Royal Bank of Canada Reiterates Outperform Rating for Inspire Medical Systems (NYSE:INSP)

Royal Bank of Canada restated their outperform rating on shares of Inspire Medical Systems (NYSE:INSP) in a report published on Tuesday,Benzinga reports. They currently have a $260.00 target price on the stock.

Several other equities research analysts have also recently issued reports on the stock. Robert W. Baird boosted their price objective on shares of Inspire Medical Systems from $240.00 to $252.00 and gave the company an “outperform” rating in a research report on Tuesday. KeyCorp lowered their price target on shares of Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $200.00 price target (up previously from $170.00) on shares of Inspire Medical Systems in a research report on Tuesday. Wells Fargo & Company upped their price target on shares of Inspire Medical Systems from $187.00 to $198.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, Leerink Partners upped their price target on shares of Inspire Medical Systems from $167.00 to $197.00 and gave the stock a “market perform” rating in a research report on Tuesday, September 10th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Inspire Medical Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $227.75.

Inspire Medical Systems Stock Performance

Inspire Medical Systems stock traded down $1.61 during trading hours on Tuesday, hitting $198.86. The company had a trading volume of 103,784 shares, compared to its average volume of 599,051. The firm has a market cap of $5.93 billion, a P/E ratio of 187.36 and a beta of 1.36. Inspire Medical Systems has a 1 year low of $123.00 and a 1 year high of $257.40. The company has a 50-day moving average price of $201.94 and a two-hundred day moving average price of $179.94.

Inspire Medical Systems (NYSE:INSP) last released its quarterly earnings data on Monday, November 4th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.54. The company had revenue of $203.20 million during the quarter, compared to analysts’ expectations of $197.59 million. Inspire Medical Systems had a net margin of 4.37% and a return on equity of 5.51%. The firm’s quarterly revenue was up 32.6% on a year-over-year basis. During the same period in the previous year, the company earned ($0.29) EPS. As a group, equities research analysts anticipate that Inspire Medical Systems will post 0.75 EPS for the current year.

Insider Activity at Inspire Medical Systems

In other Inspire Medical Systems news, Director Shawn Mccormick sold 800 shares of the firm’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 sale, the director now directly owns 23,140 shares of the company’s stock, valued at $5,090,800. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Randy Ban sold 4,861 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $188.55, for a total value of $916,541.55. Following the transaction, the insider now owns 3,056 shares in the company, valued at approximately $576,208.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Shawn Mccormick sold 800 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now owns 23,140 shares in the company, valued at $5,090,800. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,692 shares of company stock valued at $1,099,207. Insiders own 4.10% of the company’s stock.

Institutional Trading of Inspire Medical Systems

A number of hedge funds have recently made changes to their positions in INSP. Allspring Global Investments Holdings LLC boosted its holdings in Inspire Medical Systems by 798.3% in the third 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 during the period. Bank of New York Mellon Corp boosted its holdings in 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 worth $105,433,000 after purchasing an additional 192,238 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of 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 valued at $98,754,000 after acquiring an additional 156,893 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Inspire Medical Systems by 152.7% during the second quarter. AQR Capital Management LLC now owns 231,845 shares of the company’s stock valued at $31,028,000 after acquiring an additional 140,090 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of Inspire Medical Systems by 3,812.6% during the third quarter. Principal Financial Group Inc. now owns 141,089 shares of the company’s stock valued at $29,777,000 after acquiring an additional 137,483 shares during the period. Hedge funds and other institutional investors own 94.91% of the company’s stock.

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.