Fred Alger Management LLC Sells 5,706 Shares of Inspire Medical Systems, Inc. $INSP

Key Points

• Fred Alger Management LLC reduced its stake in Inspire Medical Systems by 9.0%, selling 5,706 shares, leaving it with 57,419 shares valued at approximately $9.15 million.
• Inspire Medical Systems reported $0.45 earnings per share (EPS) for the last quarter, exceeding expectations of $0.22, while revenues increased by 10.8% year-over-year.
• The company has initiated a $200 million stock buyback plan, indicating confidence from the board in the stock's current valuation.

Fred Alger Management LLC reduced its stake in shares of Inspire Medical Systems, Inc. (NYSE:INSP - Free Report) by 9.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,419 shares of the company's stock after selling 5,706 shares during the quarter. Fred Alger Management LLC owned 0.19% of Inspire Medical Systems worth $9,146,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Captrust Financial Advisors raised its stake in Inspire Medical Systems by 2.0% during the fourth quarter. Captrust Financial Advisors now owns 3,034 shares of the company's stock worth $562,000 after acquiring an additional 59 shares in the last quarter. Allianz Asset Management GmbH raised its stake in Inspire Medical Systems by 1.6% during the first quarter. Allianz Asset Management GmbH now owns 5,000 shares of the company's stock worth $796,000 after acquiring an additional 78 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in Inspire Medical Systems by 27.2% during the first quarter. Smartleaf Asset Management LLC now owns 454 shares of the company's stock worth $71,000 after acquiring an additional 97 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Inspire Medical Systems by 4.7% during the first quarter. PNC Financial Services Group Inc. now owns 2,419 shares of the company's stock worth $385,000 after acquiring an additional 109 shares in the last quarter. Finally, Bessemer Group Inc. raised its stake in Inspire Medical Systems by 1.7% during the first quarter. Bessemer Group Inc. now owns 7,183 shares of the company's stock worth $1,145,000 after acquiring an additional 123 shares in the last quarter. 94.91% of the stock is currently owned by institutional investors and hedge funds.

Inspire Medical Systems Stock Down 3.0%

INSP stock traded down $2.52 during midday trading on Friday, reaching $80.28. The stock had a trading volume of 866,279 shares, compared to its average volume of 976,843. The business has a fifty day simple moving average of $104.85 and a two-hundred day simple moving average of $134.15. The firm has a market cap of $2.37 billion, a price-to-earnings ratio of 46.40, a PEG ratio of 2.50 and a beta of 1.15. Inspire Medical Systems, Inc. has a twelve month low of $73.92 and a twelve month high of $218.52.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $0.45 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.23. The firm had revenue of $217.09 million during 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%.The company's revenue was up 10.8% on a year-over-year basis. During the same period last year, the company earned $0.32 earnings per share. Inspire Medical Systems has set its FY 2025 guidance at 0.400-0.500 EPS. On average, equities analysts predict that Inspire Medical Systems, Inc. will post 2.16 earnings per share for the current fiscal year.

Inspire Medical Systems declared that its Board of Directors has initiated a share buyback program on Monday, August 11th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 8.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In related news, CFO Richard Buchholz sold 11,000 shares of Inspire Medical Systems 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 completion of the sale, the chief financial officer directly owned 44,867 shares in the company, valued at $4,190,129.13. This trade represents a 19.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on INSP. Piper Sandler lowered their target price on Inspire Medical Systems from $233.00 to $150.00 and set an "overweight" rating for the company in a research note on Tuesday, August 5th. UBS Group set a $230.00 target price on Inspire Medical Systems and gave the company a "buy" rating in a research note on Tuesday, August 5th. Wall Street Zen lowered Inspire Medical Systems from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Lake Street Capital set a $150.00 target price on Inspire Medical Systems and gave the company a "buy" rating in a research note on Tuesday, August 5th. Finally, Evercore ISI began coverage on Inspire Medical Systems in a research note on Tuesday, September 2nd. They issued an "outperform" rating and a $150.00 target price for the company. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $164.50.

Inspire Medical Systems 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.