Inspire Medical Systems (NYSE:INSP) Upgraded to “Buy” at Bank of America

Inspire Medical Systems (NYSE:INSP) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a research report issued on Wednesday, Marketbeat Ratings reports. The brokerage currently has a $255.00 price objective on the stock, up from their prior price objective of $220.00. Bank of America‘s price objective would indicate a potential upside of 44.85% from the company’s current price.

A number of other research firms also recently commented on INSP. Wells Fargo & Company lifted their target price on Inspire Medical Systems from $187.00 to $198.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Robert W. Baird increased their target price on shares of Inspire Medical Systems from $240.00 to $252.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Truist Financial reiterated a “buy” rating and issued a $240.00 price target (up previously from $217.00) on shares of Inspire Medical Systems in a research note on Monday, September 30th. Piper Sandler restated an “overweight” rating and issued a $260.00 target price (up previously from $255.00) on shares of Inspire Medical Systems in a report on Tuesday, November 5th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $200.00 price target (up previously from $170.00) on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $233.58.

Inspire Medical Systems Price Performance

Shares of NYSE:INSP opened at $176.04 on Wednesday. The business’s 50 day moving average price is $200.62 and its 200-day moving average price is $176.11. Inspire Medical Systems has a 1 year low of $123.00 and a 1 year high of $257.40. The firm has a market capitalization of $5.28 billion, a price-to-earnings ratio of 164.52 and a beta of 1.36.

Inspire Medical Systems (NYSE:INSP) last announced its earnings results on Monday, November 4th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.54. The company had revenue of $203.20 million for the quarter, compared to analysts’ expectations of $197.59 million. Inspire Medical Systems had a net margin of 4.37% and a return on equity of 5.30%. The firm’s quarterly revenue was up 32.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.29) EPS. On average, sell-side analysts expect that Inspire Medical Systems will post 1.33 earnings per share for the current year.

Insider Activity at Inspire Medical Systems

In other news, Director Shawn Mccormick sold 800 shares of Inspire Medical Systems 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 transaction, the director now directly owns 23,140 shares of the company’s stock, valued at approximately $5,090,800. The trade was a 3.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.10% of the company’s stock.

Institutional Trading of Inspire Medical Systems

A number of large investors have recently modified their holdings of INSP. State Street Corp boosted its position in shares of Inspire Medical Systems by 78.0% during the third quarter. State Street Corp now owns 1,049,784 shares of the company’s stock worth $221,557,000 after buying an additional 459,990 shares during the period. Point72 Asset Management L.P. grew its stake in shares of Inspire Medical Systems by 954.4% in the third quarter. Point72 Asset Management L.P. now owns 319,364 shares of the company’s stock worth $67,402,000 after purchasing an additional 289,075 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Inspire Medical Systems by 798.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 267,852 shares of the company’s stock valued at $56,530,000 after purchasing an additional 238,034 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Inspire Medical Systems by 32.3% during the second quarter. Bank of New York Mellon Corp now owns 787,815 shares of the company’s stock valued at $105,433,000 after purchasing an additional 192,238 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in Inspire Medical Systems by 51.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 459,766 shares of the company’s stock worth $98,754,000 after purchasing an additional 156,893 shares during the period. Institutional investors and hedge funds own 94.91% of the company’s stock.

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.