Inspire Medical Systems (NYSE:INSP) to Buyback $200.00 million in Outstanding Stock

Inspire Medical Systems (NYSE:INSP) announced that its Board of Directors has approved a stock repurchase plan on Monday, August 11th, RTT News reports. The company plans to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 8.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on INSP shares. UBS Group decreased their price target on Inspire Medical Systems from $270.00 to $230.00 and set a “buy” rating for the company in a research note on Tuesday, August 5th. Robert W. Baird boosted their target price on Inspire Medical Systems from $230.00 to $236.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 6th. Wall Street Zen cut shares of Inspire Medical Systems from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. Wells Fargo & Company reduced their price target on shares of Inspire Medical Systems from $174.00 to $101.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 5th. Finally, Lake Street Capital set a $150.00 price objective on shares of Inspire Medical Systems and gave the company a “buy” rating in a report on Tuesday, August 5th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Inspire Medical Systems currently has an average rating of “Moderate Buy” and a consensus price target of $173.31.

Inspire Medical Systems Price Performance

INSP stock opened at $79.62 on Tuesday. The company has a market cap of $2.35 billion, a P/E ratio of 46.02, a price-to-earnings-growth ratio of 2.44 and a beta of 1.22. Inspire Medical Systems has a 1 year low of $73.92 and a 1 year high of $225.00. The stock’s fifty day moving average price is $125.69 and its 200-day moving average price is $150.62.

Inspire Medical Systems (NYSE:INSP) last released its quarterly earnings results on Monday, August 4th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.23. The business had revenue of $217.09 million during the quarter, compared to analyst estimates of $214.50 million. Inspire Medical Systems had a return on equity of 10.38% and a net margin of 6.17%. Inspire Medical Systems’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.32 earnings per share. As a group, analysts expect that Inspire Medical Systems will post 2.16 earnings per share for the current year.

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.