Royal Bank Of Canada Cuts Inspire Medical Systems (NYSE:INSP) Price Target to $125.00

Inspire Medical Systems (NYSE:INSP) had its price target decreased by equities research analysts at Royal Bank Of Canada from $150.00 to $125.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective points to a potential upside of 47.01% from the stock’s previous close.

A number of other brokerages have also recently weighed in on INSP. Truist Financial reaffirmed a “hold” rating and set a $84.00 price target (down from $90.00) on shares of Inspire Medical Systems in a research report on Tuesday. Stifel Nicolaus set a $100.00 price target on shares of Inspire Medical Systems in a research report on Friday, October 24th. Wall Street Zen cut shares of Inspire Medical Systems from a “buy” rating to a “hold” rating in a research report on Saturday, July 26th. Jefferies Financial Group reaffirmed a “hold” rating and set a $85.00 price target (down from $160.00) on shares of Inspire Medical Systems in a research report on Friday, October 24th. Finally, Wells Fargo & Company upgraded shares of Inspire Medical Systems from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $101.00 to $90.00 in a research note on Tuesday. Eight analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $133.88.

Inspire Medical Systems Trading Up 15.4%

Shares of Inspire Medical Systems stock traded up $11.32 during mid-day trading on Tuesday, hitting $85.03. 1,388,753 shares of the stock were exchanged, compared to its average volume of 771,217. Inspire Medical Systems has a twelve month low of $70.77 and a twelve month high of $216.01. The stock has a market capitalization of $2.51 billion, a price-to-earnings ratio of 49.06, a price-to-earnings-growth ratio of 2.42 and a beta of 1.14. The company has a 50-day simple moving average of $80.37 and a 200 day simple moving average of $112.89.

Inspire Medical Systems (NYSE:INSP) last released its quarterly earnings results on Monday, November 3rd. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.53. Inspire Medical Systems had a net margin of 6.17% and a return on equity of 10.38%. The company had revenue of $224.50 million for the quarter, compared to analysts’ expectations of $220.39 million. During the same period last year, the company earned $0.60 EPS. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. Equities research analysts forecast that Inspire Medical Systems will post 2.16 earnings per share for the current fiscal year.

Inspire Medical Systems announced that its board has authorized a stock repurchase program on Monday, August 11th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 8.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Inspire Medical Systems news, CFO Richard Buchholz sold 11,000 shares of the business’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $93.39, for a total value of $1,027,290.00. Following the sale, the chief financial officer directly owned 44,867 shares in the company, valued at approximately $4,190,129.13. The trade was a 19.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Inspire Medical Systems

Several hedge funds and other institutional investors have recently bought and sold shares of the business. AlphaQuest LLC raised its holdings in Inspire Medical Systems by 18.6% during the 3rd quarter. AlphaQuest LLC now owns 3,394 shares of the company’s stock worth $252,000 after buying an additional 533 shares during the period. Truist Financial Corp raised its holdings in Inspire Medical Systems by 91.5% during the 3rd quarter. Truist Financial Corp now owns 5,299 shares of the company’s stock worth $393,000 after buying an additional 2,532 shares during the period. EFG Asset Management North America Corp. raised its holdings in Inspire Medical Systems by 157.1% during the 3rd quarter. EFG Asset Management North America Corp. now owns 27,634 shares of the company’s stock worth $2,049,000 after buying an additional 16,887 shares during the period. Pilgrim Partners Asia Pte Ltd acquired a new stake in Inspire Medical Systems during the 3rd quarter worth about $49,000. Finally, Y Intercept Hong Kong Ltd raised its holdings in Inspire Medical Systems by 553.1% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 99,049 shares of the company’s stock worth $7,349,000 after buying an additional 83,883 shares during the period. 94.91% of the stock is currently owned by 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.