Inspire Medical Systems (NYSE:INSP) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Inspire Medical Systems (NYSE:INSP) from a hold rating to a buy rating in a research note published on Wednesday, Zacks.com reports. The brokerage currently has $255.00 target price on the stock.

According to Zacks, “Inspire Medical Systems Inc. is a medical technology company. It focused on the development and commercialization of solutions for obstructive sleep apnea. The company’s proprietary Inspire therapy is a neurostimulation technology which provides treatment for moderate to severe obstructive sleep apnea. Inspire Medical Systems Inc.is based in Minnesota, United States. “

A number of other equities research analysts have also issued reports on the stock. Wells Fargo & Company upped their price objective on shares of Inspire Medical Systems from $250.00 to $305.00 and gave the company an overweight rating in a report on Wednesday, November 3rd. Lake Street Capital increased their target price on shares of Inspire Medical Systems from $260.00 to $320.00 and gave the stock a buy rating in a research note on Wednesday, November 3rd. SVB Leerink increased their target price on shares of Inspire Medical Systems from $300.00 to $325.00 and gave the stock an outperform rating in a research note on Wednesday, November 3rd. Finally, Piper Sandler increased their target price on shares of Inspire Medical Systems from $238.00 to $305.00 and gave the stock an overweight rating in a research note on Wednesday, November 3rd. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of Buy and an average target price of $302.00.

Shares of INSP opened at $237.54 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.61 and a quick ratio of 7.14. Inspire Medical Systems has a 12-month low of $159.18 and a 12-month high of $286.29. The firm has a 50-day moving average price of $238.31 and a 200 day moving average price of $228.30.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings data on Tuesday, November 2nd. The company reported ($0.38) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.61) by $0.23. Inspire Medical Systems had a negative net margin of 23.45% and a negative return on equity of 21.11%. The firm had revenue of $61.69 million during the quarter, compared to analyst estimates of $55.62 million. During the same quarter in the prior year, the firm posted ($0.39) earnings per share. On average, sell-side analysts anticipate that Inspire Medical Systems will post -1.97 earnings per share for the current year.

In related news, insider Randy Ban sold 1,418 shares of the firm’s stock in a transaction that occurred on Monday, December 27th. The shares were sold at an average price of $240.00, for a total value of $340,320.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Marilyn C. Nelson sold 25,106 shares of the firm’s stock in a transaction that occurred on Tuesday, December 7th. The shares were sold at an average price of $215.00, for a total transaction of $5,397,790.00. The disclosure for this sale can be found here. In the last three months, insiders sold 38,398 shares of company stock valued at $8,604,364. Insiders own 4.70% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Total Clarity Wealth Management Inc. acquired a new stake in Inspire Medical Systems during the third quarter worth approximately $28,000. Assetmark Inc. acquired a new stake in Inspire Medical Systems during the third quarter worth approximately $33,000. Marshall Wace North America L.P. acquired a new stake in Inspire Medical Systems during the first quarter worth approximately $45,000. Atticus Wealth Management LLC acquired a new stake in Inspire Medical Systems during the third quarter worth approximately $53,000. Finally, Harbor Investment Advisory LLC raised its holdings in Inspire Medical Systems by 228.6% during the third quarter. Harbor Investment Advisory LLC now owns 299 shares of the company’s stock worth $70,000 after purchasing an additional 208 shares in the last quarter. 92.09% of the stock is currently owned by institutional investors.

About Inspire Medical Systems

Inspire Medical Systems, Inc engages in the development and commercialization of minimally invasive solutions for patients with obstructive sleep apnea. It offers inspire therapy, which consists of a remote control and implantable components that includes pressure sensing lead, a neurostimulator, and a stimulation lead.

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