Truist Financial Reaffirms Hold Rating for Inspire Medical Systems (NYSE:INSP)

Key Points

• Truist Financial has downgraded Inspire Medical Systems from a "buy" to a "hold" rating with a target price of $125.00, indicating a potential downside of 4.43% from the previous close.
• Other analysts have also adjusted their target prices for Inspire Medical, with Stifel Nicolaus and Wells Fargo setting hold ratings, while Robert W. Baird maintained an outperform rating, raising their target to $236.00.
• Despite the downgrades, Inspire Medical reported a strong quarterly performance with $0.45 EPS, surpassing the consensus estimate, and a year-over-year revenue increase of 10.8%.

Inspire Medical Systems (NYSE:INSP - Get Free Report)'s stock had its "hold" rating reissued by investment analysts at Truist Financial in a note issued to investors on Tuesday, Marketbeat.com reports. They currently have a $125.00 price target on the stock, down from their previous price target of $190.00. Truist Financial's target price points to a potential upside of 59.16% from the stock's previous close.

Other analysts also recently issued reports about the company. Wells Fargo & Company decreased their target price on Inspire Medical Systems from $195.00 to $174.00 and set an "equal weight" rating on the stock in a research report on Tuesday, May 6th. Stifel Nicolaus cut their target price on Inspire Medical Systems from $175.00 to $140.00 and set a "hold" rating on the stock in a research note on Tuesday. KeyCorp lowered Inspire Medical Systems from an "overweight" rating to a "sector weight" rating in a research report on Tuesday. Robert W. Baird upped their price target on Inspire Medical Systems from $230.00 to $236.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. Finally, JPMorgan Chase & Co. lowered Inspire Medical Systems from an "overweight" rating to a "neutral" rating and decreased their price objective for the stock from $195.00 to $110.00 in a report on Tuesday. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $173.31.

Inspire Medical Systems Price Performance

NYSE INSP traded down $9.38 during trading on Tuesday, hitting $78.54. The company's stock had a trading volume of 3,626,517 shares, compared to its average volume of 1,137,640. The company has a market cap of $2.32 billion, a PE ratio of 45.40, a P/E/G ratio of 6.76 and a beta of 1.22. The business's 50 day simple moving average is $130.39 and its 200-day simple moving average is $153.83. Inspire Medical Systems has a fifty-two week low of $73.92 and a fifty-two week high of $225.00.

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

Institutional Investors Weigh In On Inspire Medical Systems

Hedge funds have recently modified their holdings of the stock. Dragoneer Investment Group LLC acquired a new position in Inspire Medical Systems during the fourth quarter worth about $161,486,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Inspire Medical Systems by 214.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,112,925 shares of the company's stock worth $177,267,000 after acquiring an additional 759,090 shares during the last quarter. Congress Asset Management Co. grew its stake in shares of Inspire Medical Systems by 3,943.6% in the 1st quarter. Congress Asset Management Co. now owns 307,555 shares of the company's stock valued at $48,987,000 after buying an additional 299,949 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Inspire Medical Systems by 1,775.3% during the 4th quarter. Marshall Wace LLP now owns 277,131 shares of the company's stock valued at $51,375,000 after purchasing an additional 262,353 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Inspire Medical Systems during the 4th quarter worth about $47,604,000. 94.91% of the stock is 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) 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.