Zacks Investment Research Lowers Inspire Medical Systems (NYSE:INSP) to Hold

Zacks Investment Research lowered shares of Inspire Medical Systems (NYSE:INSP) from a buy rating to a hold rating in a research report sent to investors on Thursday morning, Zacks.com reports.

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. “

A number of other analysts have also issued reports on INSP. Goldman Sachs Group assumed coverage on Inspire Medical Systems in a report on Wednesday, July 15th. They issued a buy rating and a $148.00 target price for the company. Piper Sandler increased their price objective on Inspire Medical Systems from $116.00 to $137.00 and gave the stock an overweight rating in a report on Friday, September 18th. BofA Securities lowered Inspire Medical Systems from a buy rating to a neutral rating and set a $115.00 price objective for the company. in a report on Thursday, August 6th. Stifel Nicolaus increased their price objective on Inspire Medical Systems from $110.00 to $125.00 in a report on Friday, August 21st. Finally, JPMorgan Chase & Co. started coverage on Inspire Medical Systems in a report on Tuesday, September 22nd. They set an overweight rating and a $148.00 price objective for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company’s stock. Inspire Medical Systems currently has an average rating of Buy and a consensus price target of $112.21.

INSP opened at $126.74 on Thursday. The stock has a fifty day moving average of $125.11 and a 200-day moving average of $95.52. The firm has a market capitalization of $3.40 billion, a P/E ratio of -55.83 and a beta of 1.34. Inspire Medical Systems has a 12-month low of $40.53 and a 12-month high of $135.20. The company has a quick ratio of 19.72, a current ratio of 20.48 and a debt-to-equity ratio of 0.11.

Inspire Medical Systems (NYSE:INSP) last released its earnings results on Tuesday, August 4th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($1.08) by $0.20. The company had revenue of $12.18 million during the quarter, compared to analyst estimates of $31.06 million. Inspire Medical Systems had a negative return on equity of 35.04% and a negative net margin of 69.69%. The company’s revenue for the quarter was down 32.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.32) earnings per share. On average, analysts expect that Inspire Medical Systems will post -2.73 earnings per share for the current fiscal year.

In other Inspire Medical Systems news, Director Marilyn C. Nelson sold 25,000 shares of the firm’s stock in a transaction dated Thursday, October 8th. The stock was sold at an average price of $130.96, for a total transaction of $3,274,000.00. Following the transaction, the director now directly owns 3,189 shares in the company, valued at $417,631.44. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Timothy P. Herbert sold 80,000 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $105.66, for a total value of $8,452,800.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 429,714 shares of company stock worth $47,098,311. Corporate insiders own 6.60% of the company’s stock.

Several large investors have recently modified their holdings of the company. FMR LLC grew its position in shares of Inspire Medical Systems by 35.7% in the second quarter. FMR LLC now owns 3,991,878 shares of the company’s stock valued at $347,373,000 after purchasing an additional 1,049,959 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Inspire Medical Systems by 38.3% in the second quarter. Vanguard Group Inc. now owns 1,209,270 shares of the company’s stock valued at $105,231,000 after purchasing an additional 335,133 shares during the last quarter. Wasatch Advisors Inc. grew its position in shares of Inspire Medical Systems by 28.9% in the second quarter. Wasatch Advisors Inc. now owns 1,139,984 shares of the company’s stock valued at $99,201,000 after purchasing an additional 255,313 shares during the last quarter. Gilder Gagnon Howe & Co. LLC grew its position in shares of Inspire Medical Systems by 18.4% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 1,103,349 shares of the company’s stock valued at $96,013,000 after purchasing an additional 171,478 shares during the last quarter. Finally, Eminence Capital LP grew its position in Inspire Medical Systems by 13.5% during the second quarter. Eminence Capital LP now owns 422,381 shares of the company’s stock worth $36,756,000 after buying an additional 50,398 shares in the last quarter.

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.

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