Inspire Medical Systems (NYSE:INSP) Now Covered by Royal Bank of Canada

Royal Bank of Canada initiated coverage on shares of Inspire Medical Systems (NYSE:INSP) in a report released on Friday morning, Marketbeat reports. The firm issued an outperform rating and a $285.00 price target on the stock.

INSP has been the topic of several other reports. KeyCorp assumed coverage on shares of Inspire Medical Systems in a research note on Tuesday, February 6th. They set an overweight rating and a $278.00 price objective on the stock. Jefferies Financial Group began coverage on Inspire Medical Systems in a research note on Friday, January 19th. They set a buy rating and a $245.00 target price for the company. Truist Financial reissued a buy rating and set a $280.00 target price on shares of Inspire Medical Systems in a report on Wednesday, March 20th. Mizuho reaffirmed a buy rating and set a $250.00 price objective on shares of Inspire Medical Systems in a research report on Wednesday, March 27th. Finally, Morgan Stanley initiated coverage on shares of Inspire Medical Systems in a research report on Tuesday, March 19th. They issued an overweight rating and a $250.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Inspire Medical Systems has an average rating of Moderate Buy and an average target price of $272.20.

Inspire Medical Systems Stock Performance

Shares of NYSE INSP opened at $225.22 on Friday. The stock has a 50 day moving average price of $204.11 and a 200 day moving average price of $184.34. The stock has a market capitalization of $6.82 billion, a PE ratio of -304.35 and a beta of 1.37. Inspire Medical Systems has a 52 week low of $123.27 and a 52 week high of $330.00.

Inspire Medical Systems (NYSE:INSP) last released its quarterly earnings data on Tuesday, February 6th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.53. The company had revenue of $192.51 million during the quarter, compared to the consensus estimate of $186.75 million. Inspire Medical Systems had a negative return on equity of 3.93% and a negative net margin of 3.39%. The firm’s revenue for the quarter was up 39.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.10 EPS. As a group, research analysts forecast that Inspire Medical Systems will post -0.35 EPS for the current year.

Insider Activity

In other Inspire Medical Systems news, CFO Richard Buchholz sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $230.03, for a total value of $3,450,450.00. Following the transaction, the chief financial officer now directly owns 28,271 shares of the company’s stock, valued at approximately $6,503,178.13. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Richard Buchholz sold 15,000 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $230.03, for a total transaction of $3,450,450.00. Following the completion of the transaction, the chief financial officer now owns 28,271 shares of the company’s stock, valued at approximately $6,503,178.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Timothy P. Herbert sold 40,000 shares of Inspire Medical Systems stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $205.09, for a total value of $8,203,600.00. Following the completion of the transaction, the chief executive officer now owns 63,658 shares in the company, valued at approximately $13,055,619.22. The disclosure for this sale can be found here. In the last three months, insiders sold 76,371 shares of company stock worth $15,664,278. 4.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Inspire Medical Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. McGlone Suttner Wealth Management Inc. bought a new stake in shares of Inspire Medical Systems during the fourth quarter worth about $27,000. NBC Securities Inc. bought a new stake in Inspire Medical Systems during the 3rd quarter worth approximately $34,000. Arcadia Investment Management Corp MI increased its position in Inspire Medical Systems by 44.5% in the 3rd quarter. Arcadia Investment Management Corp MI now owns 224 shares of the company’s stock valued at $44,000 after acquiring an additional 69 shares during the period. RiverPark Advisors LLC acquired a new position in shares of Inspire Medical Systems during the third quarter worth $44,000. Finally, Headinvest LLC acquired a new position in shares of Inspire Medical Systems during the third quarter worth $48,000. Institutional investors 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.