Inspire Medical Systems (NYSE:INSP) Upgraded to “Buy” at Bank of America

Bank of America upgraded shares of Inspire Medical Systems (NYSE:INSP) from a neutral rating to a buy rating in a report published on Wednesday, MarketBeat.com reports. Bank of America currently has $255.00 price target on the stock, up from their previous price target of $220.00.

A number of other research analysts have also weighed in on INSP. Truist Financial reiterated a “buy” rating and issued a $240.00 price objective (up from $217.00) on shares of Inspire Medical Systems in a research note on Monday, September 30th. Robert W. Baird lifted their price objective on shares of Inspire Medical Systems from $240.00 to $252.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Stifel Nicolaus reiterated a “hold” rating and issued a $200.00 price objective (up from $170.00) on shares of Inspire Medical Systems in a research note on Tuesday, November 5th. Wells Fargo & Company lifted their price objective on shares of Inspire Medical Systems from $187.00 to $198.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $260.00 price objective on shares of Inspire Medical Systems in a research note on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $233.58.

Inspire Medical Systems Stock Up 1.4 %

Shares of INSP stock opened at $188.73 on Wednesday. The company has a 50 day moving average of $199.53 and a 200-day moving average of $175.81. Inspire Medical Systems has a 12-month low of $123.00 and a 12-month high of $257.40. The firm has a market cap of $5.66 billion, a P/E ratio of 176.38 and a beta of 1.36.

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 the consensus estimate of $0.06 by $0.54. Inspire Medical Systems had a net margin of 4.37% and a return on equity of 5.30%. The company had revenue of $203.20 million during the quarter, compared to analyst estimates of $197.59 million. During the same quarter last year, the business posted ($0.29) EPS. Inspire Medical Systems’s quarterly revenue was up 32.6% compared to the same quarter last year. As a group, equities analysts expect that Inspire Medical Systems will post 1.33 EPS for the current year.

Insider Buying and Selling

In related news, Director Shawn Mccormick sold 800 shares of the company’s stock in a transaction 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 directly owns 23,140 shares in the company, valued at approximately $5,090,800. The trade was a 3.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INSP. Teachers Retirement System of The State of Kentucky boosted its position in Inspire Medical Systems by 20.1% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 49,178 shares of the company’s stock valued at $10,379,000 after buying an additional 8,240 shares during the period. Geode Capital Management LLC boosted its position in Inspire Medical Systems by 0.7% during the third quarter. Geode Capital Management LLC now owns 483,654 shares of the company’s stock valued at $102,102,000 after buying an additional 3,128 shares during the period. M&T Bank Corp boosted its position in Inspire Medical Systems by 53.1% during the third quarter. M&T Bank Corp now owns 3,228 shares of the company’s stock valued at $681,000 after buying an additional 1,120 shares during the period. Public Employees Retirement System of Ohio boosted its position in Inspire Medical Systems by 9.4% during the third quarter. Public Employees Retirement System of Ohio now owns 36,361 shares of the company’s stock valued at $7,674,000 after buying an additional 3,125 shares during the period. Finally, MML Investors Services LLC boosted its position in Inspire Medical Systems by 8.6% during the third quarter. MML Investors Services LLC now owns 7,874 shares of the company’s stock valued at $1,662,000 after buying an additional 625 shares during the period. 94.91% of the stock is currently owned by hedge funds and other 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.