Magnetar Financial LLC Purchases New Position in Inspire Medical Systems, Inc. $INSP

Magnetar Financial LLC acquired a new position in shares of Inspire Medical Systems, Inc. (NYSE:INSP) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 67,379 shares of the company’s stock, valued at approximately $8,744,000. Magnetar Financial LLC owned approximately 0.23% of Inspire Medical Systems at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. increased its holdings in shares of Inspire Medical Systems by 33.1% during the first quarter. Envestnet Asset Management Inc. now owns 34,151 shares of the company’s stock worth $5,440,000 after buying an additional 8,484 shares in the last quarter. Victory Capital Management Inc. grew its position in Inspire Medical Systems by 1.9% during the 1st quarter. Victory Capital Management Inc. now owns 78,937 shares of the company’s stock worth $12,573,000 after acquiring an additional 1,468 shares during the last quarter. Allianz Asset Management GmbH increased its holdings in Inspire Medical Systems by 1.6% in the 1st quarter. Allianz Asset Management GmbH now owns 5,000 shares of the company’s stock worth $796,000 after purchasing an additional 78 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Inspire Medical Systems in the first quarter valued at about $2,952,000. Finally, Cetera Investment Advisers boosted its stake in shares of Inspire Medical Systems by 13.3% during the first quarter. Cetera Investment Advisers now owns 18,951 shares of the company’s stock valued at $3,018,000 after purchasing an additional 2,231 shares in the last quarter. Institutional investors and hedge funds own 94.91% of the company’s stock.

Wall Street Analyst Weigh In

INSP has been the subject of a number of research reports. KeyCorp reiterated a “sector weight” rating on shares of Inspire Medical Systems in a report on Tuesday, November 4th. Wells Fargo & Company raised shares of Inspire Medical Systems from an “equal weight” rating to an “overweight” rating and dropped their price target for the company from $101.00 to $90.00 in a research note on Tuesday, November 4th. Piper Sandler restated an “overweight” rating and issued a $135.00 price objective (down from $150.00) on shares of Inspire Medical Systems in a report on Tuesday, November 4th. Jefferies Financial Group reaffirmed a “hold” rating and set a $85.00 target price (down from $160.00) on shares of Inspire Medical Systems in a research report on Friday, October 24th. Finally, Mizuho set a $110.00 price target on Inspire Medical Systems in a research report on Tuesday, November 4th. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Inspire Medical Systems currently has a consensus rating of “Hold” and a consensus price target of $125.80.

Inspire Medical Systems Stock Down 0.2%

INSP stock opened at $83.30 on Friday. The firm has a market cap of $2.42 billion, a price-to-earnings ratio of 56.67, a PEG ratio of 9.04 and a beta of 1.14. The company’s fifty day simple moving average is $79.70 and its 200 day simple moving average is $107.20. Inspire Medical Systems, Inc. has a 12-month low of $70.77 and a 12-month high of $216.01.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly earnings data on Monday, November 3rd. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $220.39 million. During the same period last year, the company posted $0.60 EPS. The business’s quarterly revenue was up 10.5% on a year-over-year basis. Research analysts expect that Inspire Medical Systems, Inc. will post 2.16 earnings per share for the current year.

Inspire Medical Systems announced that its board has authorized a stock repurchase plan on Monday, August 11th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to purchase up to 8.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other Inspire Medical Systems news, CFO Richard Buchholz sold 11,000 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was 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. This represents a 19.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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.