Robert W. Baird Increases Inspire Medical Systems (NYSE:INSP) Price Target to $180.00

Inspire Medical Systems (NYSE:INSP) had its price target raised by research analysts at Robert W. Baird from $125.00 to $180.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s price objective indicates a potential upside of 32.88% from the stock’s current price.

A number of other research firms have also issued reports on INSP. Mizuho set a $110.00 target price on shares of Inspire Medical Systems in a research note on Tuesday, November 4th. KeyCorp reissued a “sector weight” rating on shares of Inspire Medical Systems in a research report on Tuesday, November 4th. JPMorgan Chase & Co. lowered their price target on Inspire Medical Systems from $110.00 to $82.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 4th. Royal Bank Of Canada decreased their target price on Inspire Medical Systems from $150.00 to $125.00 and set an “outperform” rating for the company in a research note on Tuesday, November 4th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 target price (down previously from $150.00) on shares of Inspire Medical Systems in a report on Tuesday, November 4th. Nine equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $128.13.

Inspire Medical Systems Stock Performance

Shares of NYSE INSP opened at $135.46 on Thursday. The business’s 50-day simple moving average is $87.60 and its 200-day simple moving average is $104.85. Inspire Medical Systems has a 52 week low of $70.77 and a 52 week high of $216.01. The firm has a market cap of $3.94 billion, a price-to-earnings ratio of 92.15, a P/E/G ratio of 14.51 and a beta of 0.70.

Inspire Medical Systems (NYSE:INSP) last announced its earnings results on Monday, November 3rd. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.53. Inspire Medical Systems had a return on equity of 9.41% and a net margin of 5.05%.The firm had revenue of $224.50 million during the quarter, compared to analysts’ expectations of $220.39 million. During the same quarter in the prior year, the business earned $0.60 earnings per share. The company’s revenue was up 10.5% on a year-over-year basis. As a group, equities research analysts forecast that Inspire Medical Systems will post 2.16 earnings per share for the current year.

Inspire Medical Systems announced that its board has authorized a share repurchase program on Monday, August 11th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 8.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other Inspire Medical Systems news, Director Shawn Mccormick sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $127.48, for a total value of $254,960.00. Following the completion of the transaction, the director owned 26,046 shares of the company’s stock, valued at $3,320,344.08. This represents a 7.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 4.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd lifted its position in Inspire Medical Systems by 5,300.0% in the third quarter. Caitong International Asset Management Co. Ltd now owns 1,080 shares of the company’s stock worth $80,000 after purchasing an additional 1,060 shares during the period. XTX Topco Ltd increased its holdings in Inspire Medical Systems by 4.3% in the 3rd quarter. XTX Topco Ltd now owns 7,289 shares of the company’s stock valued at $541,000 after buying an additional 300 shares during the period. Voleon Capital Management LP acquired a new position in shares of Inspire Medical Systems in the 3rd quarter valued at $5,826,000. Verition Fund Management LLC raised its stake in shares of Inspire Medical Systems by 336.3% in the 3rd quarter. Verition Fund Management LLC now owns 71,695 shares of the company’s stock valued at $5,320,000 after buying an additional 55,261 shares in the last quarter. Finally, Vestal Point Capital LP bought a new position in shares of Inspire Medical Systems during the 3rd quarter worth about $10,017,000. 94.91% of the stock is currently owned by institutional investors and hedge funds.

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.