Inspire Medical Systems, Inc. $INSP Shares Bought by Eventide Asset Management LLC

Key Points

• Eventide Asset Management LLC significantly increased its stake in Inspire Medical Systems by 144.9% during the first quarter, now owning 306,301 shares valued at approximately $48.8 million.
• Several other institutional investors raised their positions in Inspire Medical Systems, with 94.91% of the company's stock now held by institutional investors.
• JPMorgan Chase & Co. downgraded Inspire Medical Systems from an "overweight" to a "neutral" rating, adjusting the price target from $195 to $110, reflecting a more cautious outlook on the stock.

Eventide Asset Management LLC lifted its position in Inspire Medical Systems, Inc. (NYSE:INSP - Free Report) by 144.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 306,301 shares of the company's stock after buying an additional 181,211 shares during the quarter. Eventide Asset Management LLC owned approximately 1.04% of Inspire Medical Systems worth $48,785,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Banque Transatlantique SA bought a new stake in Inspire Medical Systems in the first quarter valued at $46,000. Braidwell LP raised its position in Inspire Medical Systems by 3.1% in the 1st quarter. Braidwell LP now owns 302,410 shares of the company's stock worth $48,168,000 after buying an additional 9,000 shares during the last quarter. Royal Bank of Canada raised its position in Inspire Medical Systems by 16.0% in the 1st quarter. Royal Bank of Canada now owns 32,769 shares of the company's stock worth $5,220,000 after buying an additional 4,528 shares during the last quarter. Quarry LP raised its position in Inspire Medical Systems by 2,127.3% in the 1st quarter. Quarry LP now owns 245 shares of the company's stock worth $39,000 after buying an additional 234 shares during the last quarter. Finally, Baird Financial Group Inc. increased its position in shares of Inspire Medical Systems by 10.2% during the 1st quarter. Baird Financial Group Inc. now owns 31,298 shares of the company's stock valued at $4,985,000 after purchasing an additional 2,907 shares during the last quarter. 94.91% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on INSP. Leerink Partners cut their price objective on Inspire Medical Systems from $116.00 to $97.00 and set a "market perform" rating for the company in a research note on Friday, August 15th. Stifel Nicolaus set a $140.00 target price on Inspire Medical Systems and gave the company a "hold" rating in a research report on Tuesday, August 5th. Morgan Stanley lowered their target price on Inspire Medical Systems from $200.00 to $182.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. UBS Group set a $230.00 price target on Inspire Medical Systems and gave the company a "buy" rating in a report on Tuesday, August 5th. Finally, JPMorgan Chase & Co. lowered Inspire Medical Systems from an "overweight" rating to a "neutral" rating and reduced their target price for the stock from $195.00 to $110.00 in a research note on Tuesday, August 5th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $164.50.

Inspire Medical Systems Stock Performance

Shares of NYSE:INSP traded down $2.95 during trading on Monday, reaching $83.51. The stock had a trading volume of 1,176,538 shares, compared to its average volume of 701,601. The business has a fifty day moving average price of $109.67 and a 200-day moving average price of $137.80. The stock has a market cap of $2.47 billion, a PE ratio of 48.27, a PEG ratio of 2.70 and a beta of 1.15. Inspire Medical Systems, Inc. has a 1-year low of $73.92 and a 1-year high of $225.00.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $0.45 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.23. Inspire Medical Systems had a return on equity of 10.38% and a net margin of 6.17%.The company had revenue of $217.09 million for the quarter, compared to analyst estimates of $214.50 million. During the same quarter in the previous year, the company posted $0.32 earnings per share. The firm's revenue for the quarter 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. Sell-side analysts expect that Inspire Medical Systems, Inc. will post 2.16 earnings per share for the current year.

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

Insider Activity at Inspire Medical Systems

In other news, CFO Richard Buchholz sold 11,000 shares of the stock in a transaction dated 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 owned 44,867 shares in the company, valued at approximately $4,190,129.13. This represents a 19.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.30% of the company's stock.

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.