Inspire Medical Systems (NYSE:INSP) Downgraded to Market Perform Rating by Oppenheimer

Oppenheimer lowered shares of Inspire Medical Systems (NYSE:INSP) from an outperform rating to a market perform rating in a research report sent to investors on Thursday, MarketBeat.com reports.

Several other analysts have also recently issued reports on INSP. KeyCorp reiterated a “sector weight” rating on shares of Inspire Medical Systems in a research note on Tuesday, November 4th. JPMorgan Chase & Co. boosted their price objective on Inspire Medical Systems from $82.00 to $118.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 16th. UBS Group raised their target price on shares of Inspire Medical Systems from $89.00 to $91.00 and gave the company a “neutral” rating in a report on Tuesday, December 23rd. Piper Sandler increased their price objective on shares of Inspire Medical Systems from $135.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, December 8th. Finally, Wolfe Research raised Inspire Medical Systems from a “peer perform” rating to an “outperform” rating and set a $180.00 target price on the stock in a report on Tuesday, November 25th. Nine investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Inspire Medical Systems presently has an average rating of “Hold” and an average target price of $138.47.

Inspire Medical Systems Price Performance

Shares of INSP opened at $80.81 on Thursday. The firm has a 50-day simple moving average of $106.21 and a two-hundred day simple moving average of $97.47. Inspire Medical Systems has a 1-year low of $70.77 and a 1-year high of $203.12. The stock has a market cap of $2.35 billion, a PE ratio of 54.97, a P/E/G ratio of 9.65 and a beta of 0.72.

Inspire Medical Systems (NYSE:INSP) last issued its quarterly earnings results on Monday, November 3rd. The company reported $0.38 earnings per share (EPS) 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 company had revenue of $224.50 million for the quarter, compared to analyst estimates of $220.39 million. During the same period in the prior year, the firm earned $0.60 earnings per share. The business’s revenue for the quarter was up 10.5% compared to the same quarter last year. As a group, sell-side analysts expect that Inspire Medical Systems will post 2.16 earnings per share for the current fiscal year.

Insider Transactions at Inspire Medical Systems

In other Inspire Medical Systems news, Director Shawn Mccormick sold 2,000 shares of the firm’s stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $127.48, for a total transaction of $254,960.00. Following the transaction, the director owned 26,046 shares of the company’s stock, valued at approximately $3,320,344.08. This trade represents a 7.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Dragoneer Investment Group LLC lifted its stake in Inspire Medical Systems by 81.4% in the second quarter. Dragoneer Investment Group LLC now owns 2,354,411 shares of the company’s stock valued at $305,532,000 after buying an additional 1,056,808 shares during the last quarter. Wasatch Advisors LP increased its holdings in shares of Inspire Medical Systems by 7.2% in the 2nd quarter. Wasatch Advisors LP now owns 1,634,395 shares of the company’s stock valued at $212,095,000 after acquiring an additional 110,288 shares during the period. William Blair Investment Management LLC raised its position in Inspire Medical Systems by 68.7% in the 3rd quarter. William Blair Investment Management LLC now owns 1,297,573 shares of the company’s stock valued at $96,280,000 after purchasing an additional 528,404 shares during the last quarter. Deerfield Management Company L.P. boosted its stake in Inspire Medical Systems by 648.4% during the 3rd quarter. Deerfield Management Company L.P. now owns 1,047,694 shares of the company’s stock worth $77,739,000 after purchasing an additional 907,694 shares during the period. Finally, State Street Corp grew its position in Inspire Medical Systems by 2.3% during the 2nd quarter. State Street Corp now owns 1,030,902 shares of the company’s stock worth $133,780,000 after purchasing an additional 22,843 shares during the last quarter. Hedge funds and other institutional investors own 94.91% of the company’s stock.

Inspire Medical Systems Company Profile

Inspire Medical Systems, Inc is a medical technology company specializing in implantable neurostimulation devices for the treatment of obstructive sleep apnea (OSA). The company’s flagship offering, the Inspire® system, delivers targeted stimulation of the hypoglossal nerve to maintain airway patency during sleep, providing an alternative therapy for patients who are intolerant of or inadequately managed by continuous positive airway pressure (CPAP) devices.

The Inspire system comprises an implantable pulse generator, a sensing lead that monitors breathing patterns, and a stimulation lead that activates the hypoglossal nerve.