Voya Investment Management LLC Acquires 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 raised its stake in Inspire Medical Systems, Inc. (NYSE:INSP - Free Report) by 5.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 164,936 shares of the company's stock after purchasing 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.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in 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. Invesco Ltd. increased its stake in 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 purchasing an additional 65,492 shares in the last quarter. TimesSquare Capital Management LLC increased its stake in Inspire Medical Systems by 9.8% in the first quarter. TimesSquare Capital Management LLC now owns 476,217 shares of the company's stock valued at $75,852,000 after purchasing an additional 42,411 shares in the last quarter. Congress Asset Management Co. increased its stake in 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. Finally, Eventide Asset Management LLC increased its stake in 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. 94.91% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on INSP. Royal Bank Of Canada decreased their price target on shares of Inspire Medical Systems from $215.00 to $180.00 and set an "outperform" rating for the company in a research note on Tuesday, August 5th. Wall Street Zen cut shares of Inspire Medical Systems from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Evercore ISI started coverage on shares of Inspire Medical Systems in a report on Tuesday, September 2nd. They set an "outperform" rating and a $150.00 price objective for the company. KeyCorp cut shares of Inspire Medical Systems from an "overweight" rating to a "sector weight" rating in a report on Tuesday, August 5th. Finally, Morgan Stanley reduced their price objective on shares of Inspire Medical Systems from $200.00 to $182.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $164.50.

Inspire Medical Systems Stock Down 4.2%

Inspire Medical Systems stock traded down $3.54 during midday trading on Friday, hitting $79.86. 1,639,685 shares of the stock were exchanged, compared to its average volume of 949,388. Inspire Medical Systems, Inc. has a 52-week low of $73.92 and a 52-week high of $218.52. The stock has a market capitalization of $2.36 billion, a price-to-earnings ratio of 46.16, a price-to-earnings-growth ratio of 2.60 and a beta of 1.15. The business's 50-day moving average price is $99.65 and its 200-day moving average price is $131.31.

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 the consensus estimate of $0.22 by $0.23. The business had revenue of $217.09 million for the quarter, compared to analyst estimates of $214.50 million. Inspire Medical Systems had a net margin of 6.17% and a return on equity of 10.38%. The company's revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the firm 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 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In other Inspire Medical Systems news, CFO Richard Buchholz sold 11,000 shares of Inspire Medical Systems stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $93.39, for a total value of $1,027,290.00. Following the sale, the chief financial officer owned 44,867 shares of the company's stock, valued at approximately $4,190,129.13. The trade was a 19.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 4.10% of the company's stock.

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.