Inspire Medical Systems (NYSE:INSP) Price Target Lowered to $97.00 at Leerink Partners

Key Points

• Inspire Medical Systems had its price target lowered from $116.00 to $97.00 by Leerink Partners, which currently has a "market perform" rating on the stock.
• Despite the recent downgrade, the stock has a potential upside of 14.55% from its previous close and is rated as a "Moderate Buy" with an average price target of $165.62.
• The company reported a quarterly earnings beat with an EPS of $0.45, exceeding the consensus estimate of $0.22, and announced a stock buyback plan authorizing the repurchase of $200 million in shares.

Inspire Medical Systems (NYSE:INSP - Get Free Report) had its price objective reduced by equities research analysts at Leerink Partners from $116.00 to $97.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "market perform" rating on the stock. Leerink Partners' target price indicates a potential upside of 9.88% from the company's previous close.

INSP has been the subject of a number of other research reports. Piper Sandler dropped their price objective on shares of Inspire Medical Systems from $233.00 to $150.00 and set an "overweight" rating for the company in a report on Tuesday, August 5th. Morgan Stanley reduced their price target on Inspire Medical Systems from $200.00 to $182.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Wall Street Zen cut shares of Inspire Medical Systems from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. UBS Group set a $230.00 price target on shares of Inspire Medical Systems and gave the stock a "buy" rating in a report on Tuesday, August 5th. Finally, Royal Bank Of Canada decreased their price objective on shares of Inspire Medical Systems from $215.00 to $180.00 and set an "outperform" rating for the company in a research report on Tuesday, August 5th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $165.62.

Inspire Medical Systems Price Performance

Shares of NYSE:INSP traded up $0.51 during midday trading on Friday, reaching $88.28. 1,257,812 shares of the company's stock were exchanged, compared to its average volume of 1,545,954. The stock has a market cap of $2.61 billion, a price-to-earnings ratio of 51.03, a P/E/G ratio of 2.74 and a beta of 1.22. Inspire Medical Systems has a fifty-two week low of $73.92 and a fifty-two week high of $225.00. The firm's 50 day simple moving average is $120.64 and its two-hundred day simple moving average is $146.96.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.22 by $0.23. Inspire Medical Systems had a return on equity of 10.38% and a net margin of 6.17%. The business had revenue of $217.09 million during the quarter, compared to analyst estimates of $214.50 million. During the same period last year, the business posted $0.32 earnings per share. The company's quarterly revenue was up 10.8% on a year-over-year basis. Equities research analysts predict that Inspire Medical Systems will post 2.16 earnings per share for the current fiscal year.

Inspire Medical Systems declared that its Board of Directors has initiated a stock buyback plan on Monday, August 11th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 8.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC increased its position in Inspire Medical Systems by 356.5% during the 1st quarter. Parallel Advisors LLC now owns 210 shares of the company's stock worth $33,000 after purchasing an additional 164 shares during the period. True Wealth Design LLC lifted its holdings in Inspire Medical Systems by 39.0% in the fourth quarter. True Wealth Design LLC now owns 196 shares of the company's stock valued at $36,000 after acquiring an additional 55 shares during the period. Quarry LP lifted its holdings in Inspire Medical Systems by 2,127.3% in the first quarter. Quarry LP now owns 245 shares of the company's stock valued at $39,000 after acquiring an additional 234 shares during the period. Banque Transatlantique SA purchased a new stake in shares of Inspire Medical Systems during the 1st quarter worth $46,000. Finally, Daiwa Securities Group Inc. grew its stake in shares of Inspire Medical Systems by 38.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 466 shares of the company's stock worth $60,000 after purchasing an additional 130 shares during the period. 94.91% of the stock is currently 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.