Inspire Medical Systems, Inc. $INSP Stake Lessened by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its holdings in Inspire Medical Systems, Inc. (NYSE:INSP) by 13.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 327,753 shares of the company’s stock after selling 52,507 shares during the period. Bank of New York Mellon Corp owned about 1.11% of Inspire Medical Systems worth $42,533,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Envestnet Asset Management Inc. lifted its holdings in shares of Inspire Medical Systems by 33.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 34,151 shares of the company’s stock valued at $5,440,000 after buying an additional 8,484 shares during the last quarter. Xponance Inc. raised its position in shares of Inspire Medical Systems by 5.8% during the first quarter. Xponance Inc. now owns 4,045 shares of the company’s stock valued at $644,000 after buying an additional 221 shares during the last quarter. Edgestream Partners L.P. acquired a new stake in shares of Inspire Medical Systems during the 1st quarter worth approximately $707,000. Victory Capital Management Inc. boosted its stake in Inspire Medical Systems by 1.9% during the first quarter. Victory Capital Management Inc. now owns 78,937 shares of the company’s stock worth $12,573,000 after buying an additional 1,468 shares in the last quarter. Finally, Jennison Associates LLC boosted its position in shares of Inspire Medical Systems by 40.0% during the 1st quarter. Jennison Associates LLC now owns 66,602 shares of the company’s stock valued at $10,608,000 after acquiring an additional 19,016 shares in the last quarter. Institutional investors and hedge funds own 94.91% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on INSP shares. KeyCorp restated a “sector weight” rating on shares of Inspire Medical Systems in a research report on Tuesday, November 4th. JPMorgan Chase & Co. dropped their price objective on Inspire Medical Systems from $110.00 to $82.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 4th. Evercore ISI reduced their price objective on Inspire Medical Systems from $150.00 to $125.00 and set an “outperform” rating for the company in a research report on Tuesday, October 7th. Wells Fargo & Company raised Inspire Medical Systems from an “equal weight” rating to an “overweight” rating and lowered their price target for the stock from $101.00 to $90.00 in a research report on Tuesday, November 4th. Finally, Mizuho set a $110.00 target price on Inspire Medical Systems in a report on Tuesday, November 4th. Eight equities research 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 data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $133.88.

Inspire Medical Systems Trading Up 0.3%

NYSE INSP opened at $90.87 on Thursday. Inspire Medical Systems, Inc. has a 12 month low of $70.77 and a 12 month high of $216.01. The business’s 50-day moving average price is $79.52 and its two-hundred day moving average price is $109.94. The firm has a market capitalization of $2.64 billion, a PE ratio of 61.81, a price-to-earnings-growth ratio of 9.82 and a beta of 1.14.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings data on Monday, November 3rd. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.53. The company had revenue of $224.50 million for the quarter, compared to the consensus estimate of $220.39 million. Inspire Medical Systems had a return on equity of 9.41% and a net margin of 5.05%.The firm’s revenue was up 10.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.60 EPS. As a group, analysts forecast that Inspire Medical Systems, Inc. will post 2.16 earnings per share for the current fiscal year.

Inspire Medical Systems declared that its board has authorized a stock repurchase program on Monday, August 11th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to reacquire up to 8.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Inspire Medical Systems

In related news, CFO Richard Buchholz sold 11,000 shares of the business’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $93.39, for a total transaction of $1,027,290.00. Following the transaction, the chief financial officer directly owned 44,867 shares in the company, valued at approximately $4,190,129.13. The trade was a 19.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 4.10% of the company’s stock.

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.