Inspire Medical Systems (NYSE:INSP) Shares Gap Down on Analyst Downgrade

Inspire Medical Systems, Inc. (NYSE:INSP - Get Free Report) gapped down before the market opened on Tuesday after Truist Financial lowered their price target on the stock from $250.00 to $235.00. The stock had previously closed at $180.99, but opened at $170.49. Truist Financial currently has a buy rating on the stock. Inspire Medical Systems shares last traded at $176.04, with a volume of 233,297 shares changing hands.

A number of other brokerages also recently issued reports on INSP. Bank of America raised shares of Inspire Medical Systems from a "neutral" rating to a "buy" rating and increased their price target for the stock from $220.00 to $255.00 in a report on Wednesday, November 20th. Piper Sandler lowered their target price on shares of Inspire Medical Systems from $260.00 to $233.00 and set an "overweight" rating on the stock in a research note on Monday. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $260.00 target price on shares of Inspire Medical Systems in a research note on Tuesday. KeyCorp reaffirmed an "overweight" rating and issued a $234.00 target price (down from $236.00) on shares of Inspire Medical Systems in a research note on Friday, January 24th. Finally, Wells Fargo & Company lowered their target price on shares of Inspire Medical Systems from $198.00 to $195.00 and set an "equal weight" rating on the stock in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $228.82.

Insider Buying and Selling at Inspire Medical Systems

In other Inspire Medical Systems news, CTO John Rondoni sold 583 shares of the stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $170.49, for a total transaction of $99,395.67. Following the transaction, the chief technology officer now directly owns 10,424 shares in the company, valued at $1,777,187.76. This trade represents a 5.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 4.10% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in INSP. State Street Corp grew its holdings in shares of Inspire Medical Systems by 78.0% in the third quarter. State Street Corp now owns 1,049,784 shares of the company's stock worth $221,557,000 after purchasing an additional 459,990 shares during the last quarter. TimesSquare Capital Management LLC bought a new position in shares of Inspire Medical Systems in the fourth quarter worth approximately $80,419,000. Point72 Asset Management L.P. grew its holdings in shares of Inspire Medical Systems by 954.4% in the third quarter. Point72 Asset Management L.P. now owns 319,364 shares of the company's stock worth $67,402,000 after purchasing an additional 289,075 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of Inspire Medical Systems by 1,775.3% in the fourth quarter. Marshall Wace LLP now owns 277,131 shares of the company's stock worth $51,375,000 after purchasing an additional 262,353 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Inspire Medical Systems in the fourth quarter worth approximately $47,604,000. Institutional investors own 94.91% of the company's stock.

Inspire Medical Systems Stock Down 1.0 %

The stock has a market cap of $5.55 billion, a P/E ratio of 172.43 and a beta of 1.32. The firm's fifty day moving average price is $189.11 and its 200-day moving average price is $191.33.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last issued its earnings results on Monday, February 10th. The company reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.41. Inspire Medical Systems had a net margin of 4.37% and a return on equity of 5.30%. Sell-side analysts predict that Inspire Medical Systems, Inc. will post 1.33 earnings per share for the current year.

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.