Summit Global Investments Acquires New Position in Inspire Medical Systems, Inc. (NYSE:INSP)

Summit Global Investments bought a new stake in Inspire Medical Systems, Inc. (NYSE:INSP - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 4,472 shares of the company's stock, valued at approximately $944,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in INSP. SouthState Corp purchased a new stake in shares of Inspire Medical Systems during the 2nd quarter valued at approximately $27,000. Farther Finance Advisors LLC boosted its stake in shares of Inspire Medical Systems by 1,158.3% in the third quarter. Farther Finance Advisors LLC now owns 151 shares of the company's stock valued at $32,000 after purchasing an additional 139 shares during the period. GAMMA Investing LLC grew its position in shares of Inspire Medical Systems by 559.3% during the third quarter. GAMMA Investing LLC now owns 178 shares of the company's stock worth $38,000 after buying an additional 151 shares in the last quarter. Quarry LP lifted its stake in Inspire Medical Systems by 105.4% in the second quarter. Quarry LP now owns 343 shares of the company's stock worth $46,000 after acquiring an additional 176 shares during the last quarter. Finally, Daiwa Securities Group Inc. acquired a new position in Inspire Medical Systems during the 2nd quarter worth approximately $53,000. 94.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Inspire Medical Systems

In other news, Director Shawn Mccormick sold 800 shares of the company's stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $220.00, for a total transaction of $176,000.00. Following the completion of the transaction, the director now directly owns 23,140 shares of the company's stock, valued at approximately $5,090,800. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Shawn Mccormick sold 800 shares of the firm's stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $220.00, for a total transaction of $176,000.00. Following the sale, the director now owns 23,140 shares of the company's stock, valued at $5,090,800. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Randy Ban sold 4,861 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $188.55, for a total transaction of $916,541.55. Following the transaction, the insider now directly owns 3,056 shares in the company, valued at approximately $576,208.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,692 shares of company stock valued at $1,099,207. 4.10% of the stock is owned by corporate insiders.

Inspire Medical Systems Trading Down 1.9 %

INSP traded down $3.85 during trading on Friday, reaching $196.62. 443,173 shares of the company's stock were exchanged, compared to its average volume of 493,924. Inspire Medical Systems, Inc. has a one year low of $123.00 and a one year high of $257.40. The stock has a market capitalization of $5.89 billion, a PE ratio of 183.76 and a beta of 1.36. The firm has a fifty day moving average price of $202.62 and a two-hundred day moving average price of $179.51.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.06 by $0.54. Inspire Medical Systems had a net margin of 4.37% and a return on equity of 5.30%. The firm had revenue of $203.20 million during the quarter, compared to analysts' expectations of $197.59 million. During the same period last year, the company earned ($0.29) earnings per share. The business's revenue was up 32.6% on a year-over-year basis. Sell-side analysts expect that Inspire Medical Systems, Inc. will post 1.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

INSP has been the topic of a number of recent research reports. Royal Bank of Canada restated an "outperform" rating and issued a $260.00 price objective on shares of Inspire Medical Systems in a research note on Tuesday, November 5th. KeyCorp reduced their price target on Inspire Medical Systems from $278.00 to $236.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 7th. Robert W. Baird raised their target price on shares of Inspire Medical Systems from $240.00 to $252.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 5th. Truist Financial reaffirmed a "buy" rating and set a $240.00 price target (up previously from $217.00) on shares of Inspire Medical Systems in a research note on Monday, September 30th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $260.00 price target (up from $255.00) on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $227.75.

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.