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

Inspire Medical Systems (NYSE:INSP) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a note issued to investors on Wednesday, Marketbeat reports. The brokerage presently has a $255.00 price objective on the stock, up from their previous price objective of $220.00. Bank of America‘s target price would suggest a potential upside of 36.96% from the stock’s current price.

INSP has been the topic of a number of other reports. Wells Fargo & Company increased their price target on Inspire Medical Systems from $187.00 to $198.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. KeyCorp dropped their target price 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. Leerink Partners boosted their price target on shares of Inspire Medical Systems from $167.00 to $197.00 and gave the company a “market perform” rating in a report on Tuesday, September 10th. 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 Tuesday, November 5th. Finally, Piper Sandler reissued an “overweight” rating and set a $260.00 target price (up from $255.00) on shares of Inspire Medical Systems in a research note on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $233.58.

Inspire Medical Systems Price Performance

Shares of INSP opened at $186.19 on Wednesday. The stock has a market capitalization of $5.58 billion, a PE ratio of 172.78 and a beta of 1.36. 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 12-month low of $123.00 and a 12-month high of $257.40.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly 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. Inspire Medical Systems had a net margin of 4.37% and a return on equity of 5.30%. The company had revenue of $203.20 million for the quarter, compared to the consensus estimate of $197.59 million. During the same period last year, the firm posted ($0.29) EPS. The company’s revenue for the quarter was up 32.6% on a year-over-year basis. As a group, research analysts anticipate that Inspire Medical Systems will post 1.33 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Shawn Mccormick sold 800 shares of the stock in a transaction on Monday, September 9th. The stock was 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 in the company, valued at approximately $5,090,800. This represents a 3.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Inspire Medical Systems

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

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.