Inspire Medical Systems (NYSE:INSP) Downgraded by Bank of America

Bank of America lowered shares of Inspire Medical Systems (NYSE:INSP) from a buy rating to a neutral rating in a research report released on Wednesday morning, MarketBeat reports. They currently have $225.00 target price on the stock, down from their prior target price of $265.00.

A number of other research firms also recently weighed in on INSP. KeyCorp assumed coverage on Inspire Medical Systems in a research report on Tuesday, February 6th. They set an overweight rating and a $278.00 price target on the stock. Mizuho reissued a buy rating and set a $250.00 price target on shares of Inspire Medical Systems in a research report on Wednesday, March 27th. Morgan Stanley began coverage on Inspire Medical Systems in a research report on Tuesday, March 19th. They issued an overweight rating and a $250.00 price objective on the stock. Truist Financial reiterated a buy rating and set a $280.00 price target on shares of Inspire Medical Systems in a research report on Wednesday, March 20th. Finally, Jefferies Financial Group assumed coverage on Inspire Medical Systems in a report on Friday, January 19th. They issued a buy rating and a $245.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Inspire Medical Systems has a consensus rating of Moderate Buy and an average target price of $256.53.

Inspire Medical Systems Price Performance

Shares of NYSE:INSP opened at $164.47 on Wednesday. Inspire Medical Systems has a 1 year low of $123.27 and a 1 year high of $330.00. The business has a fifty day moving average price of $215.68 and a two-hundred day moving average price of $190.38. The company has a market capitalization of $4.98 billion, a PE ratio of -222.26 and a beta of 1.35.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.29. Inspire Medical Systems had a negative net margin of 3.39% and a negative return on equity of 3.93%. The company had revenue of $164.01 million for the quarter, compared to analysts’ expectations of $161.41 million. During the same period in the prior year, the company posted ($0.53) EPS. Inspire Medical Systems’s revenue was up 28.2% compared to the same quarter last year. Sell-side analysts anticipate that Inspire Medical Systems will post -0.35 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Jerry C. Griffin sold 554 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $198.05, for a total value of $109,719.70. Following the completion of the transaction, the director now directly owns 9,744 shares in the company, valued at approximately $1,929,799.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Jerry C. Griffin sold 554 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $198.05, for a total value of $109,719.70. Following the completion of the transaction, the director now directly owns 9,744 shares of the company’s stock, valued at approximately $1,929,799.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Richard Buchholz sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $230.03, for a total transaction of $3,450,450.00. Following the completion of the transaction, the chief financial officer now directly owns 28,271 shares in the company, valued at $6,503,178.13. The disclosure for this sale can be found here. In the last 90 days, insiders sold 76,371 shares of company stock valued at $15,664,278. 4.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Inspire Medical Systems

A number of institutional investors and hedge funds have recently modified their holdings of the company. McGlone Suttner Wealth Management Inc. acquired a new position in Inspire Medical Systems in the fourth quarter valued at $27,000. NBC Securities Inc. acquired a new position in Inspire Medical Systems in the third quarter valued at $34,000. RiverPark Advisors LLC acquired a new stake in Inspire Medical Systems in the 3rd quarter valued at $44,000. Headinvest LLC acquired a new stake in Inspire Medical Systems during the 3rd quarter valued at $48,000. Finally, Principal Securities Inc. purchased a new position in shares of Inspire Medical Systems during the 4th quarter valued at approximately $54,000. Institutional investors and hedge funds 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.