Truist Financial Reiterates “Hold” Rating for Inspire Medical Systems (NYSE:INSP)

Inspire Medical Systems (NYSE:INSP)‘s stock had its “hold” rating restated by research analysts at Truist Financial in a report released on Tuesday,Benzinga reports. They currently have a $84.00 price objective on the stock, down from their previous price objective of $90.00. Truist Financial’s target price points to a potential downside of 2.38% from the company’s previous close.

INSP has been the topic of several other reports. JPMorgan Chase & Co. reduced their target price on Inspire Medical Systems from $110.00 to $82.00 and set a “neutral” rating on the stock in a report on Tuesday. Mizuho set a $110.00 target price on Inspire Medical Systems in a report on Tuesday. Stifel Nicolaus set a $100.00 price target on Inspire Medical Systems in a report on Friday, October 24th. Leerink Partners lowered their price objective on shares of 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, Wall Street Zen cut shares of Inspire Medical Systems from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. Eight analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Inspire Medical Systems presently has a consensus rating of “Hold” and an average target price of $136.38.

Inspire Medical Systems Price Performance

Shares of NYSE INSP traded up $12.34 during trading hours on Tuesday, reaching $86.05. The stock had a trading volume of 1,080,416 shares, compared to its average volume of 769,640. Inspire Medical Systems has a twelve month low of $70.77 and a twelve month high of $216.01. The company has a market cap of $2.54 billion, a price-to-earnings ratio of 49.26, a PEG ratio of 2.42 and a beta of 1.14. The business’s fifty day moving average is $80.37 and its two-hundred day moving average is $112.89.

Inspire Medical Systems (NYSE:INSP) last issued its earnings results on Monday, November 3rd. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.53. Inspire Medical Systems had a net margin of 6.17% and a return on equity of 10.38%. The business had revenue of $224.50 million for the quarter, compared to analyst estimates of $220.39 million. During the same period in the previous year, the business earned $0.60 EPS. The firm’s revenue was up 10.5% on a year-over-year basis. Sell-side analysts forecast that Inspire Medical Systems will post 2.16 earnings per share for the current fiscal year.

Inspire Medical Systems declared that its Board of Directors has initiated a stock repurchase plan on Monday, August 11th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to buy up to 8.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, CFO Richard Buchholz sold 11,000 shares of the firm’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $93.39, for a total transaction of $1,027,290.00. Following the sale, the chief financial officer owned 44,867 shares of the company’s stock, valued at $4,190,129.13. This trade represents a 19.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Trading of Inspire Medical Systems

Hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. lifted its position in Inspire Medical Systems by 57.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 51,422 shares of the company’s stock valued at $8,190,000 after acquiring an additional 18,857 shares in the last quarter. GAMMA Investing LLC increased its holdings in Inspire Medical Systems by 253.7% during the 1st quarter. GAMMA Investing LLC now owns 573 shares of the company’s stock worth $91,000 after purchasing an additional 411 shares in the last quarter. Nordea Investment Management AB acquired a new stake in shares of Inspire Medical Systems in the 2nd quarter valued at about $1,634,000. New York State Teachers Retirement System lifted its holdings in shares of Inspire Medical Systems by 132.7% in the first quarter. New York State Teachers Retirement System now owns 21,390 shares of the company’s stock valued at $3,407,000 after purchasing an additional 12,196 shares in the last quarter. Finally, Bayforest Capital Ltd boosted 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 during the period. 94.91% of the stock is currently 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.