Piper Sandler Reiterates “Overweight” Rating for Inspire Medical Systems (NYSE:INSP)

by · The Markets Daily

Inspire Medical Systems (NYSE:INSP – Get Free Report)‘s stock had its “overweight” rating reiterated by Piper Sandler in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $135.00 target price on the stock, down from their prior target price of $150.00. Piper Sandler’s target price would suggest a potential upside of 58.77% from the company’s current price.

INSP has been the topic of a number of other research reports. Evercore ISI dropped their price target on Inspire Medical Systems from $150.00 to $125.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 7th. Wall Street Zen cut shares of Inspire Medical Systems from a “buy” rating to a “hold” rating in a report on Saturday, July 26th. Mizuho set a $110.00 target price on shares of Inspire Medical Systems in a report on Tuesday. Lake Street Capital set a $150.00 price objective on shares of Inspire Medical Systems and gave the company a “buy” rating in a research note on Tuesday, August 5th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $150.00 price objective on shares of Inspire Medical Systems in a research note on Friday, October 10th. Eight analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $133.88.

View Our Latest Stock Report on Inspire Medical Systems

Inspire Medical Systems Price Performance

Shares of NYSE:INSP traded up $11.32 during trading on Tuesday, reaching $85.03. 1,388,753 shares of the company were exchanged, compared to its average volume of 771,217. The firm has a market capitalization of $2.51 billion, a PE ratio of 49.06, a P/E/G ratio of 2.42 and a beta of 1.14. The business’s fifty day simple moving average is $80.37 and its 200-day simple moving average is $112.89. Inspire Medical Systems has a 12-month low of $70.77 and a 12-month high of $216.01.

Inspire Medical Systems (NYSE:INSP – Get Free Report) last announced its quarterly earnings data on Monday, November 3rd. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.53. Inspire Medical Systems had a return on equity of 10.38% and a net margin of 6.17%.The company had revenue of $224.50 million for the quarter, compared to analysts’ expectations of $220.39 million. During the same quarter in the prior year, the firm earned $0.60 earnings per share. Inspire Medical Systems’s revenue was up 10.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Inspire Medical Systems will post 2.16 EPS for the current fiscal year.

Inspire Medical Systems announced that its Board of Directors has authorized a stock buyback plan on Monday, August 11th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to repurchase up to 8.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Inspire Medical Systems

In other news, CFO Richard Buchholz sold 11,000 shares of the firm’s stock in a transaction on Friday, August 29th. The stock was sold at an average price of $93.39, for a total value of $1,027,290.00. Following the completion of the sale, the chief financial officer owned 44,867 shares of the company’s stock, valued at $4,190,129.13. This trade represents a 19.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Inspire Medical Systems

Several institutional investors have recently added to or reduced their stakes in INSP. Dragoneer Investment Group LLC boosted its stake in Inspire Medical Systems by 81.4% in the 2nd quarter. Dragoneer Investment Group LLC now owns 2,354,411 shares of the company’s stock worth $305,532,000 after purchasing an additional 1,056,808 shares in the last quarter. Wasatch Advisors LP boosted its stake in Inspire Medical Systems by 7.2% in the 2nd quarter. Wasatch Advisors LP now owns 1,634,395 shares of the company’s stock worth $212,095,000 after purchasing an additional 110,288 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Inspire Medical Systems by 214.5% during 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 during the period. State Street Corp lifted its stake in shares of Inspire Medical Systems by 2.3% during the second quarter. State Street Corp now owns 1,030,902 shares of the company’s stock worth $133,780,000 after buying an additional 22,843 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Inspire Medical Systems by 8.3% during the first quarter. Invesco Ltd. now owns 858,572 shares of the company’s stock worth $136,753,000 after buying an additional 65,492 shares during the period. Institutional investors and hedge funds own 94.91% of the company’s stock.

About Inspire Medical Systems

(Get Free Report)

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.

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