Inspire Medical Systems (NYSE:INSP) Raised to Buy at Bank of America

Inspire Medical Systems (NYSE:INSP - Get Free Report) was upgraded by equities research analysts at Bank of America from a "neutral" rating to a "buy" rating in a report released on Wednesday, MarketBeat.com reports. The firm currently has a $255.00 price target on the stock, up from their prior price target of $220.00. Bank of America's target price points to a potential upside of 38.01% from the stock's current price.

Other research analysts also recently issued research reports about the stock. Leerink Partners raised their target price on shares of Inspire Medical Systems from $167.00 to $197.00 and gave the company a "market perform" rating in a research report on Tuesday, September 10th. Wells Fargo & Company lifted their price objective on shares of Inspire Medical Systems from $187.00 to $198.00 and gave the stock an "equal weight" rating in a research report on Tuesday, November 5th. Truist Financial reaffirmed a "buy" rating and issued a $240.00 price objective (up previously from $217.00) on shares of Inspire Medical Systems in a research report on Monday, September 30th. Piper Sandler reaffirmed an "overweight" rating and issued a $260.00 price objective (up previously from $255.00) on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Finally, Robert W. Baird boosted their target price on shares of Inspire Medical Systems from $240.00 to $252.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $233.58.

Inspire Medical Systems Price Performance

Inspire Medical Systems stock traded up $8.72 during midday trading on Wednesday, reaching $184.77. 573,020 shares of the company traded hands, compared to its average volume of 599,721. The firm has a market capitalization of $5.54 billion, a price-to-earnings ratio of 174.93 and a beta of 1.36. The business has a 50 day moving average of $200.62 and a two-hundred day moving average of $176.11. Inspire Medical Systems has a 12 month low of $123.00 and a 12 month high of $257.40.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last released its earnings results on Monday, November 4th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.54. Inspire Medical Systems had a net margin of 4.37% and a return on equity of 5.30%. The firm had revenue of $203.20 million during the quarter, compared to analyst estimates of $197.59 million. During the same quarter last year, the business earned ($0.29) EPS. The business's revenue was up 32.6% on a year-over-year basis. As a group, equities analysts forecast that Inspire Medical Systems will post 1.33 EPS for the current year.

Insider Buying and Selling at Inspire Medical Systems

In other news, Director Shawn Mccormick sold 800 shares of the business's stock in a transaction that occurred 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 sale, the director now directly owns 23,140 shares in the company, valued at approximately $5,090,800. The trade was a 3.34 % 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. Company insiders own 4.10% of the company's stock.

Hedge Funds Weigh In On Inspire Medical Systems

Several large investors have recently made changes to their positions in INSP. SouthState Corp acquired a new stake in shares of Inspire Medical Systems during the second quarter worth about $27,000. True Wealth Design LLC bought a new position in shares of Inspire Medical Systems during the third quarter worth about $30,000. Farther Finance Advisors LLC grew its holdings in shares of Inspire Medical Systems by 1,158.3% during the third quarter. Farther Finance Advisors LLC now owns 151 shares of the company's stock worth $32,000 after buying an additional 139 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Inspire Medical Systems by 559.3% during the third quarter. GAMMA Investing LLC now owns 178 shares of the company's stock worth $38,000 after buying an additional 151 shares in the last quarter. Finally, Quarry LP grew its holdings in shares of Inspire Medical Systems by 105.4% during the second quarter. Quarry LP now owns 343 shares of the company's stock worth $46,000 after buying an additional 176 shares in the last quarter. Institutional investors and hedge funds 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.