KeyCorp Cuts Inspire Medical Systems (NYSE:INSP) Price Target to $236.00

Inspire Medical Systems (NYSE:INSP) had its target price trimmed by KeyCorp from $278.00 to $236.00 in a research note published on Wednesday, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other brokerages also recently weighed in on INSP. Piper Sandler lifted their target price on Inspire Medical Systems from $250.00 to $255.00 and gave the company an overweight rating in a research note on Wednesday, May 8th. Truist Financial lowered their price target on Inspire Medical Systems from $280.00 to $217.00 and set a buy rating on the stock in a research report on Tuesday, July 16th. Stifel Nicolaus lowered their price target on Inspire Medical Systems from $210.00 to $170.00 and set a hold rating on the stock in a research report on Monday, June 24th. Bank of America lowered their price target on Inspire Medical Systems from $225.00 to $185.00 and set a neutral rating on the stock in a research report on Monday, June 3rd. Finally, Royal Bank of Canada reiterated an outperform rating and set a $260.00 price target on shares of Inspire Medical Systems in a research report on Wednesday. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $219.79.

Inspire Medical Systems Stock Performance

Shares of Inspire Medical Systems stock traded up $5.52 on Wednesday, reaching $193.23. 651,570 shares of the company were exchanged, compared to its average volume of 610,963. The company’s 50-day moving average is $148.25 and its two-hundred day moving average is $182.67. The firm has a market cap of $5.74 billion, a price-to-earnings ratio of -351.33 and a beta of 1.31. Inspire Medical Systems has a 1-year low of $123.00 and a 1-year high of $257.40.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.46. The business had revenue of $195.89 million for the quarter, compared to analysts’ expectations of $189.08 million. Inspire Medical Systems had a negative return on equity of 2.82% and a negative net margin of 2.38%. The business’s quarterly revenue was up 29.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.41) EPS. As a group, sell-side analysts forecast that Inspire Medical Systems will post 0.15 earnings per share for the current year.

Institutional Trading of Inspire Medical Systems

Institutional investors and hedge funds have recently made changes to their positions in the stock. SouthState Corp bought a new position in Inspire Medical Systems during the second quarter valued at about $27,000. Daiwa Securities Group Inc. bought a new stake in shares of Inspire Medical Systems in the 2nd quarter valued at approximately $53,000. Principal Securities Inc. bought a new stake in shares of Inspire Medical Systems in the 4th quarter valued at approximately $54,000. Van ECK Associates Corp grew its stake in shares of Inspire Medical Systems by 7.5% in the 2nd quarter. Van ECK Associates Corp now owns 1,029 shares of the company’s stock valued at $138,000 after purchasing an additional 72 shares during the period. Finally, International Assets Investment Management LLC bought a new stake in shares of Inspire Medical Systems in the 4th quarter valued at approximately $166,000. 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.