Inspire Medical Systems (NYSE:INSP) Upgraded by Zacks Investment Research to “Buy”

Inspire Medical Systems (NYSE:INSP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports. The brokerage presently has a $61.00 target price on the stock. Zacks Investment Research‘s price objective points to a potential upside of 8.95% from the company’s current price.

According to Zacks, “Inspire Medical Systems Inc. is a medical technology company. It focused on the development and commercialization of solutions for obstructive sleep apnea. The company’s proprietary Inspire therapy is a neurostimulation technology which provides treatment for moderate to severe obstructive sleep apnea. Inspire Medical Systems Inc.is based in Minnesota, United States. “

INSP has been the subject of a number of other research reports. Dougherty & Co set a $78.00 price target on Inspire Medical Systems and gave the company a “buy” rating in a research report on Friday, September 27th. Bank of America restated a “neutral” rating and issued a $75.00 price target (up previously from $65.00) on shares of Inspire Medical Systems in a research report on Monday, July 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $60.40.

Shares of INSP stock opened at $55.99 on Tuesday. Inspire Medical Systems has a fifty-two week low of $35.43 and a fifty-two week high of $71.71. The stock has a market cap of $1.31 billion, a P/E ratio of -37.33 and a beta of 1.24. The business has a fifty day simple moving average of $60.47 and a 200-day simple moving average of $59.57. The company has a quick ratio of 20.05, a current ratio of 20.46 and a debt-to-equity ratio of 0.16.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.32) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.13. Inspire Medical Systems had a negative return on equity of 17.75% and a negative net margin of 39.73%. The business had revenue of $18.03 million during the quarter, compared to analysts’ expectations of $21.26 million. During the same quarter last year, the business posted ($0.43) earnings per share. The business’s revenue for the quarter was up 64.9% on a year-over-year basis. On average, sell-side analysts anticipate that Inspire Medical Systems will post -1.55 earnings per share for the current year.

In other news, Director Marilyn C. Nelson sold 60,000 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $66.71, for a total value of $4,002,600.00. Also, CEO Timothy P. Herbert sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $68.02, for a total value of $680,200.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 157,490 shares of company stock valued at $10,506,974. Company insiders own 12.10% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Morgan Stanley boosted its stake in shares of Inspire Medical Systems by 3.6% during the second quarter. Morgan Stanley now owns 1,441,080 shares of the company’s stock valued at $87,401,000 after acquiring an additional 50,166 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Inspire Medical Systems by 43.5% during the second quarter. BlackRock Inc. now owns 1,406,301 shares of the company’s stock valued at $85,293,000 after acquiring an additional 426,425 shares during the last quarter. William Blair Investment Management LLC boosted its stake in shares of Inspire Medical Systems by 5.9% during the second quarter. William Blair Investment Management LLC now owns 1,160,880 shares of the company’s stock valued at $70,407,000 after acquiring an additional 64,785 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Inspire Medical Systems by 279.8% during the second quarter. Invesco Ltd. now owns 965,710 shares of the company’s stock valued at $58,570,000 after acquiring an additional 711,435 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Inspire Medical Systems by 12.8% during the second quarter. Vanguard Group Inc. now owns 795,694 shares of the company’s stock valued at $48,258,000 after acquiring an additional 90,413 shares during the last quarter. 82.94% of the stock is currently owned by institutional investors and hedge funds.

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). It offers Inspire system, a neurostimulation technology that provides a safe and effective treatment for moderate to severe obstructive sleep apnea.

Featured Article: What are Bollinger Bands?

Get a free copy of the Zacks research report on Inspire Medical Systems (INSP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Inspire Medical Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Inspire Medical Systems and related companies with MarketBeat.com's FREE daily email newsletter.