Stock Buyback Program Announced by Inspire Medical Systems (NYSE:INSP) Board of Directors

Inspire Medical Systems (NYSE:INSP) announced that its board has initiated a stock buyback program on Monday, August 11th, RTT News reports. The company plans to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 8.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on INSP shares. UBS Group set a $230.00 target price on Inspire Medical Systems and gave the stock a “buy” rating in a research note on Tuesday, August 5th. Royal Bank Of Canada cut their target price on Inspire Medical Systems from $215.00 to $180.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 5th. Wall Street Zen cut Inspire Medical Systems from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. KeyCorp cut Inspire Medical Systems from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, August 5th. Finally, Stifel Nicolaus set a $140.00 target price on Inspire Medical Systems and gave the stock a “hold” rating in a research note on Tuesday, August 5th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $173.31.

Inspire Medical Systems Price Performance

INSP stock opened at $87.28 on Thursday. Inspire Medical Systems has a 1 year low of $73.92 and a 1 year high of $225.00. The company has a market cap of $2.58 billion, a P/E ratio of 50.45, a PEG ratio of 2.62 and a beta of 1.22. The firm has a 50-day moving average of $123.59 and a 200 day moving average of $149.72.

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

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.