Congress Asset Management Co. Has $48.45 Million Position in Inspire Medical Systems, Inc. $INSP

Key Points

• Congress Asset Management Co. increased its stake in Inspire Medical Systems by 21.4%, holding 373,347 shares valued at approximately $48.45 million.
• Inspire Medical Systems reported earnings of $0.45 per share for the last quarter, significantly exceeding analysts' expectations of $0.22, while quarterly revenue rose by 10.8% year-over-year.
• The company's Board of Directors approved a share repurchase plan for up to $200 million, signaling a belief that the stock is undervalued.

Congress Asset Management Co. raised its holdings in Inspire Medical Systems, Inc. (NYSE:INSP - Free Report) by 21.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 373,347 shares of the company's stock after buying an additional 65,792 shares during the period. Congress Asset Management Co. owned 1.27% of Inspire Medical Systems worth $48,449,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. SG Americas Securities LLC raised its holdings in Inspire Medical Systems by 14.7% during the first quarter. SG Americas Securities LLC now owns 4,055 shares of the company's stock worth $646,000 after acquiring an additional 521 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Inspire Medical Systems by 57.9% during the first quarter. Goldman Sachs Group Inc. now owns 51,422 shares of the company's stock worth $8,190,000 after acquiring an additional 18,857 shares in the last quarter. GAMMA Investing LLC raised its holdings in Inspire Medical Systems by 253.7% during the first quarter. GAMMA Investing LLC now owns 573 shares of the company's stock worth $91,000 after acquiring an additional 411 shares in the last quarter. New York State Teachers Retirement System boosted its holdings in shares of Inspire Medical Systems by 132.7% in the 1st quarter. New York State Teachers Retirement System now owns 21,390 shares of the company's stock valued at $3,407,000 after buying an additional 12,196 shares during the last quarter. Finally, Bayforest Capital Ltd boosted its holdings in shares of Inspire Medical Systems by 2,465.9% in the 1st quarter. Bayforest Capital Ltd now owns 5,491 shares of the company's stock valued at $875,000 after buying an additional 5,277 shares during the last quarter. 94.91% of the stock is currently owned by institutional investors and hedge funds.

Inspire Medical Systems Stock Performance

NYSE INSP opened at $77.07 on Friday. The firm has a 50-day moving average of $94.61 and a 200-day moving average of $127.87. The stock has a market cap of $2.28 billion, a PE ratio of 44.55, a P/E/G ratio of 2.41 and a beta of 1.15. Inspire Medical Systems, Inc. has a 52-week low of $73.92 and a 52-week high of $216.01.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last posted its earnings results 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 analysts' expectations of $214.50 million. During the same quarter last year, the company posted $0.32 EPS. Inspire Medical Systems's quarterly revenue was up 10.8% compared to the same quarter last year. Inspire Medical Systems has set its FY 2025 guidance at 0.400-0.500 EPS. As a group, analysts predict that Inspire Medical Systems, Inc. will post 2.16 EPS for the current fiscal year.

Inspire Medical Systems declared that its Board of Directors has approved a share repurchase plan on Monday, August 11th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 8.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Insider Activity

In other Inspire Medical Systems news, CFO Richard Buchholz sold 11,000 shares of the company's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $93.39, for a total value of $1,027,290.00. Following the transaction, the chief financial officer directly owned 44,867 shares of the company's stock, valued at $4,190,129.13. This represents a 19.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 4.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Wells Fargo & Company cut their price objective on Inspire Medical Systems from $174.00 to $101.00 and set an "equal weight" rating for the company in a report on Tuesday, August 5th. KeyCorp downgraded shares of Inspire Medical Systems from an "overweight" rating to a "sector weight" rating in a research report on Tuesday, August 5th. Royal Bank Of Canada decreased their price objective on shares of Inspire Medical Systems from $215.00 to $180.00 and set an "outperform" rating for the company in a research report on Tuesday, August 5th. Evercore ISI initiated coverage on shares of Inspire Medical Systems in a research report on Tuesday, September 2nd. They issued an "outperform" rating and a $150.00 price objective for the company. Finally, UBS Group set a $89.00 price target on Inspire Medical Systems and gave the stock a "neutral" rating in a research report on Monday. Seven analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $154.43.

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.

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