Inspire Medical Systems (NYSE:INSP) Announces Quarterly Earnings Results, Beats Expectations By $0.53 EPS

Inspire Medical Systems (NYSE:INSP) posted its quarterly earnings data on Monday. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.53, Zacks reports. Inspire Medical Systems had a net margin of 6.17% and a return on equity of 10.38%. The business 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 posted $0.60 earnings per share. Inspire Medical Systems’s revenue was up 10.5% compared to the same quarter last year.

Inspire Medical Systems Price Performance

Inspire Medical Systems stock opened at $73.76 on Tuesday. The business has a 50 day moving average of $80.37 and a 200-day moving average of $112.89. Inspire Medical Systems has a 1 year low of $70.77 and a 1 year high of $216.01. The company has a market capitalization of $2.18 billion, a P/E ratio of 42.64, a P/E/G ratio of 2.42 and a beta of 1.14.

Inspire Medical Systems declared that its board has initiated a stock buyback plan on Monday, August 11th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to buy up to 8.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, CFO Richard Buchholz sold 11,000 shares of the company’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $93.39, for a total value of $1,027,290.00. Following the completion of the transaction, the chief financial officer owned 44,867 shares of the company’s stock, valued at $4,190,129.13. This represents a 19.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in INSP. Daiwa Securities Group Inc. increased its stake in shares of Inspire Medical Systems by 38.7% in the second quarter. Daiwa Securities Group Inc. now owns 466 shares of the company’s stock valued at $60,000 after buying an additional 130 shares during the period. FORA Capital LLC acquired a new position in shares of Inspire Medical Systems in the second quarter valued at approximately $220,000. Quantinno Capital Management LP increased its stake in shares of Inspire Medical Systems by 113.9% in the second quarter. Quantinno Capital Management LP now owns 3,207 shares of the company’s stock valued at $416,000 after buying an additional 1,708 shares during the period. Tidal Investments LLC increased its stake in shares of Inspire Medical Systems by 171.9% in the second quarter. Tidal Investments LLC now owns 3,630 shares of the company’s stock valued at $471,000 after buying an additional 2,295 shares during the period. Finally, Engineers Gate Manager LP acquired a new stake in Inspire Medical Systems during the 2nd quarter valued at approximately $473,000. Institutional investors and hedge funds own 94.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on INSP shares. UBS Group set a $89.00 price objective on shares of Inspire Medical Systems and gave the stock a “neutral” rating in a research report on Monday, September 22nd. Stifel Nicolaus set a $100.00 target price on shares of Inspire Medical Systems in a report on Friday, October 24th. Zacks Research raised shares of Inspire Medical Systems from a “strong sell” rating to a “hold” rating in a report on Monday, October 27th. JPMorgan Chase & Co. cut shares of Inspire Medical Systems from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $195.00 to $110.00 in a report on Tuesday, August 5th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $85.00 target price (down previously from $160.00) on shares of Inspire Medical Systems in a report on Friday, October 24th. Eight analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $140.40.

Inspire Medical Systems Company Profile

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.