California Public Employees Retirement System Cuts Position in Inspire Medical Systems, Inc. (NYSE:INSP)

California Public Employees Retirement System lowered its position in shares of Inspire Medical Systems, Inc. (NYSE:INSP - Free Report) by 24.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 38,568 shares of the company's stock after selling 12,516 shares during the quarter. California Public Employees Retirement System owned 0.13% of Inspire Medical Systems worth $7,150,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. First Horizon Advisors Inc. boosted its stake in shares of Inspire Medical Systems by 885.7% in the fourth quarter. First Horizon Advisors Inc. now owns 138 shares of the company's stock valued at $26,000 after buying an additional 124 shares in the last quarter. Harbour Investments Inc. lifted its holdings in Inspire Medical Systems by 101.0% in the fourth quarter. Harbour Investments Inc. now owns 197 shares of the company's stock valued at $37,000 after acquiring an additional 99 shares during the period. AlphaQuest LLC boosted its position in shares of Inspire Medical Systems by 7,275.0% during the 4th quarter. AlphaQuest LLC now owns 295 shares of the company's stock worth $55,000 after purchasing an additional 291 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Inspire Medical Systems by 178.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 357 shares of the company's stock worth $66,000 after purchasing an additional 229 shares during the period. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Inspire Medical Systems by 37.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 368 shares of the company's stock valued at $68,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 94.91% of the company's stock.

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Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Stifel Nicolaus lowered their target price on shares of Inspire Medical Systems from $200.00 to $190.00 and set a "hold" rating on the stock in a research report on Tuesday, January 21st. KeyCorp restated an "overweight" rating and issued a $234.00 price target (down previously from $236.00) on shares of Inspire Medical Systems in a report on Friday, January 24th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $260.00 price objective on shares of Inspire Medical Systems in a research note on Tuesday, February 11th. Piper Sandler lowered their target price on Inspire Medical Systems from $260.00 to $233.00 and set an "overweight" rating on the stock in a report on Monday, February 10th. Finally, Truist Financial dropped their price target on Inspire Medical Systems from $250.00 to $235.00 and set a "buy" rating for the company in a research report on Tuesday, February 11th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, Inspire Medical Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $226.70.

Inspire Medical Systems Stock Performance

Inspire Medical Systems stock traded up $2.52 during midday trading on Friday, reaching $147.10. 335,977 shares of the company were exchanged, compared to its average volume of 590,787. The company has a market capitalization of $4.38 billion, a price-to-earnings ratio of 85.03, a P/E/G ratio of 2.86 and a beta of 1.39. The firm's 50-day simple moving average is $169.67 and its 200-day simple moving average is $185.27. Inspire Medical Systems, Inc. has a 1 year low of $123.00 and a 1 year high of $257.40.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last posted its quarterly earnings data on Monday, February 10th. The company reported $1.15 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.41. Inspire Medical Systems had a net margin of 6.67% and a return on equity of 8.19%. On average, analysts forecast that Inspire Medical Systems, Inc. will post 2.16 EPS for the current fiscal year.

Insider Buying and Selling at Inspire Medical Systems

In related news, CTO John Rondoni sold 583 shares of the company's stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $170.49, for a total transaction of $99,395.67. Following the completion of the transaction, the chief technology officer now owns 10,424 shares of the company's stock, valued at approximately $1,777,187.76. This represents a 5.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Randy Ban sold 25,584 shares of Inspire Medical Systems stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $183.50, for a total transaction of $4,694,664.00. Following the completion of the transaction, the insider now owns 7,259 shares in the company, valued at approximately $1,332,026.50. This trade represents a 77.90 % decrease in their position. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by insiders.

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.