Inspire Medical Systems, Inc. (NYSE:INSP) Receives $233.58 Consensus Price Target from Brokerages

Inspire Medical Systems, Inc. (NYSE:INSP) has earned a consensus recommendation of “Moderate Buy” from the twelve brokerages that are covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $233.58.

Several equities analysts recently commented on INSP shares. Royal Bank of Canada reiterated an “outperform” rating and set a $260.00 price target on shares of Inspire Medical Systems in a report on Tuesday, November 5th. Piper Sandler reiterated an “overweight” rating and issued a $260.00 price target (up from $255.00) on shares of Inspire Medical Systems in a report on Tuesday, November 5th. Stifel Nicolaus restated a “hold” rating and set a $200.00 price objective (up previously from $170.00) on shares of Inspire Medical Systems in a report on Tuesday, November 5th. KeyCorp reduced their target price on Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Finally, Leerink Partners boosted their target price on shares of Inspire Medical Systems from $167.00 to $197.00 and gave the company a “market perform” rating in a research note on Tuesday, September 10th.

Insider Transactions at Inspire Medical Systems

In related news, Director Shawn Mccormick sold 800 shares of the business’s 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 completion of the transaction, the director now owns 23,140 shares of the company’s stock, valued at $5,090,800. The trade was a 3.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Wasatch Advisors LP grew its position in shares of Inspire Medical Systems by 1.6% in the 3rd quarter. Wasatch Advisors LP now owns 1,323,470 shares of the company’s stock worth $279,318,000 after buying an additional 20,481 shares during the last quarter. State Street Corp increased 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 purchasing an additional 459,990 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Inspire Medical Systems by 32.3% during the 2nd 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 last quarter. William Blair Investment Management LLC boosted its position in shares of Inspire Medical Systems by 1.8% in the 2nd quarter. William Blair Investment Management LLC now owns 770,413 shares of the company’s stock worth $103,104,000 after purchasing an additional 13,602 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in Inspire Medical Systems by 5.8% during the 3rd quarter. Janus Henderson Group PLC now owns 502,609 shares of the company’s stock worth $106,075,000 after buying an additional 27,374 shares during the last quarter. 94.91% of the stock is currently owned by hedge funds and other institutional investors.

Inspire Medical Systems Price Performance

NYSE:INSP opened at $192.76 on Monday. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of 180.15 and a beta of 1.36. The business has a 50 day simple moving average of $197.96 and a 200-day simple moving average of $176.45. 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 issued its quarterly 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 5.30% and a net margin of 4.37%. The company had revenue of $203.20 million during the quarter, compared to the consensus estimate of $197.59 million. During the same period last year, the company earned ($0.29) earnings per share. Inspire Medical Systems’s revenue was up 32.6% on a year-over-year basis. As a group, analysts expect that Inspire Medical Systems will post 1.33 earnings per share for the current fiscal year.

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.