State of New Jersey Common Pension Fund D Grows Stake in Inspire Medical Systems, Inc. $INSP

State of New Jersey Common Pension Fund D boosted its position in Inspire Medical Systems, Inc. (NYSE:INSP) by 20.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,905 shares of the company’s stock after purchasing an additional 2,223 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Inspire Medical Systems were worth $1,675,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Quarry LP lifted its stake in Inspire Medical Systems by 2,127.3% in the first quarter. Quarry LP now owns 245 shares of the company’s stock valued at $39,000 after purchasing an additional 234 shares during the last quarter. Banque Transatlantique SA bought a new stake in Inspire Medical Systems in the 1st quarter valued at about $46,000. Smartleaf Asset Management LLC boosted its position in Inspire Medical Systems by 27.2% during the first quarter. Smartleaf Asset Management LLC now owns 454 shares of the company’s stock worth $71,000 after purchasing an additional 97 shares during the period. Farther Finance Advisors LLC boosted its holdings in Inspire Medical Systems by 14.6% in the 2nd quarter. Farther Finance Advisors LLC now owns 603 shares of the company’s stock worth $78,000 after buying an additional 77 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Inspire Medical Systems by 253.7% in the 1st quarter. GAMMA Investing LLC now owns 573 shares of the company’s stock worth $91,000 after buying an additional 411 shares during the period. Hedge funds and other institutional investors own 94.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on INSP. KeyCorp lowered Inspire Medical Systems from an “overweight” rating to a “sector weight” rating in a report on Tuesday, August 5th. Wall Street Zen lowered Inspire Medical Systems from a “buy” rating to a “hold” rating in a report on Saturday, July 26th. Weiss Ratings restated a “sell (d)” rating on shares of Inspire Medical Systems in a research note on Wednesday, October 8th. Stifel Nicolaus set a $100.00 target price on Inspire Medical Systems in a research note on Friday, October 24th. Finally, Truist Financial cut their price objective on shares of Inspire Medical Systems from $125.00 to $90.00 and set a “hold” rating for the company in a research report on Wednesday, October 15th. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $141.13.

Insider Transactions at Inspire Medical Systems

In other Inspire Medical Systems news, CFO Richard Buchholz sold 11,000 shares of Inspire Medical Systems stock in a transaction dated 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 completion of the sale, the chief financial officer owned 44,867 shares of the company’s stock, valued at $4,190,129.13. The trade was a 19.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is currently owned by company insiders.

Inspire Medical Systems Trading Down 1.5%

Shares of INSP opened at $71.97 on Monday. Inspire Medical Systems, Inc. has a 12-month low of $70.77 and a 12-month high of $216.01. The company has a market cap of $2.13 billion, a PE ratio of 41.60, a price-to-earnings-growth ratio of 2.42 and a beta of 1.14. The stock has a 50-day moving average price of $80.76 and a 200-day moving average price of $113.43.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly earnings data on Monday, August 4th. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.23. Inspire Medical Systems had a net margin of 6.17% and a return on equity of 10.38%. The company had revenue of $217.09 million during the quarter, compared to the consensus estimate of $214.50 million. During the same period in the previous year, the firm posted $0.32 EPS. The firm’s revenue was up 10.8% compared to the same quarter last year. As a group, analysts predict 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 share buyback program on Monday, August 11th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to buy up to 8.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.