Inspire Medical Systems, Inc. (NYSE:INSP) Receives $233.58 Average Target Price from Brokerages

Shares of Inspire Medical Systems, Inc. (NYSE:INSP) have been given an average recommendation of “Moderate Buy” by the twelve brokerages that are currently covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $233.58.

Several equities analysts recently commented on INSP shares. Leerink Partners upped their price objective on Inspire Medical Systems from $167.00 to $197.00 and gave the company a “market perform” rating in a research note on Tuesday, September 10th. Truist Financial reaffirmed a “buy” rating and set a $240.00 price target (up previously from $217.00) on shares of Inspire Medical Systems in a research report on Monday, September 30th. Stifel Nicolaus reiterated a “hold” rating and set a $200.00 price target (up previously from $170.00) on shares of Inspire Medical Systems in a research note on Tuesday, November 5th. Bank of America raised shares of Inspire Medical Systems from a “neutral” rating to a “buy” rating and upped their price objective for the company from $220.00 to $255.00 in a report on Wednesday, November 20th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $260.00 target price (up previously from $255.00) on shares of Inspire Medical Systems in a research note on Tuesday, November 5th.

Hedge Funds Weigh In On Inspire Medical Systems

Large investors have recently modified their holdings of the company. State Street Corp raised its position in Inspire Medical Systems by 78.0% in the 3rd quarter. State Street Corp now owns 1,049,784 shares of the company’s stock worth $221,557,000 after purchasing an additional 459,990 shares during the period. Point72 Asset Management L.P. grew its stake in shares of Inspire Medical Systems by 954.4% during the third quarter. Point72 Asset Management L.P. now owns 319,364 shares of the company’s stock valued at $67,402,000 after buying an additional 289,075 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Inspire Medical Systems by 798.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 267,852 shares of the company’s stock worth $56,530,000 after buying an additional 238,034 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Inspire Medical Systems by 32.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 787,815 shares of the company’s stock valued at $105,433,000 after acquiring an additional 192,238 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in Inspire Medical Systems by 152.7% during the 2nd quarter. AQR Capital Management LLC now owns 231,845 shares of the company’s stock valued at $31,028,000 after acquiring an additional 140,090 shares during the period. 94.91% of the stock is owned by hedge funds and other institutional investors.

Inspire Medical Systems Price Performance

Shares of INSP stock opened at $187.77 on Friday. The firm has a 50-day moving average of $192.36 and a 200-day moving average of $180.08. Inspire Medical Systems has a one year low of $123.00 and a one year high of $257.40. The company has a market cap of $5.63 billion, a P/E ratio of 175.49 and a beta of 1.31.

Inspire Medical Systems (NYSE:INSP) last released its earnings results on Monday, November 4th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.54. The company had revenue of $203.20 million during the quarter, compared to analyst estimates of $197.59 million. Inspire Medical Systems had a return on equity of 5.30% and a net margin of 4.37%. Inspire Medical Systems’s quarterly revenue was up 32.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.29) earnings per share. As a group, research analysts expect that Inspire Medical Systems will post 1.33 earnings per share for the current fiscal year.

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.