Inspire Medical Systems (NYSE:INSP) Trading 7% Higher – What’s Next?

Shares of Inspire Medical Systems, Inc. (NYSE:INSP) rose 7% during trading on Tuesday . The company traded as high as $135.25 and last traded at $135.19. Approximately 665,437 shares changed hands during trading, a decline of 21% from the average daily volume of 839,347 shares. The stock had previously closed at $126.34.

Analyst Ratings Changes

A number of research analysts recently weighed in on INSP shares. 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 note on Tuesday, August 5th. Piper Sandler restated an “overweight” rating and issued a $135.00 target price (down previously from $150.00) on shares of Inspire Medical Systems in a research report on Tuesday, November 4th. KeyCorp reaffirmed a “sector weight” rating on shares of Inspire Medical Systems in a research note on Tuesday, November 4th. Mizuho set a $110.00 price target on Inspire Medical Systems in a research report on Tuesday, November 4th. Finally, Leerink Partners reduced their price objective on Inspire Medical Systems from $116.00 to $97.00 and set a “market perform” rating for the company in a research note on Friday, August 15th. Nine investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Inspire Medical Systems presently has a consensus rating of “Hold” and a consensus price target of $131.63.

Inspire Medical Systems Stock Performance

The firm’s 50-day moving average price is $85.31 and its two-hundred day moving average price is $104.77. The stock has a market cap of $3.91 billion, a price-to-earnings ratio of 90.83, a PEG ratio of 13.48 and a beta of 0.69.

Inspire Medical Systems (NYSE:INSP) last released its quarterly earnings data on Monday, November 3rd. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.53. The firm had revenue of $224.50 million during the quarter, compared to analysts’ expectations of $220.39 million. Inspire Medical Systems had a net margin of 5.05% and a return on equity of 9.41%. Inspire Medical Systems’s revenue was up 10.5% compared to the same quarter last year. During the same period last year, the business earned $0.60 earnings per share. As a group, sell-side analysts expect that Inspire Medical Systems, Inc. will post 2.16 earnings per share for the current fiscal year.

Inspire Medical Systems announced that its board has approved a stock buyback plan on Monday, August 11th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 8.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Shawn Mccormick sold 2,000 shares of the stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $127.48, for a total value of $254,960.00. Following the completion of the transaction, the director directly owned 26,046 shares in the company, valued at approximately $3,320,344.08. This represents a 7.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Inspire Medical Systems

Large investors have recently modified their holdings of the business. Cetera Investment Advisers increased its position in shares of Inspire Medical Systems by 13.3% during the 1st quarter. Cetera Investment Advisers now owns 18,951 shares of the company’s stock worth $3,018,000 after purchasing an additional 2,231 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Inspire Medical Systems by 4.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,031 shares of the company’s stock worth $1,279,000 after buying an additional 369 shares during the period. LPL Financial LLC increased its position in shares of Inspire Medical Systems by 3.2% during the first quarter. LPL Financial LLC now owns 10,126 shares of the company’s stock valued at $1,613,000 after acquiring an additional 315 shares during the last quarter. US Bancorp DE raised its stake in shares of Inspire Medical Systems by 6.1% in the 1st quarter. US Bancorp DE now owns 2,479 shares of the company’s stock valued at $395,000 after acquiring an additional 143 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Inspire Medical Systems by 4.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,419 shares of the company’s stock worth $385,000 after acquiring an additional 109 shares during the last quarter. 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.