Connor Clark & Lunn Investment Management Ltd. Purchases 16,559 Shares of Inspire Medical Systems, Inc. $INSP

Connor Clark & Lunn Investment Management Ltd. lifted its position in Inspire Medical Systems, Inc. (NYSE:INSP) by 8.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 212,743 shares of the company’s stock after buying an additional 16,559 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.72% of Inspire Medical Systems worth $27,608,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in INSP. Farther Finance Advisors LLC grew its stake in Inspire Medical Systems by 14.6% in the second quarter. Farther Finance Advisors LLC now owns 603 shares of the company’s stock valued at $78,000 after acquiring an additional 77 shares during the period. Allianz Asset Management GmbH lifted its holdings in shares of Inspire Medical Systems by 1.6% during the 1st quarter. Allianz Asset Management GmbH now owns 5,000 shares of the company’s stock valued at $796,000 after purchasing an additional 78 shares in the last quarter. Smartleaf Asset Management LLC grew its position in shares of Inspire Medical Systems by 27.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 454 shares of the company’s stock valued at $71,000 after purchasing an additional 97 shares during the period. New York State Teachers Retirement System grew its position in shares of Inspire Medical Systems by 0.5% in the 2nd quarter. New York State Teachers Retirement System now owns 21,490 shares of the company’s stock valued at $2,789,000 after purchasing an additional 100 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in Inspire Medical Systems by 4.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,419 shares of the company’s stock worth $385,000 after purchasing an additional 109 shares in the last quarter. Institutional investors and hedge funds own 94.91% of the company’s stock.

Insider Transactions at Inspire Medical Systems

In related news, CFO Richard Buchholz sold 11,000 shares of the company’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $93.39, for a total transaction of $1,027,290.00. Following the sale, the chief financial officer owned 44,867 shares in the company, valued at approximately $4,190,129.13. This represents a 19.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

INSP has been the topic of a number of research reports. Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 price target (down previously from $150.00) on shares of Inspire Medical Systems in a research note on Tuesday, November 4th. UBS Group set a $89.00 price objective on shares of Inspire Medical Systems and gave the company a “neutral” rating in a research report on Monday, September 22nd. Mizuho set a $110.00 target price on shares of Inspire Medical Systems in a research note on Tuesday, November 4th. Zacks Research upgraded Inspire Medical Systems from a “strong sell” rating to a “hold” rating in a report on Monday, October 27th. Finally, Morgan Stanley dropped their price target on Inspire Medical Systems from $200.00 to $182.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 15th. Eight research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Inspire Medical Systems has a consensus rating of “Hold” and a consensus target price of $133.88.

Inspire Medical Systems Trading Down 2.6%

Shares of INSP opened at $81.65 on Monday. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of 55.54, a PEG ratio of 8.86 and a beta of 1.14. Inspire Medical Systems, Inc. has a 12 month low of $70.77 and a 12 month high of $216.01. The firm has a fifty day simple moving average of $79.65 and a 200 day simple moving average of $111.07.

Inspire Medical Systems (NYSE:INSP) last issued its quarterly earnings results on Monday, November 3rd. The company reported $0.38 EPS for the quarter, topping the consensus estimate of ($0.15) by $0.53. Inspire Medical Systems had a net margin of 5.05% and a return on equity of 9.41%. The firm had revenue of $224.50 million for the quarter, compared to analysts’ expectations of $220.39 million. During the same period in the previous year, the firm posted $0.60 EPS. The company’s revenue for the quarter was up 10.5% on a year-over-year basis. As a group, research analysts predict that Inspire Medical Systems, Inc. will post 2.16 earnings per share for the current fiscal year.

Inspire Medical Systems declared that its board has authorized a stock buyback program on Monday, August 11th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 8.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Inspire Medical Systems 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.