Inspire Medical Systems’ (INSP) Outperform Rating Reaffirmed at Royal Bank of Canada

Inspire Medical Systems (NYSE:INSP)‘s stock had its “outperform” rating reissued by equities researchers at Royal Bank of Canada in a note issued to investors on Wednesday, Benzinga reports. They currently have a $260.00 target price on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 34.55% from the company’s current price.

Several other equities research analysts have also recently issued reports on the stock. Piper Sandler lifted their price objective on shares of Inspire Medical Systems from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Robert W. Baird reduced their price objective on shares of Inspire Medical Systems from $220.00 to $200.00 and set an “outperform” rating on the stock in a research report on Wednesday. Morgan Stanley reduced their price objective 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. Bank of America reduced their price objective on shares of Inspire Medical Systems from $225.00 to $185.00 and set a “neutral” rating on the stock in a research report on Monday, June 3rd. Finally, Truist Financial reduced their price objective on shares of Inspire Medical Systems from $280.00 to $217.00 and set a “buy” rating on the stock in a research report on Tuesday, July 16th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Inspire Medical Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $219.79.

Inspire Medical Systems Trading Up 2.9 %

NYSE INSP traded up $5.52 on Wednesday, reaching $193.23. 651,554 shares of the stock were exchanged, compared to its average volume of 610,963. Inspire Medical Systems has a one year low of $123.00 and a one year high of $257.40. The firm has a market capitalization of $5.74 billion, a PE ratio of -341.75 and a beta of 1.31. The company’s 50-day simple moving average is $147.56 and its two-hundred day simple moving average is $182.78.

Inspire Medical Systems (NYSE:INSP) last released its earnings results on Tuesday, August 6th. The company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.46. The company had revenue of $195.89 million for the quarter, compared to analysts’ expectations of $189.08 million. Inspire Medical Systems had a negative net margin of 2.38% and a negative return on equity of 2.82%. The firm’s revenue was up 29.6% compared to the same quarter last year. During the same quarter last year, the business earned ($0.41) EPS. Sell-side analysts forecast that Inspire Medical Systems will post 0.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Van ECK Associates Corp boosted its stake in Inspire Medical Systems by 7.5% during the second quarter. Van ECK Associates Corp now owns 1,029 shares of the company’s stock worth $138,000 after buying an additional 72 shares during the period. Bessemer Group Inc. boosted its stake in Inspire Medical Systems by 1.2% during the first quarter. Bessemer Group Inc. now owns 8,475 shares of the company’s stock worth $1,820,000 after buying an additional 100 shares during the period. Qsemble Capital Management LP boosted its stake in Inspire Medical Systems by 2.5% during the fourth quarter. Qsemble Capital Management LP now owns 4,253 shares of the company’s stock worth $865,000 after buying an additional 105 shares during the period. Treasurer of the State of North Carolina boosted its stake in Inspire Medical Systems by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 12,750 shares of the company’s stock worth $2,594,000 after buying an additional 120 shares during the period. Finally, Gilliland Jeter Wealth Management LLC boosted its stake in Inspire Medical Systems by 0.8% during the second quarter. Gilliland Jeter Wealth Management LLC now owns 15,508 shares of the company’s stock worth $2,075,000 after buying an additional 125 shares during the period. 94.91% of the stock is owned by hedge funds and other 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.