Voya Investment Management LLC Purchases 8,361 Shares of Inspire Medical Systems, Inc. $INSP

Key Points

• Voya Investment Management LLC increased its stake in Inspire Medical Systems by 5.3%, acquiring an additional 8,361 shares, bringing its total ownership to 164,936 shares valued at approximately $26.27 million.
• Multiple institutional investors have significantly boosted their positions in Inspire Medical Systems, with Congress Asset Management increasing its holdings by a staggering 3,943.6%.
• Inspire Medical Systems' board approved a stock buyback program of up to $200 million, indicating management's belief that the stock is undervalued amidst a consensus rating of "Moderate Buy" from analysts.

Voya Investment Management LLC boosted its position in Inspire Medical Systems, Inc. (NYSE:INSP - Free Report) by 5.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 164,936 shares of the company's stock after acquiring an additional 8,361 shares during the period. Voya Investment Management LLC owned 0.56% of Inspire Medical Systems worth $26,271,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Inspire Medical Systems by 214.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,112,925 shares of the company's stock valued at $177,267,000 after purchasing an additional 759,090 shares in the last quarter. Congress Asset Management Co. lifted its holdings in shares of Inspire Medical Systems by 3,943.6% in the first quarter. Congress Asset Management Co. now owns 307,555 shares of the company's stock valued at $48,987,000 after purchasing an additional 299,949 shares in the last quarter. Eventide Asset Management LLC lifted its holdings in shares of Inspire Medical Systems by 144.9% in the first quarter. Eventide Asset Management LLC now owns 306,301 shares of the company's stock valued at $48,785,000 after purchasing an additional 181,211 shares in the last quarter. Nuveen LLC bought a new position in shares of Inspire Medical Systems in the first quarter valued at approximately $21,761,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Inspire Medical Systems by 56,237.7% in the first quarter. GAMMA Investing LLC now owns 91,267 shares of the company's stock valued at $145,370,000 after purchasing an additional 91,105 shares in the last quarter. Institutional investors own 94.91% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Leerink Partners dropped their target price on Inspire Medical Systems from $116.00 to $97.00 and set a "market perform" rating on the stock in a report on Friday, August 15th. Wells Fargo & Company decreased their price target 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. Morgan Stanley decreased their price target 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. Lake Street Capital set a $150.00 price target on Inspire Medical Systems and gave the company a "buy" rating in a research report on Tuesday, August 5th. Finally, Truist Financial reaffirmed a "hold" rating and set a $125.00 price target (down from $190.00) on shares of Inspire Medical Systems in a research report on Tuesday, August 5th. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $164.50.

Inspire Medical Systems Stock Performance

Shares of NYSE INSP opened at $80.28 on Monday. The stock has a market cap of $2.37 billion, a PE ratio of 46.40, a price-to-earnings-growth ratio of 2.50 and a beta of 1.15. Inspire Medical Systems, Inc. has a fifty-two week low of $73.92 and a fifty-two week high of $218.52. The stock has a fifty day moving average of $104.85 and a 200-day moving average of $134.15.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 earnings per share. Inspire Medical Systems has set its FY 2025 guidance at 0.400-0.500 EPS. On average, sell-side analysts predict that Inspire Medical Systems, Inc. will post 2.16 EPS for the current year.

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

Insider Activity at Inspire Medical Systems

In other 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 transaction, the chief financial officer owned 44,867 shares in the company, valued at approximately $4,190,129.13. The trade was a 19.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.30% of the company's stock.

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.

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