Vanguard Group Inc. Cuts Position in Inspire Medical Systems, Inc. $INSP

Key Points

• Vanguard Group Inc. has reduced its stake in Inspire Medical Systems by 1.4%, selling 44,712 shares, but still retains approximately 10.94% ownership valued at $513.8 million.
• Inspire Medical Systems' stock recently increased by 3.7%, with a trading value of $87.67 and a market capitalization of $2.59 billion.
• The company announced a $200 million share buyback program, indicating that its board believes the stock is undervalued.

Vanguard Group Inc. lowered its stake in Inspire Medical Systems, Inc. (NYSE:INSP - Free Report) by 1.4% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,225,645 shares of the company's stock after selling 44,712 shares during the quarter. Vanguard Group Inc. owned approximately 10.94% of Inspire Medical Systems worth $513,781,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of INSP. Parallel Advisors LLC grew 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 buying an additional 164 shares in the last quarter. True Wealth Design LLC boosted 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 valued at $36,000 after purchasing an additional 55 shares during the period. GAMMA Investing LLC raised its holdings in shares of Inspire Medical Systems by 253.7% during the first quarter. GAMMA Investing LLC now owns 573 shares of the company's stock valued at $91,000 after buying an additional 411 shares during the last quarter. Archer Investment Corp acquired a new stake in Inspire Medical Systems in the 1st quarter valued at approximately $96,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Inspire Medical Systems in the fourth quarter worth about $166,000. Institutional investors and hedge funds own 94.91% of the company's stock.

Inspire Medical Systems Stock Up 2.3%

Shares of NYSE INSP traded up $2.07 during midday trading on Tuesday, hitting $90.41. 118,501 shares of the company's stock were exchanged, compared to its average volume of 675,304. Inspire Medical Systems, Inc. has a 12 month low of $73.92 and a 12 month high of $225.00. The firm has a market capitalization of $2.67 billion, a PE ratio of 52.52, a price-to-earnings-growth ratio of 2.74 and a beta of 1.22. The company's 50 day moving average price is $120.64 and its 200 day moving average price is $146.96.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $217.09 million during the quarter, compared to analysts' expectations 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 quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.32 EPS. On average, equities research analysts anticipate that Inspire Medical Systems, Inc. will post 2.16 EPS for the current year.

Inspire Medical Systems announced that its board has approved a stock repurchase program on Monday, August 11th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to reacquire up to 8.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

INSP has been the subject of several recent research reports. Truist Financial restated a "hold" rating and set a $125.00 target price (down from $190.00) on shares of Inspire Medical Systems in a report on Tuesday, August 5th. JPMorgan Chase & Co. lowered Inspire Medical Systems from an "overweight" rating to a "neutral" rating and reduced their price target for the company from $195.00 to $110.00 in a report on Tuesday, August 5th. UBS Group set a $230.00 price target on Inspire Medical Systems and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Wells Fargo & Company cut their price objective 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. Finally, Leerink Partners reduced their target price on shares of Inspire Medical Systems from $116.00 to $97.00 and set a "market perform" rating for the company in a research note on Friday. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $165.62.

About Inspire Medical Systems

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.