639,584 Shares in Inspire Medical Systems, Inc. $INSP Purchased by William Blair Investment Management LLC

Key Points

• William Blair Investment Management opened a position in Inspire Medical Systems, buying 639,584 shares valued at approximately $44.4 million, or about 2.21% of the company.
• Analysts have a consensus Hold rating on INSP, with an average price target of $71.24; the stock was trading at $61.16 in Friday’s mid-day session.
• The company’s latest quarterly earnings beat expectations, reporting $0.14 per share versus a $0.09 estimate and revenue of $206.69 million. Revenue was nevertheless down 7.9% from the same quarter a year earlier.

William Blair Investment Management LLC bought a new position in shares of Inspire Medical Systems, Inc. (NYSE:INSP - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 639,584 shares of the company's stock, valued at approximately $44,362,000. William Blair Investment Management LLC owned approximately 2.21% of Inspire Medical Systems as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. EverSource Wealth Advisors LLC lifted its stake in Inspire Medical Systems by 1,115.4% in the first quarter. EverSource Wealth Advisors LLC now owns 632 shares of the company's stock valued at $33,000 after buying an additional 580 shares in the last quarter. Versant Capital Management Inc boosted its holdings in shares of Inspire Medical Systems by 379.0% in the second quarter. Versant Capital Management Inc now owns 958 shares of the company's stock valued at $43,000 after buying an additional 758 shares during the period. GAMMA Investing LLC increased its position in shares of Inspire Medical Systems by 85.0% during the second quarter. GAMMA Investing LLC now owns 1,221 shares of the company's stock worth $54,000 after acquiring an additional 561 shares in the last quarter. Sterling Capital Management LLC increased its position in shares of Inspire Medical Systems by 450.6% during the third quarter. Sterling Capital Management LLC now owns 914 shares of the company's stock worth $63,000 after acquiring an additional 748 shares in the last quarter. Finally, State of Wyoming increased its position in shares of Inspire Medical Systems by 83.7% during the first quarter. State of Wyoming now owns 1,343 shares of the company's stock worth $69,000 after acquiring an additional 612 shares in the last quarter. 94.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

INSP has been the topic of a number of research analyst reports. Truist Financial restated a "hold" rating and set a $76.00 price objective (down from $78.00) on shares of Inspire Medical Systems in a report on Tuesday, November 3rd. Mizuho set a $75.00 target price on shares of Inspire Medical Systems in a research note on Tuesday, October 13th. Piper Sandler increased their target price on Inspire Medical Systems from $60.00 to $70.00 and gave the stock a "neutral" rating in a report on Tuesday, November 3rd. Stifel Nicolaus increased their target price on Inspire Medical Systems from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Friday, September 11th. Finally, Wells Fargo & Company lifted their price target on Inspire Medical Systems from $56.00 to $69.00 and gave the company an "equal weight" rating in a research note on Tuesday, November 3rd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, twelve have assigned a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat, Inspire Medical Systems presently has a consensus rating of "Hold" and a consensus price target of $71.24.

Inspire Medical Systems Price Performance

Shares of INSP traded up $0.62 during mid-day trading on Friday, hitting $61.16. 574,396 shares of the company's stock were exchanged, compared to its average volume of 699,525. The company has a market cap of $1.77 billion, a PE ratio of 17.78, a P/E/G ratio of 4.43 and a beta of 0.67. Inspire Medical Systems, Inc. has a 52 week low of $38.91 and a 52 week high of $147.03. The company has a 50-day simple moving average of $68.94 and a 200 day simple moving average of $57.69.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last posted its quarterly earnings data on Monday, November 2nd. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.09 by $0.05. The company had revenue of $206.69 million for the quarter, compared to the consensus estimate of $204.31 million. Inspire Medical Systems had a net margin of 11.43% and a return on equity of 7.32%. The firm's revenue was down 7.9% compared to the same quarter last year. During the same period last year, the company earned $0.38 earnings per share. On average, analysts anticipate that Inspire Medical Systems, Inc. will post 1.29 earnings per share for the current year.

About Inspire Medical Systems

Inspire Medical Systems is a medical technology company focused on treatments for obstructive sleep apnea, a condition in which breathing repeatedly stops or becomes restricted during sleep. Founded in 2007 and based in Minnesota, the company develops implantable devices intended for certain patients who cannot use or benefit from conventional positive airway pressure therapy. Its primary product, the Inspire Upper Airway Stimulation system, uses an implanted device to monitor breathing and deliver mild stimulation to the hypoglossal nerve, helping keep the airway open during sleep.

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