Inspire Medical Systems (NYSE:INSP) Rating Increased to Buy at Truist Financial

Truist Financial upgraded shares of Inspire Medical Systems (NYSE:INSP) from a hold rating to a buy rating in a report released on Wednesday, Marketbeat reports. They currently have $165.00 target price on the stock, up from their prior target price of $128.00.

A number of other research firms have also commented on INSP. Lake Street Capital set a $150.00 price target on shares of Inspire Medical Systems and gave the company a “buy” rating in a research report on Tuesday, August 5th. Wells Fargo & Company upgraded shares of Inspire Medical Systems from an “equal weight” rating to an “overweight” rating and lowered their target price for the company from $101.00 to $90.00 in a research note on Tuesday, November 4th. Mizuho set a $110.00 target price on shares of Inspire Medical Systems in a report on Tuesday, November 4th. Jefferies Financial Group restated a “hold” rating and set a $85.00 price target (down from $160.00) on shares of Inspire Medical Systems in a report on Friday, October 24th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 price target (down from $150.00) on shares of Inspire Medical Systems in a research report on Tuesday, November 4th. Ten research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Inspire Medical Systems currently has an average rating of “Moderate Buy” and an average target price of $134.88.

Inspire Medical Systems Stock Down 2.1%

Shares of NYSE:INSP opened at $127.71 on Wednesday. The firm has a fifty day moving average of $82.56 and a two-hundred day moving average of $105.73. Inspire Medical Systems has a 12-month low of $70.77 and a 12-month high of $216.01. The firm has a market capitalization of $3.71 billion, a P/E ratio of 86.88, a price-to-earnings-growth ratio of 14.13 and a beta of 1.14.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings results on Monday, November 3rd. The company reported $0.38 EPS for the quarter, beating the consensus estimate of ($0.15) by $0.53. The business had revenue of $224.50 million during the quarter, compared to analysts’ expectations of $220.39 million. Inspire Medical Systems had a return on equity of 9.41% and a net margin of 5.05%.The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.60 EPS. Equities research analysts expect that Inspire Medical Systems will post 2.16 earnings per share for the current fiscal year.

Inspire Medical Systems declared that its board has approved a stock buyback program on Monday, August 11th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to reacquire up to 8.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Inspire Medical Systems

In related news, CFO Richard Buchholz sold 11,000 shares of Inspire Medical Systems stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $93.39, for a total transaction of $1,027,290.00. Following the completion of the transaction, the chief financial officer directly owned 44,867 shares of the company’s stock, valued at $4,190,129.13. This trade represents a 19.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Inspire Medical Systems

A number of hedge funds have recently added to or reduced their stakes in INSP. Quarry LP grew its stake in shares of Inspire Medical Systems by 2,127.3% during the first quarter. Quarry LP now owns 245 shares of the company’s stock valued at $39,000 after purchasing an additional 234 shares during the last quarter. Banque Transatlantique SA acquired a new position in Inspire Medical Systems during the 1st quarter worth $46,000. Manning & Napier Advisors LLC bought a new position in Inspire Medical Systems in the 3rd quarter valued at $32,000. Smartleaf Asset Management LLC increased its stake in shares of Inspire Medical Systems by 27.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 454 shares of the company’s stock valued at $71,000 after buying an additional 97 shares during the period. Finally, Daiwa Securities Group Inc. raised its position in shares of Inspire Medical Systems by 38.7% during the second quarter. Daiwa Securities Group Inc. now owns 466 shares of the company’s stock worth $60,000 after acquiring an additional 130 shares during 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.