Inspire Medical Systems (NYSE:INSP) Shares Gap Up Following Analyst Upgrade

Inspire Medical Systems, Inc. (NYSE:INSP)’s share price gapped up before the market opened on Monday after Wolfe Research upgraded the stock from a peer perform rating to an outperform rating. The stock had previously closed at $89.87, but opened at $105.74. Wolfe Research now has a $180.00 price target on the stock. Inspire Medical Systems shares last traded at $114.9990, with a volume of 668,077 shares trading hands.

Several other brokerages also recently commented on INSP. Zacks Research raised Inspire Medical Systems from a “strong sell” rating to a “hold” rating in a research note on Monday, October 27th. JPMorgan Chase & Co. decreased their target price on Inspire Medical Systems from $110.00 to $82.00 and set a “neutral” rating for the company in a research note on Tuesday, November 4th. Lake Street Capital set a $150.00 price target on Inspire Medical Systems and gave the stock a “buy” rating in a research report on Tuesday, August 5th. Wells Fargo & Company upgraded Inspire Medical Systems from an “equal weight” rating to an “overweight” rating and decreased their price objective for the company from $101.00 to $90.00 in a research report on Tuesday, November 4th. Finally, Leerink Partners reduced their price target on shares of Inspire Medical Systems from $116.00 to $97.00 and set a “market perform” rating for the company in a report on Friday, August 15th. Nine analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Inspire Medical Systems currently has an average rating of “Hold” and an average price target of $132.56.

Insider Buying and Selling at Inspire Medical Systems

In related 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 transaction, the chief financial officer directly owned 44,867 shares in the company, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of Inspire Medical Systems

A number of large investors have recently added to or reduced their stakes in INSP. Farther Finance Advisors LLC raised its stake in Inspire Medical Systems by 14.6% in the second quarter. Farther Finance Advisors LLC now owns 603 shares of the company’s stock valued at $78,000 after buying an additional 77 shares during the period. Allianz Asset Management GmbH boosted its stake in shares of Inspire Medical Systems by 1.6% during the 1st quarter. Allianz Asset Management GmbH now owns 5,000 shares of the company’s stock worth $796,000 after acquiring an additional 78 shares during the period. Smartleaf Asset Management LLC boosted its stake 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 worth $71,000 after acquiring an additional 97 shares during the period. New York State Teachers Retirement System increased 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 worth $2,789,000 after acquiring an additional 100 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in Inspire Medical Systems by 4.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,419 shares of the company’s stock valued at $385,000 after acquiring an additional 109 shares during the period. Institutional investors and hedge funds own 94.91% of the company’s stock.

Inspire Medical Systems Trading Up 11.1%

The business has a 50 day moving average of $81.61 and a two-hundred day moving average of $105.57. The firm has a market cap of $3.79 billion, a P/E ratio of 88.63, a PEG ratio of 12.71 and a beta of 1.14.

Inspire Medical Systems (NYSE:INSP) last released its quarterly earnings data on Monday, November 3rd. The company reported $0.38 EPS for the quarter, beating the consensus estimate of ($0.15) by $0.53. The firm had revenue of $224.50 million for the quarter, compared to the consensus estimate of $220.39 million. Inspire Medical Systems had a net margin of 5.05% and a return on equity of 9.41%. The company’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.60 earnings per share. On average, sell-side analysts predict that Inspire Medical Systems, Inc. will post 2.16 EPS for the current year.

Inspire Medical Systems announced that its Board of Directors has approved a stock repurchase program on Monday, August 11th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to reacquire up to 8.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is 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.