Fox Hill Wealth Management Buys Shares of 4,723 Inspire Medical Systems, Inc. (NYSE:INSP)

Key Points

• Fox Hill Wealth Management has acquired 4,723 shares of Inspire Medical Systems, Inc. (NYSE:INSP), valued at approximately $752,000, marking a new investment during the first quarter.
• Inspire Medical Systems has initiated a $200 million share buyback plan, indicating management's belief that its shares are currently undervalued.
• Several analysts have revised their ratings on INSP, with adjustments including a downgrade from JPMorgan Chase and upgrades from UBS Group, indicating mixed sentiment in the market.

Fox Hill Wealth Management bought a new position in shares of Inspire Medical Systems, Inc. (NYSE:INSP - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,723 shares of the company's stock, valued at approximately $752,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in INSP. Russell Investments Group Ltd. grew its stake in shares of Inspire Medical Systems by 26.0% in the first quarter. Russell Investments Group Ltd. now owns 22,841 shares of the company's stock valued at $3,638,000 after buying an additional 4,715 shares in the last quarter. HighTower Advisors LLC grew its stake in shares of Inspire Medical Systems by 35.3% in the first quarter. HighTower Advisors LLC now owns 2,910 shares of the company's stock valued at $464,000 after buying an additional 760 shares in the last quarter. Public Sector Pension Investment Board grew its stake in shares of Inspire Medical Systems by 26.0% in the first quarter. Public Sector Pension Investment Board now owns 94,060 shares of the company's stock valued at $14,982,000 after buying an additional 19,401 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Inspire Medical Systems in the first quarter valued at $21,761,000. Finally, Invesco Ltd. grew its stake in shares of Inspire Medical Systems by 8.3% in the first quarter. Invesco Ltd. now owns 858,572 shares of the company's stock valued at $136,753,000 after buying an additional 65,492 shares in the last quarter. Institutional investors and hedge funds own 94.91% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. UBS Group set a $230.00 target price on Inspire Medical Systems and gave the company a "buy" rating in a report on Tuesday, August 5th. Truist Financial reiterated a "hold" rating and issued a $125.00 target price (down from $190.00) on shares of Inspire Medical Systems in a report on Tuesday, August 5th. Leerink Partners decreased their price target on Inspire Medical Systems from $116.00 to $97.00 and set a "market perform" rating for the company in a report on Friday. KeyCorp downgraded Inspire Medical Systems from an "overweight" rating to a "sector weight" rating in a report on Tuesday, August 5th. Finally, Stifel Nicolaus set a $140.00 price target on Inspire Medical Systems and gave the stock a "hold" rating in a 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. According to MarketBeat.com, Inspire Medical Systems presently has a consensus rating of "Moderate Buy" and an average price target of $165.62.

Inspire Medical Systems Stock Up 3.7%

Shares of Inspire Medical Systems stock traded up $3.09 during trading hours on Friday, hitting $87.67. 1,031,909 shares of the company's stock traded hands, compared to its average volume of 675,469. The stock has a 50 day simple moving average of $121.60 and a 200-day simple moving average of $148.31. The company has a market cap of $2.59 billion, a PE ratio of 50.68, a PEG ratio of 2.72 and a beta of 1.22. Inspire Medical Systems, Inc. has a twelve month low of $73.92 and a twelve month high of $225.00.

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

Inspire Medical Systems announced that its Board of Directors has approved a stock buyback program on Monday, August 11th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to buy up to 8.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its shares are undervalued.

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.