Inspire Medical Systems (NYSE:INSP) Price Target Cut to $82.00 by Analysts at JPMorgan Chase & Co.

Inspire Medical Systems (NYSE:INSP) had its price objective reduced by investment analysts at JPMorgan Chase & Co. from $110.00 to $82.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential downside of 4.91% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Wall Street Zen cut shares of Inspire Medical Systems from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. Piper Sandler dropped their price target on shares of Inspire Medical Systems from $233.00 to $150.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 5th. Stifel Nicolaus set a $100.00 price target on shares of Inspire Medical Systems in a research note on Friday, October 24th. Jefferies Financial Group reiterated a “hold” rating and set a $85.00 price target (down previously from $160.00) on shares of Inspire Medical Systems in a research note on Friday, October 24th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Inspire Medical Systems in a research note on Wednesday, October 8th. Eight research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $136.75.

Inspire Medical Systems Stock Performance

Shares of NYSE:INSP traded up $12.53 during trading on Tuesday, reaching $86.24. 810,988 shares of the stock traded hands, compared to its average volume of 767,927. The stock has a 50-day moving average of $80.37 and a two-hundred day moving average of $112.89. Inspire Medical Systems has a 52-week low of $70.77 and a 52-week high of $216.01. The stock has a market cap of $2.55 billion, a P/E ratio of 49.61, a price-to-earnings-growth ratio of 2.42 and a beta of 1.14.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly earnings results on Monday, November 3rd. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.53. Inspire Medical Systems had a net margin of 6.17% and a return on equity of 10.38%. The firm had revenue of $224.50 million for the quarter, compared to analysts’ expectations of $220.39 million. During the same quarter in the prior year, the company posted $0.60 earnings per share. The business’s revenue for the quarter was up 10.5% on a year-over-year basis. Sell-side analysts expect that Inspire Medical Systems will post 2.16 earnings per share for the current year.

Inspire Medical Systems announced that its Board of Directors has initiated a share repurchase plan on Monday, August 11th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 8.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Inspire Medical Systems

In other news, CFO Richard Buchholz sold 11,000 shares of the business’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $93.39, for a total value of $1,027,290.00. Following the sale, the chief financial officer directly owned 44,867 shares in the company, valued at $4,190,129.13. The trade was a 19.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of Inspire Medical Systems

A number of large investors have recently made changes to their positions in the business. Dragoneer Investment Group LLC increased its holdings in shares of Inspire Medical Systems by 81.4% in the 2nd quarter. Dragoneer Investment Group LLC now owns 2,354,411 shares of the company’s stock worth $305,532,000 after buying an additional 1,056,808 shares during the last quarter. Wasatch Advisors LP grew its holdings in Inspire Medical Systems by 7.2% during the 2nd quarter. Wasatch Advisors LP now owns 1,634,395 shares of the company’s stock valued at $212,095,000 after purchasing an additional 110,288 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Inspire Medical Systems by 214.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,112,925 shares of the company’s stock valued at $177,267,000 after purchasing an additional 759,090 shares during the last quarter. State Street Corp grew its holdings in Inspire Medical Systems by 2.3% during the 2nd quarter. State Street Corp now owns 1,030,902 shares of the company’s stock valued at $133,780,000 after purchasing an additional 22,843 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in Inspire Medical Systems by 8.3% during the 1st quarter. Invesco Ltd. now owns 858,572 shares of the company’s stock valued at $136,753,000 after purchasing an additional 65,492 shares during the last quarter. 94.91% of the stock is currently owned by institutional investors.

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.