Inspire Medical Systems (NYSE:INSP) Raised to Buy at Bank of America

Inspire Medical Systems (NYSE:INSP) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a report released on Wednesday, Marketbeat Ratings reports. The firm currently has a $255.00 target price on the stock, up from their prior target price of $220.00. Bank of America‘s price objective would indicate a potential upside of 36.96% from the stock’s previous close.

Several other analysts have also weighed in on INSP. Leerink Partners upped their target price on Inspire Medical Systems from $167.00 to $197.00 and gave the company a “market perform” rating in a report on Tuesday, September 10th. Piper Sandler reissued an “overweight” rating and issued a $260.00 target price (up previously from $255.00) on shares of Inspire Medical Systems in a report on Tuesday, November 5th. Stifel Nicolaus reissued a “hold” rating and issued a $200.00 target price (up previously from $170.00) on shares of Inspire Medical Systems in a report on Tuesday, November 5th. Truist Financial reaffirmed a “buy” rating and set a $240.00 price objective (up previously from $217.00) on shares of Inspire Medical Systems in a research note on Monday, September 30th. Finally, Robert W. Baird increased their price objective on Inspire Medical Systems from $240.00 to $252.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $233.58.

Inspire Medical Systems Price Performance

Shares of INSP stock opened at $186.19 on Wednesday. The business’s fifty day moving average price is $200.19 and its 200 day moving average price is $176.17. Inspire Medical Systems has a 1-year low of $123.00 and a 1-year high of $257.40. The firm has a market capitalization of $5.58 billion, a PE ratio of 172.78 and a beta of 1.36.

Inspire Medical Systems (NYSE:INSP) last posted its earnings results on Monday, November 4th. The company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.54. The company had revenue of $203.20 million for the quarter, compared to analyst estimates of $197.59 million. Inspire Medical Systems had a return on equity of 5.30% and a net margin of 4.37%. Inspire Medical Systems’s revenue was up 32.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.29) earnings per share. Equities research analysts expect that Inspire Medical Systems will post 1.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Shawn Mccormick sold 800 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $220.00, for a total transaction of $176,000.00. Following the transaction, the director now directly owns 23,140 shares in the company, valued at approximately $5,090,800. This represents a 3.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 4.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Inspire Medical Systems

Several hedge funds have recently modified their holdings of INSP. Janney Montgomery Scott LLC raised its holdings in shares of Inspire Medical Systems by 32.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 1,532 shares of the company’s stock valued at $329,000 after buying an additional 378 shares during the period. Bessemer Group Inc. raised its holdings in shares of Inspire Medical Systems by 1.2% during the 1st quarter. Bessemer Group Inc. now owns 8,475 shares of the company’s stock valued at $1,820,000 after buying an additional 100 shares during the period. 1832 Asset Management L.P. purchased a new stake in shares of Inspire Medical Systems during the 1st quarter valued at about $1,740,000. Lazard Asset Management LLC raised its holdings in shares of Inspire Medical Systems by 85.0% during the 1st quarter. Lazard Asset Management LLC now owns 63,196 shares of the company’s stock valued at $13,573,000 after buying an additional 29,039 shares during the period. Finally, Brown Capital Management LLC purchased a new stake in shares of Inspire Medical Systems during the 1st quarter valued at about $16,839,000. 94.91% of the stock is currently owned by hedge funds and other institutional investors.

About Inspire Medical Systems

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.