Inspire Medical Systems (NYSE:INSP) to Repurchase $200.00 million in Stock

Key Points

• Inspire Medical Systems has announced a share buyback program worth $200 million, allowing for the purchase of up to 8.6% of its stock, indicating that the board believes the stock is undervalued.
• Recent analyst reports show a mixed sentiment, with price targets ranging from $125 to $236 and an overall average price target of $173.31, while maintaining a "Moderate Buy" rating.
• The company reported strong quarterly earnings of $0.45 per share and revenue of $217.09 million, exceeding analyst estimates and representing a 10.8% year-over-year increase.

Inspire Medical Systems (NYSE:INSP - Get Free Report) declared that its Board of Directors has initiated a share buyback program on Monday, August 11th, RTT News reports. The company plans to buyback $200.00 million in shares. This buyback authorization allows the company to buy up to 8.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have issued reports on INSP shares. Robert W. Baird boosted their price target on Inspire Medical Systems from $230.00 to $236.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. Piper Sandler reduced their price target on Inspire Medical Systems from $233.00 to $150.00 and set an "overweight" rating for the company in a research report on Tuesday, August 5th. Truist Financial restated a "hold" rating and issued a $125.00 price objective (down previously from $190.00) on shares of Inspire Medical Systems in a report on Tuesday, August 5th. KeyCorp lowered Inspire Medical Systems from an "overweight" rating to a "sector weight" rating in a report on Tuesday, August 5th. Finally, Lake Street Capital set a $150.00 price objective on Inspire Medical Systems and gave the company a "buy" rating in a report on Tuesday, August 5th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Inspire Medical Systems has an average rating of "Moderate Buy" and an average price target of $173.31.

Inspire Medical Systems Trading Up 0.6%

INSP stock traded up $0.48 during mid-day trading on Monday, hitting $79.62. The stock had a trading volume of 1,321,247 shares, compared to its average volume of 1,416,281. Inspire Medical Systems has a 1-year low of $73.92 and a 1-year high of $225.00. The company has a fifty day moving average of $125.69 and a 200 day moving average of $150.62. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of 46.02, a PEG ratio of 2.44 and a beta of 1.22.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $0.45 earnings per share 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 company had revenue of $217.09 million for the quarter, compared to analyst estimates of $214.50 million. During the same period in the prior year, the firm posted $0.32 EPS. The business's revenue was up 10.8% compared to the same quarter last year. As a group, sell-side analysts expect that Inspire Medical Systems will post 2.16 earnings per share for the current fiscal year.

Inspire Medical Systems Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.