Inspire Medical Systems (NYSE:INSP) Price Target Raised to $180.00

Inspire Medical Systems (NYSE:INSP) had its price objective hoisted by Robert W. Baird from $125.00 to $180.00 in a report issued on Thursday morning, Marketbeat.com reports. They currently have an outperform rating on the stock.

Other research analysts have also recently issued reports about the company. UBS Group set a $89.00 price objective on Inspire Medical Systems and gave the company a “neutral” rating in a report on Monday, September 22nd. Evercore ISI reduced their target price on Inspire Medical Systems from $150.00 to $125.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 7th. Stifel Nicolaus set a $110.00 price target on Inspire Medical Systems and gave the stock a “buy” rating in a report on Monday, November 24th. Leerink Partners cut their price objective on Inspire Medical Systems from $116.00 to $97.00 and set a “market perform” rating for the company in a research report on Friday, August 15th. Finally, Piper Sandler restated an “overweight” rating and issued a $135.00 price objective (down from $150.00) on shares of Inspire Medical Systems in a report on Tuesday, November 4th. Nine research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $128.13.

Inspire Medical Systems Trading Down 2.3%

Shares of INSP opened at $136.75 on Thursday. Inspire Medical Systems has a 12-month low of $70.77 and a 12-month high of $216.01. The firm has a market capitalization of $3.97 billion, a P/E ratio of 93.02, a P/E/G ratio of 15.76 and a beta of 0.70. The firm has a 50-day moving average price of $90.06 and a 200 day moving average price of $104.69.

Inspire Medical Systems (NYSE:INSP) last issued its earnings results on Monday, November 3rd. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.53. The company had revenue of $224.50 million for the quarter, compared to the consensus estimate of $220.39 million. Inspire Medical Systems had a net margin of 5.05% and a return on equity of 9.41%. Inspire Medical Systems’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.60 earnings per share. Equities research analysts predict that Inspire Medical Systems will post 2.16 earnings per share for the current fiscal year.

Inspire Medical Systems announced that its Board of Directors has initiated a stock buyback program on Monday, August 11th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to buy up to 8.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Inspire Medical Systems

In related news, Director Shawn Mccormick sold 2,000 shares of Inspire Medical Systems stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $127.48, for a total value of $254,960.00. Following the completion of the transaction, the director owned 26,046 shares in the company, valued at approximately $3,320,344.08. The trade was a 7.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Inspire Medical Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INSP. Goldman Sachs Group Inc. increased its holdings in Inspire Medical Systems by 57.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 51,422 shares of the company’s stock worth $8,190,000 after purchasing an additional 18,857 shares during the period. Nordea Investment Management AB acquired a new position in shares of Inspire Medical Systems during the second quarter worth about $1,634,000. Bayforest Capital Ltd grew its position in shares of Inspire Medical Systems by 2,465.9% during the first quarter. Bayforest Capital Ltd now owns 5,491 shares of the company’s stock worth $875,000 after buying an additional 5,277 shares in the last quarter. KLP Kapitalforvaltning AS increased its stake in shares of Inspire Medical Systems by 10.5% during the second quarter. KLP Kapitalforvaltning AS now owns 6,300 shares of the company’s stock worth $818,000 after buying an additional 600 shares during the period. Finally, Capital Fund Management S.A. raised its holdings in Inspire Medical Systems by 44.1% in the second quarter. Capital Fund Management S.A. now owns 68,663 shares of the company’s stock valued at $8,910,000 after acquiring an additional 21,021 shares in the last quarter. 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.