Inspire Medical Systems (NYSE:INSP) Shares Gap Down Following Analyst Downgrade

Inspire Medical Systems, Inc. (NYSE:INSP) shares gapped down prior to trading on Tuesday after Truist Financial lowered their price target on the stock from $250.00 to $235.00. The stock had previously closed at $180.99, but opened at $170.49. Truist Financial currently has a buy rating on the stock. Inspire Medical Systems shares last traded at $176.04, with a volume of 233,297 shares changing hands.

Several other analysts also recently issued reports on the company. Piper Sandler dropped their price target on Inspire Medical Systems from $260.00 to $233.00 and set an “overweight” rating on the stock in a research note on Monday. Royal Bank of Canada reissued an “outperform” rating and issued a $260.00 price target on shares of Inspire Medical Systems in a research note on Tuesday. KeyCorp reaffirmed an “overweight” rating and issued a $234.00 target price (down previously from $236.00) on shares of Inspire Medical Systems in a research report on Friday, January 24th. Robert W. Baird lowered their target price on Inspire Medical Systems from $252.00 to $248.00 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, Wells Fargo & Company lowered their target price on Inspire Medical Systems from $198.00 to $195.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $228.82.

Hedge Funds Weigh In On Inspire Medical Systems

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Inspire Medical Systems during the third quarter worth approximately $1,929,000. Thrivent Financial for Lutherans boosted its holdings in shares of Inspire Medical Systems by 39.7% during the third quarter. Thrivent Financial for Lutherans now owns 110,580 shares of the company’s stock worth $23,337,000 after acquiring an additional 31,444 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of Inspire Medical Systems by 798.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 267,852 shares of the company’s stock worth $56,530,000 after acquiring an additional 238,034 shares during the period. Merit Financial Group LLC bought a new stake in shares of Inspire Medical Systems during the fourth quarter worth approximately $313,000. Finally, Principal Financial Group Inc. boosted its holdings in shares of Inspire Medical Systems by 3,812.6% during the third quarter. Principal Financial Group Inc. now owns 141,089 shares of the company’s stock worth $29,777,000 after acquiring an additional 137,483 shares during the period. Institutional investors own 94.91% of the company’s stock.

Inspire Medical Systems Stock Up 1.7 %

The company has a market cap of $5.61 billion, a P/E ratio of 174.93 and a beta of 1.32. The business has a fifty day moving average price of $189.39 and a 200-day moving average price of $191.39.

Inspire Medical Systems (NYSE:INSP) last issued its quarterly earnings data on Monday, February 10th. The company reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.41. Inspire Medical Systems had a return on equity of 5.30% and a net margin of 4.37%. As a group, research analysts expect that Inspire Medical Systems, Inc. will post 1.33 earnings per share for the current year.

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.