Oppenheimer Downgrades Inspire Medical Systems (NYSE:INSP) to Market Perform

Inspire Medical Systems (NYSE:INSP) was downgraded by stock analysts at Oppenheimer from an “outperform” rating to a “market perform” rating in a research note issued on Thursday, Marketbeat.com reports.

INSP has been the subject of a number of other research reports. Weiss Ratings restated a “sell (d)” rating on shares of Inspire Medical Systems in a research note on Monday, December 29th. Wolfe Research raised shares of Inspire Medical Systems from a “peer perform” rating to an “outperform” rating and set a $180.00 price objective for the company in a report on Tuesday, November 25th. KeyCorp restated a “sector weight” rating on shares of Inspire Medical Systems in a research note on Tuesday, November 4th. Zacks Research upgraded Inspire Medical Systems from a “strong sell” rating to a “hold” rating in a research note on Monday, October 27th. Finally, Mizuho upped their price objective on Inspire Medical Systems from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Ten analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Inspire Medical Systems currently has a consensus rating of “Hold” and an average price target of $139.59.

Inspire Medical Systems Stock Down 9.0%

Shares of Inspire Medical Systems stock traded down $8.69 during trading hours on Thursday, hitting $87.51. 1,671,768 shares of the company’s stock traded hands, compared to its average volume of 974,885. Inspire Medical Systems has a twelve month low of $70.77 and a twelve month high of $203.12. The company has a market cap of $2.54 billion, a PE ratio of 59.70, a PEG ratio of 9.47 and a beta of 0.72. The stock has a 50 day simple moving average of $106.33 and a 200-day simple moving average of $97.59.

Inspire Medical Systems (NYSE:INSP) last issued its quarterly earnings results on Monday, November 3rd. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.53. Inspire Medical Systems had a return on equity of 9.41% and a net margin of 5.05%.The firm had revenue of $224.50 million during the quarter, compared to the consensus estimate of $220.39 million. During the same quarter in the prior year, the business posted $0.60 earnings per share. Inspire Medical Systems’s revenue for the quarter was up 10.5% on a year-over-year basis. As a group, equities research analysts predict that Inspire Medical Systems will post 2.16 EPS for the current year.

Insider Activity

In related news, Director Shawn Mccormick sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $127.48, for a total value of $254,960.00. Following the sale, the director owned 26,046 shares of the company’s stock, valued at approximately $3,320,344.08. This trade represents a 7.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of INSP. Dragoneer Investment Group LLC lifted its position in Inspire Medical Systems by 81.4% in the second quarter. Dragoneer Investment Group LLC now owns 2,354,411 shares of the company’s stock worth $305,532,000 after purchasing an additional 1,056,808 shares during the period. Wasatch Advisors LP lifted its holdings in Inspire Medical Systems by 7.2% in the 2nd quarter. Wasatch Advisors LP now owns 1,634,395 shares of the company’s stock valued at $212,095,000 after acquiring an additional 110,288 shares during the last quarter. William Blair Investment Management LLC grew its stake in shares of Inspire Medical Systems by 68.7% in the 3rd quarter. William Blair Investment Management LLC now owns 1,297,573 shares of the company’s stock worth $96,280,000 after purchasing an additional 528,404 shares during the last quarter. Deerfield Management Company L.P. raised its holdings in shares of Inspire Medical Systems by 648.4% in the 3rd quarter. Deerfield Management Company L.P. now owns 1,047,694 shares of the company’s stock worth $77,739,000 after purchasing an additional 907,694 shares in the last quarter. Finally, State Street Corp lifted its stake in Inspire Medical Systems by 2.3% during the second quarter. State Street Corp now owns 1,030,902 shares of the company’s stock valued at $133,780,000 after purchasing an additional 22,843 shares during the last quarter. 94.91% of the stock is owned by institutional investors and hedge funds.

Inspire Medical Systems Company Profile

Inspire Medical Systems, Inc is a medical technology company specializing in implantable neurostimulation devices for the treatment of obstructive sleep apnea (OSA). The company’s flagship offering, the Inspire® system, delivers targeted stimulation of the hypoglossal nerve to maintain airway patency during sleep, providing an alternative therapy for patients who are intolerant of or inadequately managed by continuous positive airway pressure (CPAP) devices.

The Inspire system comprises an implantable pulse generator, a sensing lead that monitors breathing patterns, and a stimulation lead that activates the hypoglossal nerve.