Inspire Medical Systems (NYSE:INSP) Given Overweight Rating at Piper Sandler

Piper Sandler reissued their overweight rating on shares of Inspire Medical Systems (NYSE:INSP) in a research report released on Tuesday morning, MarketBeat reports. Piper Sandler currently has a $135.00 target price on the stock, down from their previous target price of $150.00.

Several other equities research analysts have also recently weighed in on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Inspire Medical Systems in a research report on Wednesday, October 8th. UBS Group set a $89.00 price target on shares of Inspire Medical Systems and gave the stock a “neutral” rating in a research report on Monday, September 22nd. Stifel Nicolaus set a $100.00 price target on shares of Inspire Medical Systems in a research report on Friday, October 24th. Wall Street Zen lowered shares of Inspire Medical Systems from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. Finally, Evercore ISI dropped their price objective on shares of Inspire Medical Systems from $150.00 to $125.00 and set an “outperform” rating for the company in a research note on Tuesday, October 7th. Eight equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Inspire Medical Systems currently has an average rating of “Hold” and a consensus price target of $133.88.

Inspire Medical Systems Price Performance

Inspire Medical Systems stock opened at $85.44 on Tuesday. The firm’s 50 day moving average price is $80.24 and its 200-day moving average price is $112.43. Inspire Medical Systems has a 1 year low of $70.77 and a 1 year high of $216.01. The stock has a market cap of $2.53 billion, a P/E ratio of 58.12, a PEG ratio of 2.47 and a beta of 1.14.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings results on Monday, November 3rd. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.53. Inspire Medical Systems had a net margin of 5.05% and a return on equity of 9.40%. 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 previous year, the business posted $0.60 earnings per share. Inspire Medical Systems’s quarterly revenue was up 10.5% on a year-over-year basis. As a group, equities analysts expect that Inspire Medical Systems will post 2.16 EPS for the current year.

Inspire Medical Systems announced that its Board of Directors has initiated a share buyback plan on Monday, August 11th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to purchase up to 8.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other news, CFO Richard Buchholz sold 11,000 shares of the business’s stock in a transaction on Friday, August 29th. The shares were sold at an average price of $93.39, for a total transaction of $1,027,290.00. Following the completion of the sale, the chief financial officer directly owned 44,867 shares of the company’s stock, valued at approximately $4,190,129.13. The trade was a 19.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of Inspire Medical Systems

A number of large investors have recently made changes to their positions in INSP. GAMMA Investing LLC boosted its stake in shares of Inspire Medical Systems by 253.7% during the first quarter. GAMMA Investing LLC now owns 573 shares of the company’s stock valued at $91,000 after purchasing an additional 411 shares during the period. New York State Teachers Retirement System boosted its stake in shares of Inspire Medical Systems by 132.7% during the first quarter. New York State Teachers Retirement System now owns 21,390 shares of the company’s stock valued at $3,407,000 after purchasing an additional 12,196 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Inspire Medical Systems by 1.0% during the first quarter. Principal Financial Group Inc. now owns 147,768 shares of the company’s stock valued at $23,536,000 after purchasing an additional 1,458 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of Inspire Medical Systems by 33.1% during the first quarter. Envestnet Asset Management Inc. now owns 34,151 shares of the company’s stock valued at $5,440,000 after purchasing an additional 8,484 shares during the period. Finally, Values First Advisors Inc. bought a new stake in shares of Inspire Medical Systems in the first quarter valued at about $329,000. 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.