Inspire Medical Systems (NYSE:INSP) Downgraded to Neutral at Bank of America

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

INSP has been the topic of several other reports. KeyCorp initiated coverage on shares of Inspire Medical Systems in a research note on Tuesday, February 6th. They set an overweight rating and a $278.00 price target on the stock. Jefferies Financial Group assumed coverage on shares of Inspire Medical Systems in a research report on Friday, January 19th. They set a buy rating and a $245.00 price target for the company. Mizuho reissued a buy rating and issued a $250.00 price objective on shares of Inspire Medical Systems in a research note on Wednesday, March 27th. Morgan Stanley started coverage on Inspire Medical Systems in a report on Tuesday, March 19th. They issued an overweight rating and a $250.00 price target for the company. Finally, Truist Financial restated a buy rating and set a $280.00 target price on shares of Inspire Medical Systems in a research report on Wednesday, March 20th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $256.53.

Inspire Medical Systems Stock Performance

NYSE:INSP opened at $164.47 on Wednesday. Inspire Medical Systems has a one year low of $123.27 and a one year high of $330.00. The stock has a 50 day moving average price of $215.68 and a 200 day moving average price of $190.38. The stock has a market cap of $4.98 billion, a PE ratio of -222.26 and a beta of 1.35.

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

Insider Buying and Selling at Inspire Medical Systems

In other news, CEO Timothy P. Herbert sold 40,000 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $205.09, for a total transaction of $8,203,600.00. Following the transaction, the chief executive officer now owns 63,658 shares in the company, valued at $13,055,619.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Inspire Medical Systems news, CEO Timothy P. Herbert sold 40,000 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $205.09, for a total value of $8,203,600.00. Following the completion of the sale, the chief executive officer now directly owns 63,658 shares of the company’s stock, valued at approximately $13,055,619.22. The sale 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 business’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $230.03, for a total value 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 approximately $6,503,178.13. The disclosure for this sale can be found here. In the last quarter, insiders have sold 76,371 shares of company stock worth $15,664,278. Insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Inspire Medical Systems

Hedge funds and other institutional investors have recently modified their holdings of the stock. McGlone Suttner Wealth Management Inc. bought a new stake in Inspire Medical Systems during the fourth quarter valued at approximately $27,000. NBC Securities Inc. purchased a new stake in Inspire Medical Systems in the third quarter worth $34,000. RiverPark Advisors LLC bought a new stake in shares of Inspire Medical Systems during the 3rd quarter valued at about $44,000. Headinvest LLC purchased a new position in shares of Inspire Medical Systems during the 3rd quarter worth approximately $48,000. Finally, Principal Securities Inc. purchased a new stake in Inspire Medical Systems in the fourth quarter worth $54,000. 94.91% of the stock is currently 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.