Connor Clark & Lunn Investment Management Ltd. Grows Stock Position in Inspire Medical Systems, Inc. (NYSE:INSP)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its ownership in Inspire Medical Systems by 10.5%, acquiring 18,596 additional shares for a total of 196,184 shares worth approximately $31.25 million.
• Several institutional investors have also significantly increased their stakes, with Congress Asset Management Co. raising theirs by 3,943.6% to own 307,555 shares.
• The company's recent quarterly earnings report showed a profit of $0.45 EPS, exceeding expectations, with revenues of $217.09 million reflecting a 10.8% increase compared to the previous year.

Connor Clark & Lunn Investment Management Ltd. raised its holdings in Inspire Medical Systems, Inc. (NYSE:INSP - Free Report) by 10.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 196,184 shares of the company's stock after buying an additional 18,596 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.67% of Inspire Medical Systems worth $31,248,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in INSP. Dragoneer Investment Group LLC purchased a new position in shares of Inspire Medical Systems in the fourth quarter worth about $161,486,000. Congress Asset Management Co. raised its stake in shares of Inspire Medical Systems by 3,943.6% in the first quarter. Congress Asset Management Co. now owns 307,555 shares of the company's stock worth $48,987,000 after purchasing an additional 299,949 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Inspire Medical Systems by 1,775.3% in the fourth quarter. Marshall Wace LLP now owns 277,131 shares of the company's stock worth $51,375,000 after purchasing an additional 262,353 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Inspire Medical Systems in the fourth quarter worth about $47,604,000. Finally, Jacobs Levy Equity Management Inc. raised its stake in shares of Inspire Medical Systems by 869.9% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 210,160 shares of the company's stock worth $38,959,000 after purchasing an additional 188,492 shares during the last quarter. 94.91% of the stock is currently owned by hedge funds and other institutional investors.

Inspire Medical Systems Trading Up 2.8%

Shares of INSP opened at $79.18 on Friday. Inspire Medical Systems, Inc. has a 12 month low of $73.92 and a 12 month high of $225.00. The stock's 50 day moving average is $126.77 and its two-hundred day moving average is $151.63. The firm has a market cap of $2.34 billion, a P/E ratio of 45.77, a PEG ratio of 2.44 and a beta of 1.22.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.22 by $0.23. The company had revenue of $217.09 million for the quarter, compared to analyst estimates of $214.50 million. Inspire Medical Systems had a return on equity of 10.38% and a net margin of 6.17%. Inspire Medical Systems's quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the company earned $0.32 earnings per share. Equities research analysts forecast that Inspire Medical Systems, Inc. will post 2.16 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on INSP shares. Royal Bank Of Canada reduced their price objective on Inspire Medical Systems from $215.00 to $180.00 and set an "outperform" rating for the company in a research note on Tuesday, August 5th. Piper Sandler set a $150.00 price target on Inspire Medical Systems and gave the company an "overweight" rating in a research report on Tuesday, August 5th. Robert W. Baird lifted their price target on Inspire Medical Systems from $230.00 to $236.00 and gave the company an "outperform" rating in a research report on Tuesday, May 6th. KeyCorp cut Inspire Medical Systems from an "overweight" rating to a "sector weight" rating in a research report on Tuesday, August 5th. Finally, Wells Fargo & Company reduced their price target on Inspire Medical Systems from $174.00 to $101.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 5th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, Inspire Medical Systems has an average rating of "Moderate Buy" and a consensus price target of $173.31.

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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