Analysts Set Inspire Medical Systems, Inc. (NYSE:INSP) Target Price at $128.13

Inspire Medical Systems, Inc. (NYSE:INSP) has been assigned an average rating of “Hold” from the seventeen analysts that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $128.1250.

INSP has been the topic of several recent analyst reports. Jefferies Financial Group restated a “hold” rating and set a $85.00 price objective (down from $160.00) on shares of Inspire Medical Systems in a research note on Friday, October 24th. Truist Financial raised shares of Inspire Medical Systems from a “hold” rating to a “buy” rating and raised their price target for the company from $128.00 to $165.00 in a research report on Wednesday, November 26th. Wells Fargo & Company upgraded shares of Inspire Medical Systems from an “equal weight” rating to an “overweight” rating and cut their price target for the stock from $101.00 to $90.00 in a report on Tuesday, November 4th. KeyCorp reiterated a “sector weight” rating on shares of Inspire Medical Systems in a research note on Tuesday, November 4th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $130.00 target price (up previously from $105.00) on shares of Inspire Medical Systems in a research report on Tuesday, December 2nd.

Inspire Medical Systems Price Performance

Shares of NYSE INSP opened at $136.75 on Friday. The company has a 50-day moving average price of $90.06 and a 200-day moving average price of $104.40. The stock has a market capitalization of $3.97 billion, a P/E ratio of 93.02, a P/E/G ratio of 15.76 and a beta of 0.69. Inspire Medical Systems has a 1 year low of $70.77 and a 1 year high of $216.01.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings results on Monday, November 3rd. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.53. The business had revenue of $224.50 million for the quarter, compared to analysts’ expectations of $220.39 million. Inspire Medical Systems had a net margin of 5.05% and a return on equity of 9.41%. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.60 EPS. As a group, equities research analysts anticipate that Inspire Medical Systems will post 2.16 earnings per share for the current fiscal year.

Inspire Medical Systems announced that its board has initiated a share repurchase program on Monday, August 11th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to reacquire up to 8.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Inspire Medical Systems

In other news, Director Shawn Mccormick sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $127.48, for a total transaction of $254,960.00. Following the completion of the sale, the director owned 26,046 shares in the company, valued at $3,320,344.08. This trade represents a 7.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Inspire Medical Systems

A number of large investors have recently made changes to their positions in INSP. Dragoneer Investment Group LLC raised its stake in shares of Inspire Medical Systems by 81.4% during the 2nd quarter. Dragoneer Investment Group LLC now owns 2,354,411 shares of the company’s stock valued at $305,532,000 after purchasing an additional 1,056,808 shares during the period. Wasatch Advisors LP increased its position in shares of Inspire Medical Systems by 7.2% during the second quarter. Wasatch Advisors LP now owns 1,634,395 shares of the company’s stock valued at $212,095,000 after buying an additional 110,288 shares during the period. William Blair Investment Management LLC increased its position in shares of Inspire Medical Systems by 68.7% during the third quarter. William Blair Investment Management LLC now owns 1,297,573 shares of the company’s stock valued at $96,280,000 after buying an additional 528,404 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Inspire Medical Systems by 214.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,112,925 shares of the company’s stock worth $177,267,000 after buying an additional 759,090 shares in the last quarter. Finally, Deerfield Management Company L.P. boosted its position in shares of Inspire Medical Systems by 648.4% in the third quarter. Deerfield Management Company L.P. now owns 1,047,694 shares of the company’s stock valued at $77,739,000 after acquiring an additional 907,694 shares during the period. 94.91% of the stock is owned by institutional investors.

Inspire Medical Systems Company Profile

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.