Piper Sandler Boosts Inspire Medical Systems (NYSE:INSP) Price Target to $255.00

Inspire Medical Systems (NYSE:INSP) had its price objective lifted by research analysts at Piper Sandler from $250.00 to $255.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 34.21% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Morgan Stanley assumed coverage on Inspire Medical Systems in a research note on Tuesday, March 19th. They set an “overweight” rating and a $250.00 price objective on the stock. KeyCorp started coverage on shares of Inspire Medical Systems in a research note on Tuesday, February 6th. They issued an “overweight” rating and a $278.00 price target for the company. Jefferies Financial Group started coverage on shares of Inspire Medical Systems in a research note on Friday, January 19th. They set a “buy” rating and a $245.00 price objective on the stock. Royal Bank of Canada initiated coverage on shares of Inspire Medical Systems in a research note on Friday, April 19th. They issued an “outperform” rating and a $285.00 target price for the company. Finally, Truist Financial restated a “buy” rating and issued a $280.00 price objective on shares of Inspire Medical Systems in a research note on Wednesday, March 20th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $256.53.

Inspire Medical Systems Stock Down 22.6 %

Shares of NYSE:INSP opened at $190.00 on Wednesday. The firm has a market cap of $5.76 billion, a price-to-earnings ratio of -332.25 and a beta of 1.35. Inspire Medical Systems has a 12 month low of $123.27 and a 12 month high of $330.00. The company’s fifty day simple moving average is $215.94 and its 200 day simple moving average is $190.56.

Inspire Medical Systems (NYSE:INSP) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $0.29. The firm had revenue of $164.01 million for the quarter, compared to the consensus estimate of $161.41 million. Inspire Medical Systems had a negative return on equity of 3.93% and a negative net margin of 3.39%. The company’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.53) EPS. Research analysts expect that Inspire Medical Systems will post -0.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Inspire Medical Systems

In related news, insider Randy Ban sold 3,060 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $182.01, for a total transaction of $556,950.60. Following the completion of the sale, the insider now directly owns 3,029 shares in the company, valued at approximately $551,308.29. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, insider Randy Ban sold 3,060 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $182.01, for a total value of $556,950.60. Following the completion of the transaction, the insider now owns 3,029 shares of the company’s stock, valued at $551,308.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Timothy P. Herbert sold 40,000 shares of Inspire Medical Systems stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $205.09, for a total transaction of $8,203,600.00. Following the sale, the chief executive officer now directly owns 63,658 shares in the company, valued at $13,055,619.22. The disclosure for this sale can be found here. In the last quarter, insiders have sold 76,371 shares of company stock valued at $15,664,278. 4.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Inspire Medical Systems

Several hedge funds have recently modified their holdings of the company. Wellington Management Group LLP boosted its stake in shares of Inspire Medical Systems by 72.8% in the 3rd quarter. Wellington Management Group LLP now owns 976,972 shares of the company’s stock valued at $193,870,000 after purchasing an additional 411,480 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Inspire Medical Systems during the fourth quarter valued at $1,271,000. Gilliland Jeter Wealth Management LLC acquired a new stake in Inspire Medical Systems during the 4th quarter worth about $3,369,000. OPTIMAS CAPITAL Ltd bought a new position in shares of Inspire Medical Systems in the 4th quarter worth about $3,861,000. Finally, Calamos Advisors LLC acquired a new position in shares of Inspire Medical Systems in the 4th quarter valued at about $1,929,000. Institutional investors and hedge funds own 94.91% of the company’s stock.

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.