Piper Sandler Reiterates Overweight Rating for Inspire Medical Systems (NYSE:INSP)

Inspire Medical Systems (NYSE:INSP)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Piper Sandler in a note issued to investors on Tuesday, Benzinga reports. They currently have a $260.00 price objective on the stock, up from their previous price objective of $255.00. Piper Sandler’s target price would indicate a potential upside of 32.33% from the stock’s previous close.

INSP has been the topic of several other reports. Leerink Partners increased their target price on shares of Inspire Medical Systems from $167.00 to $197.00 and gave the stock a “market perform” rating in a research report on Tuesday, September 10th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $200.00 price target (up from $170.00) on shares of Inspire Medical Systems in a research report on Tuesday. Royal Bank of Canada restated an “outperform” rating and set a $260.00 price target on shares of Inspire Medical Systems in a research note on Wednesday, August 7th. Wells Fargo & Company raised their price objective on shares of Inspire Medical Systems from $187.00 to $198.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, Truist Financial reissued a “buy” rating and issued a $240.00 price target (up previously from $217.00) on shares of Inspire Medical Systems in a report on Monday, September 30th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Inspire Medical Systems presently has an average rating of “Moderate Buy” and an average target price of $227.75.

Inspire Medical Systems Stock Performance

Shares of NYSE INSP traded up $3.77 during mid-day trading on Tuesday, reaching $196.48. The company had a trading volume of 570,517 shares, compared to its average volume of 594,972. Inspire Medical Systems has a twelve month low of $123.00 and a twelve month high of $257.40. The stock has a market capitalization of $5.86 billion, a PE ratio of 1,091.56 and a beta of 1.36. The stock’s 50 day moving average is $201.15 and its 200-day moving average is $179.93.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.54. Inspire Medical Systems had a net margin of 0.85% and a return on equity of 1.03%. The business had revenue of $203.20 million for 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 revenue for the quarter was up 32.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Inspire Medical Systems will post 0.75 EPS for the current year.

Insider Buying and Selling at Inspire Medical Systems

In other Inspire Medical Systems news, insider Randy Ban sold 4,861 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $188.55, for a total value of $916,541.55. Following the completion of the sale, the insider now owns 3,056 shares of the company’s stock, valued at $576,208.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Randy Ban sold 4,861 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $188.55, for a total transaction of $916,541.55. Following the completion of the sale, the insider now owns 3,056 shares of the company’s stock, valued at approximately $576,208.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Shawn Mccormick sold 800 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $220.00, for a total transaction of $176,000.00. Following the sale, the director now directly owns 23,140 shares of the company’s stock, valued at approximately $5,090,800. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,692 shares of company stock valued at $1,099,207 in the last quarter. Company insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Inspire Medical Systems

A number of large investors have recently bought and sold shares of the stock. SouthState Corp bought a new position in shares of Inspire Medical Systems in the second quarter valued at $27,000. Farther Finance Advisors LLC increased its stake in shares of Inspire Medical Systems by 1,158.3% in the third quarter. Farther Finance Advisors LLC now owns 151 shares of the company’s stock worth $32,000 after purchasing an additional 139 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Inspire Medical Systems by 559.3% in the third quarter. GAMMA Investing LLC now owns 178 shares of the company’s stock worth $38,000 after purchasing an additional 151 shares in the last quarter. Quarry LP grew its stake in Inspire Medical Systems by 105.4% during the second quarter. Quarry LP now owns 343 shares of the company’s stock valued at $46,000 after acquiring an additional 176 shares in the last quarter. Finally, Daiwa Securities Group Inc. purchased a new position in Inspire Medical Systems during the second quarter valued at approximately $53,000. 94.91% of the stock is currently owned by institutional investors and hedge funds.

About Inspire Medical Systems

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.