Bank of New York Mellon Corp Reduces Stake in Inspire Medical Systems, Inc. $INSP

Bank of New York Mellon Corp lowered its position in Inspire Medical Systems, Inc. (NYSE:INSP - Free Report) by 31.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 148,764 shares of the company's stock after selling 67,016 shares during the period. Bank of New York Mellon Corp owned about 0.52% of Inspire Medical Systems worth $7,673,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of INSP. CWM LLC grew its stake in shares of Inspire Medical Systems by 216.1% during the 4th quarter. CWM LLC now owns 354 shares of the company's stock valued at $33,000 after purchasing an additional 242 shares during the period. Havemeyer Place LP purchased a new stake in shares of Inspire Medical Systems during the 4th quarter valued at about $39,000. V Square Quantitative Management LLC bought a new position in shares of Inspire Medical Systems in the 4th quarter worth approximately $40,000. Smartleaf Asset Management LLC lifted its stake in shares of Inspire Medical Systems by 84.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 449 shares of the company's stock worth $42,000 after purchasing an additional 205 shares during the period. Finally, Larson Financial Group LLC boosted its holdings in shares of Inspire Medical Systems by 21,266.7% in the third quarter. Larson Financial Group LLC now owns 641 shares of the company's stock worth $48,000 after buying an additional 638 shares during the last quarter. Hedge funds and other institutional investors own 94.91% of the company's stock.

Inspire Medical Systems Stock Performance

Shares of INSP stock opened at $50.28 on Monday. Inspire Medical Systems, Inc. has a 52-week low of $38.91 and a 52-week high of $147.03. The firm has a market capitalization of $1.45 billion, a PE ratio of 11.20, a PEG ratio of 5.08 and a beta of 0.71. The stock has a fifty day simple moving average of $45.98 and a two-hundred day simple moving average of $55.45.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of ($0.28) by $0.38. Inspire Medical Systems had a return on equity of 10.35% and a net margin of 14.33%.The business had revenue of $204.58 million for the quarter, compared to the consensus estimate of $200.04 million. During the same period in the previous year, the business earned $0.10 earnings per share. The business's revenue was up 1.6% on a year-over-year basis. On average, sell-side analysts forecast that Inspire Medical Systems, Inc. will post 0.93 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on INSP. UBS Group initiated coverage on shares of Inspire Medical Systems in a research report on Tuesday, July 28th. They set a "sell" rating and a $39.00 target price for the company. Zacks Research upgraded shares of Inspire Medical Systems from a "strong sell" rating to a "hold" rating in a research report on Monday, July 6th. Piper Sandler cut shares of Inspire Medical Systems from an "overweight" rating to a "neutral" rating and dropped their price target for the stock from $85.00 to $55.00 in a research note on Tuesday, May 5th. Robert W. Baird cut their price objective on shares of Inspire Medical Systems from $63.00 to $50.00 and set a "neutral" rating for the company in a research report on Tuesday, May 5th. Finally, Summit Redstone set a $39.00 price objective on shares of Inspire Medical Systems in a research report on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $73.28.

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.

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