Inspire Medical Systems, Inc. (NYSE:INSP) Position Reduced by M&T Bank Corp

M&T Bank Corp reduced its position in Inspire Medical Systems, Inc. (NYSE:INSP) by 17.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,914 shares of the company’s stock after selling 612 shares during the period. M&T Bank Corp’s holdings in Inspire Medical Systems were worth $464,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Dragoneer Investment Group LLC purchased a new position in Inspire Medical Systems during the 4th quarter worth approximately $161,486,000. Congress Asset Management Co. boosted its position in shares of Inspire Medical Systems by 3,943.6% in the first quarter. Congress Asset Management Co. now owns 307,555 shares of the company’s stock worth $48,987,000 after buying an additional 299,949 shares during the period. Marshall Wace LLP grew its holdings in shares of Inspire Medical Systems by 1,775.3% during the fourth quarter. Marshall Wace LLP now owns 277,131 shares of the company’s stock valued at $51,375,000 after buying an additional 262,353 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Inspire Medical Systems during the fourth quarter valued at $47,604,000. Finally, Jacobs Levy Equity Management Inc. raised its position in Inspire Medical Systems by 869.9% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 210,160 shares of the company’s stock valued at $38,959,000 after buying an additional 188,492 shares during the period. Institutional investors and hedge funds own 94.91% of the company’s stock.

Insider Activity at Inspire Medical Systems

In related news, Director Shawn Mccormick sold 360 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $160.00, for a total transaction of $57,600.00. Following the completion of the sale, the director owned 24,046 shares in the company, valued at $3,847,360. This represents a 1.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 4.10% of the company’s stock.

Analyst Ratings Changes

INSP has been the subject of a number of research reports. Wall Street Zen upgraded Inspire Medical Systems from a “hold” rating to a “buy” rating in a research report on Saturday, July 12th. KeyCorp reduced their price target on shares of Inspire Medical Systems from $234.00 to $216.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. Wells Fargo & Company lowered their price objective on shares of Inspire Medical Systems from $195.00 to $174.00 and set an “equal weight” rating on the stock in a research report on Tuesday, May 6th. Morgan Stanley dropped their price objective on shares of Inspire Medical Systems from $200.00 to $182.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Royal Bank Of Canada decreased their target price on shares of Inspire Medical Systems from $260.00 to $215.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $210.27.

Inspire Medical Systems Trading Down 0.5%

INSP stock opened at $127.41 on Thursday. The firm has a market cap of $3.76 billion, a PE ratio of 58.71, a PEG ratio of 1.96 and a beta of 1.25. Inspire Medical Systems, Inc. has a 1 year low of $123.00 and a 1 year high of $225.00. The company has a fifty day simple moving average of $137.22 and a 200 day simple moving average of $160.42.

Inspire Medical Systems (NYSE:INSP) last released its quarterly earnings results on Monday, May 5th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.33. Inspire Medical Systems had a return on equity of 10.00% and a net margin of 7.92%. The company had revenue of $201.32 million during the quarter, compared to the consensus estimate of $194.89 million. During the same quarter in the prior year, the company posted ($0.34) EPS. The firm’s revenue was up 22.7% on a year-over-year basis. As a group, analysts forecast that Inspire Medical Systems, Inc. will post 2.16 EPS 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.