199.53 and a 200 day simple moving average of $175.81.

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, beating analysts’ consensus estimates of $0.06 by $0.54. Inspire Medical Systems had a return on equity of 5.30% and a net margin of 4.37%. The business had revenue of $203.20 million during the quarter, compared to the consensus estimate of $197.59 million. During the same period in the prior year, the business posted ($0.29) earnings per share. Inspire Medical Systems’s quarterly revenue was up 32.6% on a year-over-year basis. Research analysts expect that Inspire Medical Systems will post 1.33 earnings per share for the current fiscal year.

Insider Activity at Inspire Medical Systems

In related news, Director Shawn Mccormick sold 800 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $220.00, for a total value of $176,000.00. Following the transaction, the director now owns 23,140 shares of the company’s stock, valued at approximately $5,090,800. This trade represents a 3.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Inspire Medical Systems

Several hedge funds have recently modified their holdings of INSP. State Street Corp lifted its position in shares of Inspire Medical Systems by 78.0% during the 3rd quarter. State Street Corp now owns 1,049,784 shares of the company’s stock worth $221,557,000 after buying an additional 459,990 shares in the last quarter. Point72 Asset Management L.P. lifted its position in shares of Inspire Medical Systems by 954.4% during the 3rd quarter. Point72 Asset Management L.P. now owns 319,364 shares of the company’s stock worth $67,402,000 after buying an additional 289,075 shares in the last quarter. Allspring Global Investments Holdings LLC lifted 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. Bank of New York Mellon Corp lifted its position in shares of Inspire Medical Systems by 32.3% during 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 in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Inspire Medical Systems by 51.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 459,766 shares of the company’s stock worth $98,754,000 after buying an additional 156,893 shares in the last quarter. Institutional investors 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.