Truist Financial Reaffirms Buy Rating for Inspire Medical Systems (NYSE:INSP)

Truist Financial restated their buy rating on shares of Inspire Medical Systems (NYSE:INSP) in a research report report published on Monday, Benzinga reports. The brokerage currently has a $240.00 price objective on the stock, up from their prior price objective of $217.00.

INSP has been the subject of a number of other research reports. Robert W. Baird decreased their price target on shares of Inspire Medical Systems from $220.00 to $200.00 and set an outperform rating for the company in a research note on Wednesday, August 7th. Royal Bank of Canada reissued an outperform rating and set a $260.00 target price on shares of Inspire Medical Systems in a research report on Wednesday, August 7th. Morgan Stanley dropped their price target on shares of Inspire Medical Systems from $250.00 to $210.00 and set an overweight rating on the stock in a research report on Monday, July 15th. Leerink Partners boosted their price objective on Inspire Medical Systems from $167.00 to $197.00 and gave the stock a market perform rating in a report on Tuesday, September 10th. Finally, KeyCorp lowered their price objective 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. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Inspire Medical Systems presently has an average rating of Moderate Buy and a consensus target price of $216.62.

Inspire Medical Systems Price Performance

INSP stock opened at $212.27 on Monday. The company’s 50-day moving average is $187.30 and its 200-day moving average is $182.87. The stock has a market capitalization of $6.31 billion, a PE ratio of -385.95 and a beta of 1.33. Inspire Medical Systems has a 1 year low of $123.00 and a 1 year high of $257.40.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.46. The firm had revenue of $195.89 million during the quarter, compared to analysts’ expectations of $189.08 million. Inspire Medical Systems had a return on equity of 1.03% and a net margin of 0.85%. The company’s revenue for the quarter was up 29.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.41) earnings per share. On average, analysts anticipate that Inspire Medical Systems will post 0.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Inspire Medical Systems news, insider Randy Ban sold 4,861 shares of the company’s stock in a transaction on Friday, August 16th. The stock was 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 in the company, valued at approximately $576,208.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Shawn Mccormick sold 800 shares of Inspire Medical Systems stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $220.00, for a total value of $176,000.00. Following the sale, the director now owns 23,140 shares of the company’s stock, valued at approximately $5,090,800. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $916,541.55. Following the completion of the transaction, the insider now owns 3,056 shares in the company, valued at approximately $576,208.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,692 shares of company stock worth $1,099,207. 4.10% of the stock is owned by company insiders.

Institutional Trading of Inspire Medical Systems

Several hedge funds have recently made changes to their positions in the company. Baillie Gifford & Co. grew its stake in shares of Inspire Medical Systems by 19.3% during the 1st quarter. Baillie Gifford & Co. now owns 1,467,613 shares of the company’s stock worth $315,229,000 after acquiring an additional 237,734 shares during the period. Wellington Management Group LLP boosted its position in Inspire Medical Systems by 46.4% during the fourth quarter. Wellington Management Group LLP now owns 1,430,266 shares of the company’s stock worth $290,959,000 after purchasing an additional 453,294 shares during the period. Wasatch Advisors LP increased its stake in shares of Inspire Medical Systems by 0.5% in the first quarter. Wasatch Advisors LP now owns 1,102,867 shares of the company’s stock worth $236,885,000 after purchasing an additional 5,522 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Inspire Medical Systems by 32.3% in 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 during the period. Finally, William Blair Investment Management LLC raised its position in shares of Inspire Medical Systems by 1.8% in the second quarter. William Blair Investment Management LLC now owns 770,413 shares of the company’s stock valued at $103,104,000 after purchasing an additional 13,602 shares during the period. 94.91% of the stock is currently owned by 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.