Advisors Asset Management Inc. Cuts Stock Position in Inspire Medical Systems, Inc. (NYSE:INSP)

Advisors Asset Management Inc. lessened its stake in shares of Inspire Medical Systems, Inc. (NYSE:INSP) by 50.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,407 shares of the company’s stock after selling 2,476 shares during the quarter. Advisors Asset Management Inc.’s holdings in Inspire Medical Systems were worth $508,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of INSP. Allspring Global Investments Holdings LLC raised its stake in shares of Inspire Medical Systems by 798.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 267,852 shares of the company’s stock worth $56,530,000 after purchasing an additional 238,034 shares during the last quarter. Bank of New York Mellon Corp raised its position in Inspire Medical Systems by 32.3% in the second quarter. Bank of New York Mellon Corp now owns 787,815 shares of the company’s stock worth $105,433,000 after acquiring an additional 192,238 shares in the last quarter. AQR Capital Management LLC raised its position in Inspire Medical Systems by 152.7% in the second quarter. AQR Capital Management LLC now owns 231,845 shares of the company’s stock worth $31,028,000 after acquiring an additional 140,090 shares in the last quarter. Principal Financial Group Inc. raised its position in Inspire Medical Systems by 3,812.6% in the third quarter. Principal Financial Group Inc. now owns 141,089 shares of the company’s stock worth $29,777,000 after acquiring an additional 137,483 shares in the last quarter. Finally, Tri Locum Partners LP raised its position in Inspire Medical Systems by 465.5% in the second quarter. Tri Locum Partners LP now owns 133,276 shares of the company’s stock worth $17,836,000 after acquiring an additional 109,710 shares in the last quarter. Hedge funds and other institutional investors own 94.91% of the company’s stock.

Inspire Medical Systems Stock Up 2.5 %

INSP opened at $193.85 on Thursday. The firm has a market cap of $5.81 billion, a P/E ratio of 181.17 and a beta of 1.36. Inspire Medical Systems, Inc. has a 52 week low of $123.00 and a 52 week high of $257.40. The business’s fifty day simple moving average is $198.72 and its 200 day simple moving average is $175.85.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.54. The business had revenue of $203.20 million for the quarter, compared to analyst estimates of $197.59 million. Inspire Medical Systems had a return on equity of 5.30% and a net margin of 4.37%. The business’s revenue for the quarter was up 32.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.29) earnings per share. As a group, equities analysts expect that Inspire Medical Systems, Inc. will post 1.33 EPS for the current fiscal year.

Insider Activity at Inspire Medical Systems

In other Inspire Medical Systems news, Director Shawn Mccormick sold 800 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $220.00, for a total value of $176,000.00. Following the sale, the director now directly owns 23,140 shares of the company’s stock, valued at approximately $5,090,800. This trade represents a 3.34 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.10% of the company’s stock.

Analyst Ratings Changes

INSP has been the subject of several research analyst reports. Robert W. Baird increased their price objective on Inspire Medical Systems from $240.00 to $252.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Piper Sandler reiterated an “overweight” rating and issued a $260.00 price objective (up previously from $255.00) on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Truist Financial reiterated a “buy” rating and issued a $240.00 price objective (up previously from $217.00) on shares of Inspire Medical Systems in a research report on Monday, September 30th. Bank of America raised Inspire Medical Systems from a “neutral” rating to a “buy” rating and upped their target price for the company from $220.00 to $255.00 in a report on Wednesday, November 20th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $200.00 target price (up previously from $170.00) on shares of Inspire Medical Systems in a report on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $233.58.

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.