Evercore ISI Begins Coverage on Inspire Medical Systems (NYSE:INSP)

Stock analysts at Evercore ISI initiated coverage on shares of Inspire Medical Systems (NYSE:INSP) in a report issued on Tuesday,Benzinga reports. The firm set an “outperform” rating and a $150.00 price target on the stock. Evercore ISI’s price objective points to a potential upside of 59.81% from the stock’s current price.

Several other analysts also recently issued reports on the stock. Piper Sandler lowered their price objective on shares of Inspire Medical Systems from $233.00 to $150.00 and set an “overweight” rating for the company in a research report on Tuesday, August 5th. Truist Financial reaffirmed a “hold” rating and issued a $125.00 price objective (down previously from $190.00) on shares of Inspire Medical Systems in a research report on Tuesday, August 5th. Wall Street Zen downgraded shares of Inspire Medical Systems from a “buy” rating to a “hold” rating in a research report on Saturday, July 26th. Wells Fargo & Company lowered their price objective on shares of Inspire Medical Systems from $174.00 to $101.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 5th. Finally, Stifel Nicolaus set a $140.00 price objective on shares of Inspire Medical Systems and gave the company a “hold” rating in a research report on Tuesday, August 5th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $164.50.

Inspire Medical Systems Stock Performance

INSP opened at $93.86 on Tuesday. The firm has a 50 day moving average price of $113.14 and a 200 day moving average price of $140.38. The company has a market cap of $2.78 billion, a PE ratio of 54.26, a price-to-earnings-growth ratio of 2.92 and a beta of 1.15. Inspire Medical Systems has a 1 year low of $73.92 and a 1 year high of $225.00.

Inspire Medical Systems (NYSE:INSP) last issued its quarterly earnings data on Monday, August 4th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.23. Inspire Medical Systems had a net margin of 6.17% and a return on equity of 10.38%. The company had revenue of $217.09 million during the quarter, compared to the consensus estimate of $214.50 million. During the same quarter last year, the company earned $0.32 earnings per share. Inspire Medical Systems’s revenue for the quarter was up 10.8% on a year-over-year basis. Inspire Medical Systems has set its FY 2025 guidance at 0.400-0.500 EPS. On average, sell-side analysts predict that Inspire Medical Systems will post 2.16 earnings per share for the current year.

Inspire Medical Systems announced that its Board of Directors has initiated a share repurchase program on Monday, August 11th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to buy up to 8.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Inspire Medical Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Parallel Advisors LLC boosted its holdings in Inspire Medical Systems by 356.5% in the first quarter. Parallel Advisors LLC now owns 210 shares of the company’s stock worth $33,000 after purchasing an additional 164 shares during the period. Quarry LP boosted its holdings in Inspire Medical Systems by 2,127.3% in the first quarter. Quarry LP now owns 245 shares of the company’s stock worth $39,000 after purchasing an additional 234 shares during the period. Banque Transatlantique SA acquired a new position in Inspire Medical Systems in the first quarter worth $46,000. Smartleaf Asset Management LLC boosted its holdings in Inspire Medical Systems by 27.2% in the first quarter. Smartleaf Asset Management LLC now owns 454 shares of the company’s stock worth $71,000 after purchasing an additional 97 shares during the period. Finally, Daiwa Securities Group Inc. boosted its holdings in Inspire Medical Systems by 38.7% in the second quarter. Daiwa Securities Group Inc. now owns 466 shares of the company’s stock worth $60,000 after purchasing an additional 130 shares during the period. Institutional investors 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.