Inspire Medical Systems (NYSE:INSP) Price Target Raised to $198.00

Inspire Medical Systems (NYSE:INSP) had its price objective upped by Wells Fargo & Company from $187.00 to $198.00 in a research report sent to investors on Tuesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other brokerages have also recently weighed in on INSP. Morgan Stanley decreased their price objective on Inspire Medical Systems from $250.00 to $210.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Truist Financial reiterated a “buy” rating and issued a $240.00 target price (up from $217.00) on shares of Inspire Medical Systems in a research note on Monday, September 30th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $260.00 price objective on shares of Inspire Medical Systems in a research report on Wednesday, August 7th. Robert W. Baird upped their target price on Inspire Medical Systems from $240.00 to $252.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, KeyCorp reduced their price target on Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $227.75.

Inspire Medical Systems Stock Performance

Shares of NYSE INSP traded down $1.61 during midday trading on Tuesday, reaching $198.86. 103,784 shares of the company traded hands, compared to its average volume of 599,051. The firm has a market cap of $5.93 billion, a PE ratio of 187.36 and a beta of 1.36. Inspire Medical Systems has a 12 month low of $123.00 and a 12 month high of $257.40. The stock’s 50-day simple moving average is $201.94 and its 200-day simple moving average is $179.94.

Inspire Medical Systems (NYSE:INSP) last posted its earnings results on Monday, November 4th. The company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.54. Inspire Medical Systems had a return on equity of 5.51% and a net margin of 4.37%. The business had revenue of $203.20 million during the quarter, compared to analysts’ expectations of $197.59 million. During the same period in the prior year, the business earned ($0.29) EPS. Inspire Medical Systems’s revenue for the quarter was up 32.6% compared to the same quarter last year. On average, equities research analysts expect that Inspire Medical Systems will post 0.75 EPS for the current year.

Insider Buying and Selling at Inspire Medical Systems

In related news, Director Shawn Mccormick sold 800 shares of the stock in a transaction on Monday, September 9th. The stock was 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 $5,090,800. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other 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 completion of 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Randy Ban sold 4,861 shares of the firm’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 value of $916,541.55. Following the completion of the transaction, the insider now owns 3,056 shares of the company’s stock, valued at approximately $576,208.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,692 shares of company stock worth $1,099,207 over the last three months. 4.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Inspire Medical Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp boosted its stake in shares of Inspire Medical Systems by 7.5% in the second quarter. Van ECK Associates Corp now owns 1,029 shares of the company’s stock worth $138,000 after acquiring an additional 72 shares during the period. Amalgamated Bank lifted its position in shares of Inspire Medical Systems by 4.1% during the second quarter. Amalgamated Bank now owns 2,005 shares of the company’s stock valued at $268,000 after buying an additional 79 shares during the last quarter. Signaturefd LLC increased its holdings in shares of Inspire Medical Systems by 45.9% during the third quarter. Signaturefd LLC now owns 270 shares of the company’s stock valued at $57,000 after acquiring an additional 85 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Inspire Medical Systems by 0.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,193 shares of the company’s stock valued at $2,836,000 after buying an additional 92 shares during the period. Finally, Bessemer Group Inc. raised its position in Inspire Medical Systems by 1.2% during the first quarter. Bessemer Group Inc. now owns 8,475 shares of the company’s stock valued at $1,820,000 after acquiring an additional 100 shares in the last quarter. 94.91% of the stock is owned by hedge funds and other institutional investors.

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.