Royal Bank of Canada Reiterates “Outperform” Rating for Inspire Medical Systems (NYSE:INSP)

Royal Bank of Canada reaffirmed their outperform rating on shares of Inspire Medical Systems (NYSE:INSP) in a research report report published on Tuesday morning,Benzinga reports. Royal Bank of Canada currently has a $260.00 price target on the stock.

Other analysts have also issued reports about the company. Leerink Partners increased their target price on Inspire Medical Systems from $167.00 to $197.00 and gave the stock a “market perform” rating in a report on Tuesday, September 10th. Truist Financial reiterated a “buy” rating and set a $240.00 price objective (up from $217.00) on shares of Inspire Medical Systems in a research note on Monday, September 30th. Piper Sandler restated an “overweight” rating and issued a $260.00 target price (up from $255.00) on shares of Inspire Medical Systems in a research report on Tuesday. Robert W. Baird upped their price target on shares of Inspire Medical Systems from $240.00 to $252.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, KeyCorp decreased their price objective on shares of Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Inspire Medical Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $227.75.

Inspire Medical Systems Stock Down 1.9 %

Shares of Inspire Medical Systems stock opened at $196.64 on Tuesday. The stock has a market capitalization of $5.89 billion, a price-to-earnings ratio of 183.78 and a beta of 1.36. Inspire Medical Systems has a twelve month low of $123.00 and a twelve month high of $257.40. The company has a 50-day simple moving average of $202.62 and a two-hundred day simple moving average of $179.89.

Inspire Medical Systems (NYSE:INSP) last released its quarterly earnings results on Monday, November 4th. The company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.54. The company had revenue of $203.20 million during the quarter, compared to the consensus estimate of $197.59 million. Inspire Medical Systems had a net margin of 4.37% and a return on equity of 5.30%. The firm’s quarterly revenue was up 32.6% on a year-over-year basis. During the same period in the previous year, the business earned ($0.29) earnings per share. On average, sell-side analysts anticipate that Inspire Medical Systems will post 1.33 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Randy Ban sold 4,861 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $188.55, for a total transaction of $916,541.55. Following the sale, the insider now directly owns 3,056 shares in the company, valued at approximately $576,208.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Randy Ban sold 4,861 shares of Inspire Medical Systems stock in a transaction on Friday, August 16th. The shares were sold at an average price of $188.55, for a total transaction of $916,541.55. Following the transaction, the insider now owns 3,056 shares in the company, valued at approximately $576,208.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Shawn Mccormick sold 800 shares of the business’s stock in a transaction on Monday, September 9th. The stock was 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 directly owns 23,140 shares in the company, valued at approximately $5,090,800. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,692 shares of company stock worth $1,099,207. Insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Inspire Medical Systems

Several large investors have recently modified their holdings of INSP. SouthState Corp acquired a new stake in Inspire Medical Systems during the second quarter worth approximately $27,000. Farther Finance Advisors LLC grew its position in shares of Inspire Medical Systems by 1,158.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 151 shares of the company’s stock worth $32,000 after buying an additional 139 shares during the period. GAMMA Investing LLC increased its stake in shares of Inspire Medical Systems by 559.3% in the 3rd quarter. GAMMA Investing LLC now owns 178 shares of the company’s stock valued at $38,000 after acquiring an additional 151 shares in the last quarter. Quarry LP lifted its position in shares of Inspire Medical Systems by 105.4% during the 2nd quarter. Quarry LP now owns 343 shares of the company’s stock valued at $46,000 after acquiring an additional 176 shares during the period. Finally, Daiwa Securities Group Inc. bought a new position in Inspire Medical Systems during the second quarter worth $53,000. 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.