LMR Partners LLP Trims Stock Position in Inspire Medical Systems, Inc. (NYSE:INSP)

LMR Partners LLP cut its stake in Inspire Medical Systems, Inc. (NYSE:INSP) by 20.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,360 shares of the company’s stock after selling 3,696 shares during the period. LMR Partners LLP’s holdings in Inspire Medical Systems were worth $3,031,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of INSP. Allspring Global Investments Holdings LLC lifted its position in Inspire Medical Systems by 798.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 267,852 shares of the company’s stock valued at $56,530,000 after acquiring an additional 238,034 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of 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 valued at $105,433,000 after buying an additional 192,238 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Inspire Medical Systems by 51.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 459,766 shares of the company’s stock valued at $98,754,000 after buying an additional 156,893 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Inspire Medical Systems by 152.7% in the second quarter. AQR Capital Management LLC now owns 231,845 shares of the company’s stock valued at $31,028,000 after buying an additional 140,090 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of 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 valued at $29,777,000 after buying an additional 137,483 shares during the last quarter. 94.91% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Inspire Medical Systems

In related news, Director Shawn Mccormick sold 800 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were 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 in the company, valued at $5,090,800. The trade was a 3.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Royal Bank of Canada restated an “outperform” rating and set a $260.00 target price on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Truist Financial restated a “buy” rating and set a $240.00 target price (up previously from $217.00) on shares of Inspire Medical Systems in a research report on Monday, September 30th. Robert W. Baird raised their target price on shares of Inspire Medical Systems from $240.00 to $252.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Stifel Nicolaus restated a “hold” rating and set a $200.00 target price (up previously from $170.00) on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Finally, Wells Fargo & Company raised their target price on shares of Inspire Medical Systems from $187.00 to $198.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Inspire Medical Systems presently has a consensus rating of “Moderate Buy” and an average target price of $227.75.

Inspire Medical Systems Price Performance

Shares of INSP stock opened at $175.30 on Tuesday. The firm has a market cap of $5.25 billion, a P/E ratio of 160.28 and a beta of 1.36. Inspire Medical Systems, Inc. has a 1-year low of $123.00 and a 1-year high of $257.40. The firm has a fifty day moving average of $202.07 and a two-hundred day moving average of $177.17.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.06 by $0.54. Inspire Medical Systems had a net margin of 4.37% and a return on equity of 5.30%. The business had revenue of $203.20 million during the quarter, compared to analyst estimates of $197.59 million. During the same period in the previous year, the business posted ($0.29) EPS. The company’s quarterly revenue was up 32.6% on a year-over-year basis. On average, sell-side analysts expect that Inspire Medical Systems, Inc. will post 1.33 EPS for the current year.

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.