Inspire Medical Systems, Inc. (NYSE:INSP) Shares Acquired by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its stake in Inspire Medical Systems by 26.0%, acquiring an additional 19,401 shares, bringing its total holdings to 94,060 shares worth approximately $14.98 million.
• Inspire Medical Systems reported a quarterly earnings per share (EPS) of $0.45, exceeding analyst expectations by $0.23, and a revenue of $217.09 million, which was also above forecasts.
• The company announced a share buyback plan, authorizing the repurchase of up to $200 million in shares, indicating management's belief that the stock is undervalued.

Public Sector Pension Investment Board increased its holdings in shares of Inspire Medical Systems, Inc. (NYSE:INSP - Free Report) by 26.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 94,060 shares of the company's stock after acquiring an additional 19,401 shares during the period. Public Sector Pension Investment Board owned about 0.32% of Inspire Medical Systems worth $14,982,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Parallel Advisors LLC raised its position in shares of Inspire Medical Systems by 356.5% during the first quarter. Parallel Advisors LLC now owns 210 shares of the company's stock worth $33,000 after acquiring an additional 164 shares during the last quarter. True Wealth Design LLC raised its stake in Inspire Medical Systems by 39.0% during the 4th quarter. True Wealth Design LLC now owns 196 shares of the company's stock worth $36,000 after buying an additional 55 shares during the period. GAMMA Investing LLC raised its stake in shares of Inspire Medical Systems by 253.7% in the 1st quarter. GAMMA Investing LLC now owns 573 shares of the company's stock valued at $91,000 after purchasing an additional 411 shares during the period. Archer Investment Corp acquired a new stake in shares of Inspire Medical Systems in the 1st quarter valued at about $96,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Inspire Medical Systems in the fourth quarter valued at about $166,000. 94.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on INSP shares. Royal Bank Of Canada reduced their price target on Inspire Medical Systems from $215.00 to $180.00 and set an "outperform" rating for the company in a report on Tuesday, August 5th. Piper Sandler reduced their price target on Inspire Medical Systems from $233.00 to $150.00 and set an "overweight" rating for the company in a 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 stock an "outperform" rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. cut Inspire Medical Systems from an "overweight" rating to a "neutral" rating and reduced their price target for the stock from $195.00 to $110.00 in a report on Tuesday, August 5th. Finally, Lake Street Capital set a $150.00 price objective on Inspire Medical Systems and gave the stock a "buy" rating in a report on Tuesday, August 5th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Inspire Medical Systems presently has a consensus rating of "Moderate Buy" and a consensus target price of $165.62.

Inspire Medical Systems Trading Up 3.7%

Shares of NYSE:INSP traded up $3.09 during mid-day trading on Friday, reaching $87.67. The company had a trading volume of 1,031,909 shares, compared to its average volume of 675,469. The company's 50-day moving average price is $121.60 and its 200-day moving average price is $148.31. Inspire Medical Systems, Inc. has a one year low of $73.92 and a one year high of $225.00. The firm has a market cap of $2.59 billion, a price-to-earnings ratio of 50.68, a PEG ratio of 2.72 and a beta of 1.22.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last released its quarterly 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 the consensus estimate of $214.50 million. During the same period in the prior year, the firm earned $0.32 earnings per share. Inspire Medical Systems's revenue was up 10.8% on a year-over-year basis. On average, research analysts anticipate that Inspire Medical Systems, Inc. will post 2.16 EPS for the current fiscal year.

Inspire Medical Systems announced that its Board of Directors has initiated a share 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 repurchase up to 8.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

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.