Wells Fargo & Company Forecasts Strong Price Appreciation for Inspire Medical Systems (NYSE:INSP) Stock

Inspire Medical Systems (NYSE:INSP) had its price objective upped by analysts at Wells Fargo & Company from $187.00 to $198.00 in a report issued on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential downside of 6.44% from the stock’s current price.

INSP has been the topic of several other reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $260.00 price objective on shares of Inspire Medical Systems in a report on Wednesday, August 7th. KeyCorp cut their price target on Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Truist Financial reiterated 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. Leerink Partners upped their target price on Inspire Medical Systems from $167.00 to $197.00 and gave the stock a “market perform” rating in a research note on Tuesday, September 10th. Finally, Morgan Stanley reduced their price target on Inspire Medical Systems from $250.00 to $210.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Inspire Medical Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $227.75.

Inspire Medical Systems Trading Up 6.3 %

Shares of Inspire Medical Systems stock opened at $211.63 on Tuesday. The firm’s 50 day simple moving average is $201.94 and its two-hundred day simple moving average is $179.94. The firm has a market capitalization of $6.31 billion, a price-to-earnings ratio of 197.79 and a beta of 1.36. Inspire Medical Systems has a 12-month low of $123.00 and a 12-month high of $257.40.

Inspire Medical Systems (NYSE:INSP) last issued its earnings results on Monday, November 4th. The company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.54. The company had revenue of $203.20 million during the quarter, compared to analyst estimates of $197.59 million. Inspire Medical Systems had a return on equity of 5.51% and a net margin of 4.37%. The firm’s quarterly revenue was up 32.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.29) EPS. On average, sell-side analysts predict that Inspire Medical Systems will post 0.75 EPS for the current fiscal year.

Insider Activity at Inspire Medical Systems

In other news, Director Shawn Mccormick sold 800 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $220.00, for a total transaction of $176,000.00. Following the completion of the sale, the director now owns 23,140 shares of the company’s stock, valued at $5,090,800. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Inspire Medical Systems news, insider Randy Ban sold 4,861 shares of Inspire Medical Systems stock in a transaction on Friday, August 16th. The shares were sold at an average price of $188.55, for a total transaction of $916,541.55. Following the sale, the insider now owns 3,056 shares of the company’s stock, valued at $576,208.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Shawn Mccormick sold 800 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $220.00, for a total transaction of $176,000.00. Following the completion of the sale, the director now owns 23,140 shares of the company’s stock, valued at $5,090,800. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,692 shares of company stock valued at $1,099,207. 4.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Inspire Medical Systems

A number of institutional investors and hedge funds have recently bought and sold shares of INSP. Allspring Global Investments Holdings LLC lifted its stake in Inspire Medical Systems by 798.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 267,852 shares of the company’s stock worth $56,530,000 after purchasing an additional 238,034 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Inspire Medical Systems by 32.3% in the second quarter. Bank of New York Mellon Corp now owns 787,815 shares of the company’s stock valued at $105,433,000 after purchasing an additional 192,238 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Inspire Medical Systems by 51.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 459,766 shares of the company’s stock worth $98,754,000 after buying an additional 156,893 shares in the last quarter. AQR Capital Management LLC boosted its stake in Inspire Medical Systems by 152.7% during the second quarter. AQR Capital Management LLC now owns 231,845 shares of the company’s stock worth $31,028,000 after buying an additional 140,090 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Inspire Medical Systems by 3,812.6% in the 3rd quarter. Principal Financial Group Inc. now owns 141,089 shares of the company’s stock valued at $29,777,000 after buying an additional 137,483 shares in the last quarter. 94.91% of the stock is currently owned by institutional investors and hedge funds.

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.