Envestnet Asset Management Inc. Cuts Stock Position in Inspire Medical Systems, Inc. $INSP

Envestnet Asset Management Inc. lessened its holdings in shares of Inspire Medical Systems, Inc. (NYSE:INSP) by 6.6% during the 2nd quarter, Holdings Channel reports. The firm owned 31,894 shares of the company’s stock after selling 2,257 shares during the period. Envestnet Asset Management Inc.’s holdings in Inspire Medical Systems were worth $4,136,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Xponance Inc. increased its stake in Inspire Medical Systems by 5.8% during the 1st quarter. Xponance Inc. now owns 4,045 shares of the company’s stock worth $644,000 after buying an additional 221 shares during the period. Edgestream Partners L.P. purchased a new position in Inspire Medical Systems in the 1st quarter valued at approximately $707,000. Victory Capital Management Inc. grew its stake in shares of Inspire Medical Systems by 1.9% in the first quarter. Victory Capital Management Inc. now owns 78,937 shares of the company’s stock worth $12,573,000 after acquiring an additional 1,468 shares in the last quarter. Jennison Associates LLC increased its position in shares of Inspire Medical Systems by 40.0% during the first quarter. Jennison Associates LLC now owns 66,602 shares of the company’s stock worth $10,608,000 after acquiring an additional 19,016 shares during the period. Finally, Jackson Creek Investment Advisors LLC acquired a new stake in shares of Inspire Medical Systems in the first quarter valued at $1,348,000. Institutional investors and hedge funds own 94.91% of the company’s stock.

Insider Activity

In other news, CFO Richard Buchholz sold 11,000 shares of the company’s stock in a transaction on 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 completion of the transaction, 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 4.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on INSP shares. KeyCorp reissued a “sector weight” rating on shares of Inspire Medical Systems in a research note on Tuesday, November 4th. Wells Fargo & Company upgraded Inspire Medical Systems from an “equal weight” rating to an “overweight” rating and decreased their price objective for the company from $101.00 to $90.00 in a research note on Tuesday, November 4th. Mizuho set a $110.00 target price on shares of Inspire Medical Systems in a research note on Tuesday, November 4th. Stifel Nicolaus set a $100.00 target price on shares of Inspire Medical Systems in a report on Friday, October 24th. Finally, Evercore ISI decreased their price target on shares of Inspire Medical Systems from $150.00 to $125.00 and set an “outperform” rating for the company in a research note on Tuesday, October 7th. Eight analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $133.88.

Inspire Medical Systems Stock Performance

INSP opened at $86.72 on Friday. Inspire Medical Systems, Inc. has a one year low of $70.77 and a one year high of $216.01. The company has a market cap of $2.52 billion, a P/E ratio of 58.99, a PEG ratio of 9.85 and a beta of 1.14. The business’s 50-day simple moving average is $79.52 and its 200-day simple moving average is $109.78.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings results on Monday, November 3rd. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.53. The firm had revenue of $224.50 million during the quarter, compared to the consensus estimate of $220.39 million. Inspire Medical Systems had a return on equity of 9.41% and a net margin of 5.05%.The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.60 earnings per share. As a group, 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 authorized a share repurchase plan on Monday, August 11th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to purchase up to 8.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors 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.