Inspire Medical Systems (NYSE:INSP) Downgraded to Neutral at Bank of America

Bank of America downgraded shares of Inspire Medical Systems (NYSE:INSP - Free Report) from a buy rating to a neutral rating in a research report released on Wednesday morning, Marketbeat reports. Bank of America currently has $225.00 price objective on the stock, down from their previous price objective of $265.00.

A number of other equities analysts also recently issued reports on INSP. Truist Financial reiterated a buy rating and issued a $280.00 price objective on shares of Inspire Medical Systems in a report on Wednesday, March 20th. Royal Bank of Canada initiated coverage on shares of Inspire Medical Systems in a report on Friday, April 19th. They issued an outperform rating and a $285.00 price objective on the stock. Mizuho reissued a buy rating and issued a $250.00 target price on shares of Inspire Medical Systems in a report on Wednesday, March 27th. Morgan Stanley assumed coverage on shares of Inspire Medical Systems in a report on Tuesday, March 19th. They set an overweight rating and a $250.00 price target on the stock. Finally, KeyCorp started coverage on Inspire Medical Systems in a report on Tuesday, February 6th. They issued an overweight rating and a $278.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Inspire Medical Systems presently has a consensus rating of Moderate Buy and an average target price of $256.53.

Inspire Medical Systems Stock Performance

Shares of Inspire Medical Systems stock traded down $81.16 during midday trading on Wednesday, reaching $164.47. 4,645,146 shares of the company's stock traded hands, compared to its average volume of 567,926. The stock has a 50 day moving average of $215.68 and a 200-day moving average of $190.38. Inspire Medical Systems has a 12 month low of $123.27 and a 12 month high of $330.00. The company has a market cap of $4.98 billion, a PE ratio of -222.26 and a beta of 1.35.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.63) by $0.29. Inspire Medical Systems had a negative net margin of 3.39% and a negative return on equity of 3.93%. The business had revenue of $164.01 million during the quarter, compared to analyst estimates of $161.41 million. During the same period last year, the business posted ($0.53) earnings per share. Inspire Medical Systems's quarterly revenue was up 28.2% compared to the same quarter last year. On average, equities analysts anticipate that Inspire Medical Systems will post -0.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Randy Ban sold 3,060 shares of the business's stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $182.01, for a total transaction of $556,950.60. Following the transaction, the insider now directly owns 3,029 shares in the company, valued at approximately $551,308.29. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Randy Ban sold 3,060 shares of the business's stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $182.01, for a total transaction of $556,950.60. Following the transaction, the insider now directly owns 3,029 shares in the company, valued at approximately $551,308.29. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Timothy P. Herbert sold 40,000 shares of the business's stock in a transaction on Monday, April 1st. The stock was sold at an average price of $205.09, for a total value of $8,203,600.00. Following the transaction, the chief executive officer now owns 63,658 shares in the company, valued at $13,055,619.22. The disclosure for this sale can be found here. Insiders have sold a total of 76,371 shares of company stock worth $15,664,278 in the last ninety days. 4.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. McGlone Suttner Wealth Management Inc. purchased a new stake in Inspire Medical Systems in the fourth quarter valued at approximately $27,000. NBC Securities Inc. purchased a new stake in shares of Inspire Medical Systems in the 3rd quarter valued at $34,000. RiverPark Advisors LLC acquired a new stake in shares of Inspire Medical Systems in the third quarter worth $44,000. Headinvest LLC acquired a new stake in shares of Inspire Medical Systems in the third quarter worth $48,000. Finally, Principal Securities Inc. purchased a new position in shares of Inspire Medical Systems during the fourth quarter worth $54,000. 94.91% of the stock is owned by institutional investors and hedge funds.

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.