Inspire Medical Systems (NYSE:INSP) Receives New Coverage from Analysts at Royal Bank of Canada

Royal Bank of Canada began coverage on shares of Inspire Medical Systems (NYSE:INSP) in a report issued on Friday morning, MarketBeat Ratings reports. The firm issued an outperform rating and a $285.00 price objective on the stock.

A number of other equities research analysts have also issued reports on INSP. Truist Financial reissued a buy rating and set a $280.00 price target on shares of Inspire Medical Systems in a report on Wednesday, March 20th. Morgan Stanley assumed coverage on shares of Inspire Medical Systems in a report on Tuesday, March 19th. They issued an overweight rating and a $250.00 price target on the stock. Jefferies Financial Group started coverage on shares of Inspire Medical Systems in a research report on Friday, January 19th. They issued a buy rating and a $245.00 price target on the stock. Mizuho reiterated a buy rating and issued a $250.00 price target on shares of Inspire Medical Systems in a research report on Wednesday, March 27th. Finally, Stifel Nicolaus reissued a hold rating and set a $210.00 target price on shares of Inspire Medical Systems in a research report on Tuesday, January 2nd. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Inspire Medical Systems currently has a consensus rating of Moderate Buy and an average target price of $272.20.

Inspire Medical Systems Price Performance

Shares of Inspire Medical Systems stock opened at $225.22 on Friday. The stock has a market capitalization of $6.82 billion, a PE ratio of -304.35 and a beta of 1.37. Inspire Medical Systems has a 1-year low of $123.27 and a 1-year high of $330.00. The company’s fifty day simple moving average is $204.11 and its 200-day simple moving average is $184.34.

Inspire Medical Systems (NYSE:INSP) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.53. The business had revenue of $192.51 million during the quarter, compared to analysts’ expectations of $186.75 million. Inspire Medical Systems had a negative return on equity of 3.93% and a negative net margin of 3.39%. The business’s quarterly revenue was up 39.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.10 earnings per share. As a group, research analysts anticipate that Inspire Medical Systems will post -0.35 EPS for the current year.

Insider Transactions at Inspire Medical Systems

In other Inspire Medical Systems news, insider Randy Ban sold 3,060 shares of Inspire Medical Systems stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $182.01, for a total transaction of $556,950.60. Following the completion of the sale, the insider now directly owns 3,029 shares of the company’s stock, valued at approximately $551,308.29. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Inspire Medical Systems news, insider Randy Ban sold 3,060 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $182.01, for a total transaction of $556,950.60. Following the transaction, the insider now owns 3,029 shares of the company’s stock, valued at approximately $551,308.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Richard Buchholz sold 15,000 shares of the company’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 sale, the chief financial officer now directly owns 28,271 shares of the company’s stock, valued at approximately $6,503,178.13. The disclosure for this sale can be found here. Over the last three months, insiders have sold 76,371 shares of company stock valued at $15,664,278. 4.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. FMR LLC lifted its position in Inspire Medical Systems by 130.1% during the third quarter. FMR LLC now owns 2,471,464 shares of the company’s stock valued at $490,437,000 after acquiring an additional 1,397,510 shares during the last quarter. Baillie Gifford & Co. grew its stake in Inspire Medical Systems by 6,846.9% during the 4th quarter. Baillie Gifford & Co. now owns 1,229,879 shares of the company’s stock worth $250,194,000 after buying an additional 1,212,175 shares during the last quarter. Wellington Management Group LLP increased its position in Inspire Medical Systems by 46.4% during the 4th quarter. Wellington Management Group LLP now owns 1,430,266 shares of the company’s stock valued at $290,959,000 after buying an additional 453,294 shares in the last quarter. Frontier Capital Management Co. LLC raised its stake in Inspire Medical Systems by 105.2% in the fourth quarter. Frontier Capital Management Co. LLC now owns 742,046 shares of the company’s stock valued at $150,954,000 after buying an additional 380,362 shares during the last quarter. Finally, Jennison Associates LLC grew its stake in shares of Inspire Medical Systems by 648.2% during the fourth quarter. Jennison Associates LLC now owns 304,886 shares of the company’s stock worth $62,023,000 after acquiring an additional 264,139 shares during the last quarter. 94.91% of the stock is owned by institutional investors.

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.