Royal Bank of Canada Initiates Coverage on Inspire Medical Systems (NYSE:INSP)

Royal Bank of Canada started coverage on shares of Inspire Medical Systems (NYSE:INSP) in a report published on Friday morning, Marketbeat.com reports. The firm issued an outperform rating and a $285.00 price objective on the stock.

Several other research firms also recently weighed in on INSP. KeyCorp started coverage on shares of Inspire Medical Systems in a report on Tuesday, February 6th. They issued an overweight rating and a $278.00 target price for the company. Mizuho reiterated a buy rating and issued a $250.00 target price on shares of Inspire Medical Systems in a report on Wednesday, March 27th. Jefferies Financial Group started coverage on shares of Inspire Medical Systems in a report on Friday, January 19th. They issued a buy rating and a $245.00 target price for the company. Stifel Nicolaus reiterated a hold rating and issued a $210.00 target price on shares of Inspire Medical Systems in a report on Tuesday, January 2nd. Finally, Morgan Stanley began coverage on shares of Inspire Medical Systems in a report on Tuesday, March 19th. They issued an overweight rating and a $250.00 target price for the company. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Inspire Medical Systems has a consensus rating of Moderate Buy and an average target price of $272.20.

Inspire Medical Systems Stock Performance

Shares of NYSE INSP opened at $229.26 on Friday. The company has a 50 day simple moving average of $203.53 and a 200-day simple moving average of $184.00. Inspire Medical Systems has a 1 year low of $123.27 and a 1 year high of $330.00.

Inspire Medical Systems (NYSE:INSP) last posted its earnings results on Tuesday, February 6th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.53. Inspire Medical Systems had a negative net margin of 3.39% and a negative return on equity of 3.93%. The firm had revenue of $192.51 million during the quarter, compared to the consensus estimate of $186.75 million. During the same quarter last year, the firm earned $0.10 EPS. The firm’s revenue for the quarter was up 39.6% on a year-over-year basis. On average, analysts anticipate that Inspire Medical Systems will post -0.35 EPS for the current fiscal year.

Insider Transactions at Inspire Medical Systems

In other news, CEO Timothy P. Herbert sold 40,000 shares of Inspire Medical Systems stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 63,658 shares of the company’s stock, valued at approximately $13,055,619.22. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Timothy P. Herbert sold 40,000 shares of Inspire Medical Systems stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 63,658 shares of the company’s stock, valued at approximately $13,055,619.22. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jerry C. Griffin sold 554 shares of Inspire Medical Systems stock in a transaction on Monday, March 11th. The stock was sold at an average price of $198.05, for a total transaction of $109,719.70. Following the sale, the director now directly owns 9,744 shares of the company’s stock, valued at $1,929,799.20. The disclosure for this sale can be found here. In the last three months, insiders sold 76,371 shares of company stock valued at $15,664,278. Insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Inspire Medical Systems

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Inspire Medical Systems by 4.3% in the third quarter. Vanguard Group Inc. now owns 2,863,693 shares of the company’s stock valued at $507,934,000 after acquiring an additional 117,888 shares during the last quarter. FMR LLC lifted its position in Inspire Medical Systems by 130.1% in the third quarter. FMR LLC now owns 2,471,464 shares of the company’s stock valued at $490,437,000 after acquiring an additional 1,397,510 shares during the last quarter. BlackRock Inc. lifted its position in Inspire Medical Systems by 6.9% in the first quarter. BlackRock Inc. now owns 2,282,100 shares of the company’s stock valued at $534,171,000 after acquiring an additional 146,344 shares during the last quarter. Macquarie Group Ltd. lifted its position in Inspire Medical Systems by 0.9% in the second quarter. Macquarie Group Ltd. now owns 1,540,495 shares of the company’s stock valued at $281,402,000 after acquiring an additional 14,017 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in Inspire Medical Systems by 46.4% in the fourth quarter. Wellington Management Group LLP now owns 1,430,266 shares of the company’s stock valued at $290,959,000 after acquiring an additional 453,294 shares during the last quarter. 94.91% of the stock is owned by hedge funds and other 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.