Royal Bank of Canada Reaffirms Outperform Rating for Inspire Medical Systems (NYSE:INSP)

Inspire Medical Systems (NYSE:INSP)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Royal Bank of Canada in a research note issued on Tuesday,Benzinga reports. They currently have a $260.00 target price on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 38.91% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on INSP. Robert W. Baird reduced their price target on shares of Inspire Medical Systems from $252.00 to $248.00 and set an “outperform” rating on the stock in a research note on Tuesday. Stifel Nicolaus dropped their price target on Inspire Medical Systems from $200.00 to $190.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. Bank of America raised Inspire Medical Systems from a “neutral” rating to a “buy” rating and upped their target price for the stock from $220.00 to $255.00 in a report on Wednesday, November 20th. Morgan Stanley cut their price target on Inspire Medical Systems from $230.00 to $220.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Wells Fargo & Company lowered their price objective on Inspire Medical Systems from $198.00 to $195.00 and set an “equal weight” rating for the company in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $228.82.

Inspire Medical Systems Price Performance

INSP opened at $187.17 on Tuesday. The business has a fifty day simple moving average of $189.39 and a 200 day simple moving average of $191.39. Inspire Medical Systems has a 1 year low of $123.00 and a 1 year high of $257.40. The company has a market capitalization of $5.61 billion, a PE ratio of 174.93 and a beta of 1.32.

Inspire Medical Systems (NYSE:INSP) last released its quarterly earnings results on Monday, February 10th. The company reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.41. Inspire Medical Systems had a net margin of 4.37% and a return on equity of 5.30%. Equities analysts anticipate that Inspire Medical Systems will post 1.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Inspire Medical Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in INSP. First Horizon Advisors Inc. raised its holdings in Inspire Medical Systems by 885.7% during the 4th quarter. First Horizon Advisors Inc. now owns 138 shares of the company’s stock valued at $26,000 after acquiring an additional 124 shares during the period. True Wealth Design LLC purchased a new position in Inspire Medical Systems during the third quarter valued at approximately $30,000. Farther Finance Advisors LLC lifted its stake in Inspire Medical Systems by 1,158.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 151 shares of the company’s stock worth $32,000 after purchasing an additional 139 shares in the last quarter. Huntington National Bank grew its position in shares of Inspire Medical Systems by 228.3% during the 4th quarter. Huntington National Bank now owns 174 shares of the company’s stock valued at $32,000 after purchasing an additional 121 shares in the last quarter. Finally, Harbour Investments Inc. increased its holdings in shares of Inspire Medical Systems by 101.0% in the fourth quarter. Harbour Investments Inc. now owns 197 shares of the company’s stock worth $37,000 after purchasing an additional 99 shares during the period. 94.91% of the stock is owned by hedge funds and other 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.