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

Bank of America upgraded shares of Inspire Medical Systems (NYSE:INSP) from a neutral rating to a buy rating in a report published on Wednesday, MarketBeat.com reports. The brokerage currently has $255.00 price objective on the stock, up from their previous price objective of $220.00.

INSP has been the topic of a number of other research reports. Robert W. Baird raised their target price 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, November 5th. Wells Fargo & Company raised their price objective on Inspire Medical Systems from $187.00 to $198.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. KeyCorp lowered their target price on Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Stifel Nicolaus reissued a “hold” rating and set a $200.00 price target (up from $170.00) on shares of Inspire Medical Systems in a research note on Tuesday, November 5th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $260.00 price target on shares of Inspire Medical Systems in a report on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $233.58.

Inspire Medical Systems Stock Up 1.4 %

INSP stock opened at $188.73 on Wednesday. Inspire Medical Systems has a 52 week low of $123.00 and a 52 week high of $257.40. The business has a 50-day simple moving average of $199.53 and a 200 day simple moving average of $175.32. The company has a market cap of $5.66 billion, a PE ratio of 176.38 and a beta of 1.36.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.60 earnings per share (EPS) for the quarter, beating 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 business had revenue of $203.20 million for the quarter, compared to analysts’ expectations of $197.59 million. During the same period last year, the firm posted ($0.29) earnings per share. The firm’s quarterly revenue was up 32.6% compared to the same quarter last year. On average, analysts anticipate that Inspire Medical Systems will post 1.33 EPS for the current fiscal year.

Insiders Place Their Bets

In related 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 completion of the sale, the director now owns 23,140 shares in the company, valued at approximately $5,090,800. This trade represents a 3.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 4.10% of the company’s stock.

Institutional Trading of Inspire Medical Systems

Several hedge funds have recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky lifted its position in shares of Inspire Medical Systems by 20.1% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 49,178 shares of the company’s stock worth $10,379,000 after acquiring an additional 8,240 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Inspire Medical Systems by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 483,654 shares of the company’s stock valued at $102,102,000 after purchasing an additional 3,128 shares during the period. M&T Bank Corp lifted its holdings in Inspire Medical Systems by 53.1% during the 3rd quarter. M&T Bank Corp now owns 3,228 shares of the company’s stock worth $681,000 after purchasing an additional 1,120 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in Inspire Medical Systems by 9.4% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 36,361 shares of the company’s stock worth $7,674,000 after purchasing an additional 3,125 shares during the period. Finally, MML Investors Services LLC grew its holdings in Inspire Medical Systems by 8.6% during the 3rd quarter. MML Investors Services LLC now owns 7,874 shares of the company’s stock valued at $1,662,000 after buying an additional 625 shares in the last quarter. 94.91% of the stock is currently owned by 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.