Citigroup Inc. Cuts Stock Position in Inspire Medical Systems, Inc. $INSP

Citigroup Inc. trimmed its holdings in shares of Inspire Medical Systems, Inc. (NYSE:INSP) by 17.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 42,328 shares of the company’s stock after selling 9,200 shares during the period. Citigroup Inc. owned 0.15% of Inspire Medical Systems worth $3,141,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in INSP. M&G PLC lifted its stake in shares of Inspire Medical Systems by 173.9% during the third quarter. M&G PLC now owns 144,960 shares of the company’s stock worth $10,727,000 after purchasing an additional 92,036 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its position in Inspire Medical Systems by 79.9% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 23,216 shares of the company’s stock worth $1,723,000 after acquiring an additional 10,311 shares in the last quarter. Aberdeen Group plc lifted its position in Inspire Medical Systems by 63.0% during the 3rd quarter. Aberdeen Group plc now owns 396,340 shares of the company’s stock worth $29,967,000 after acquiring an additional 153,238 shares in the last quarter. Public Sector Pension Investment Board boosted its holdings in Inspire Medical Systems by 4.5% in the 3rd quarter. Public Sector Pension Investment Board now owns 104,984 shares of the company’s stock worth $7,790,000 after acquiring an additional 4,479 shares during the period. Finally, Illinois Municipal Retirement Fund grew its position in Inspire Medical Systems by 262.0% in the third quarter. Illinois Municipal Retirement Fund now owns 25,424 shares of the company’s stock valued at $1,886,000 after acquiring an additional 18,400 shares in the last quarter. 94.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on INSP shares. Evercore reissued an “outperform” rating on shares of Inspire Medical Systems in a research report on Friday, February 27th. Wells Fargo & Company set a $70.00 price objective on shares of Inspire Medical Systems and gave the stock an “equal weight” rating in a report on Thursday, February 12th. Oppenheimer cut shares of Inspire Medical Systems from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 22nd. Piper Sandler dropped their target price on Inspire Medical Systems from $165.00 to $85.00 and set an “overweight” rating on the stock in a research report on Thursday, February 12th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Inspire Medical Systems in a report on Monday, December 29th. Five investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Inspire Medical Systems has an average rating of “Hold” and an average price target of $104.24.

Inspire Medical Systems Price Performance

Inspire Medical Systems stock opened at $62.50 on Friday. The company has a fifty day moving average price of $77.81 and a two-hundred day moving average price of $87.37. Inspire Medical Systems, Inc. has a 12 month low of $53.11 and a 12 month high of $189.49. The company has a market cap of $1.79 billion, a PE ratio of 12.55, a P/E/G ratio of 3.15 and a beta of 0.74.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $1.65 EPS for the quarter, beating the consensus estimate of $0.69 by $0.96. The business had revenue of $269.08 million during the quarter, compared to analyst estimates of $264.02 million. Inspire Medical Systems had a net margin of 15.95% and a return on equity of 10.96%. The company’s quarterly revenue was up 12.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.15 EPS. Equities research analysts anticipate that Inspire Medical Systems, Inc. will post 2.16 earnings per share for the current year.

About Inspire Medical Systems

Inspire Medical Systems, Inc is a medical technology company specializing in implantable neurostimulation devices for the treatment of obstructive sleep apnea (OSA). The company’s flagship offering, the Inspire® system, delivers targeted stimulation of the hypoglossal nerve to maintain airway patency during sleep, providing an alternative therapy for patients who are intolerant of or inadequately managed by continuous positive airway pressure (CPAP) devices.

The Inspire system comprises an implantable pulse generator, a sensing lead that monitors breathing patterns, and a stimulation lead that activates the hypoglossal nerve.