Inspire Medical Systems (NYSE:INSP) Sees Strong Trading Volume Following Analyst Upgrade

Inspire Medical Systems, Inc. (NYSE:INSP) shares saw unusually-strong trading volume on Tuesday after Wolfe Research upgraded the stock from a peer perform rating to an outperform rating. Wolfe Research now has a $180.00 price target on the stock. Approximately 670,483 shares were traded during trading, a decline of 18% from the previous session’s volume of 816,063 shares.The stock last traded at $130.4970 and had previously closed at $117.29.

INSP has been the subject of a number of other research reports. Stifel Nicolaus set a $110.00 price target on Inspire Medical Systems and gave the stock a “buy” rating in a report on Monday. KeyCorp reaffirmed a “sector weight” rating on shares of Inspire Medical Systems in a research report on Tuesday, November 4th. UBS Group set a $89.00 target price on Inspire Medical Systems and gave the stock a “neutral” rating in a research note on Monday, September 22nd. Mizuho set a $110.00 target price on Inspire Medical Systems in a report on Tuesday, November 4th. Finally, Zacks Research raised Inspire Medical Systems from a “strong sell” rating to a “hold” rating in a report on Monday, October 27th. Nine investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $132.56.

Insider Buying and Selling

In related news, CFO Richard Buchholz sold 11,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer directly owned 44,867 shares of the company’s stock, valued at approximately $4,190,129.13. This trade represents a 19.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC raised its stake in Inspire Medical Systems by 14.6% during the second quarter. Farther Finance Advisors LLC now owns 603 shares of the company’s stock worth $78,000 after acquiring an additional 77 shares in the last quarter. Allianz Asset Management GmbH boosted its stake in shares of Inspire Medical Systems by 1.6% in the 1st quarter. Allianz Asset Management GmbH now owns 5,000 shares of the company’s stock valued at $796,000 after purchasing an additional 78 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Inspire Medical Systems by 27.2% during the 1st quarter. Smartleaf Asset Management LLC now owns 454 shares of the company’s stock valued at $71,000 after purchasing an additional 97 shares during the last quarter. New York State Teachers Retirement System grew its holdings in shares of Inspire Medical Systems by 0.5% during the 2nd quarter. New York State Teachers Retirement System now owns 21,490 shares of the company’s stock valued at $2,789,000 after purchasing an additional 100 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in Inspire Medical Systems by 4.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,419 shares of the company’s stock worth $385,000 after purchasing an additional 109 shares in the last quarter. Institutional investors and hedge funds own 94.91% of the company’s stock.

Inspire Medical Systems Stock Performance

The firm has a market cap of $3.79 billion, a P/E ratio of 88.63, a P/E/G ratio of 12.71 and a beta of 1.14. The company’s 50 day moving average is $81.61 and its 200 day moving average is $105.57.

Inspire Medical Systems (NYSE:INSP) last posted its earnings results on Monday, November 3rd. The company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.53. Inspire Medical Systems had a net margin of 5.05% and a return on equity of 9.41%. The firm 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 firm posted $0.60 earnings per share. The company’s revenue was up 10.5% on a year-over-year basis. On average, equities research analysts anticipate that Inspire Medical Systems, Inc. will post 2.16 EPS for the current year.

Inspire Medical Systems declared that its board has approved a stock repurchase 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 usually a sign that the company’s management believes its shares are undervalued.

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.