Employees Retirement System of Texas Reduces Holdings in Inspire Medical Systems, Inc. (NYSE:INSP)

Employees Retirement System of Texas reduced its position in shares of Inspire Medical Systems, Inc. (NYSE:INSP) by 16.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 83,000 shares of the company’s stock after selling 16,000 shares during the period. Employees Retirement System of Texas owned about 0.28% of Inspire Medical Systems worth $26,945,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Altshuler Shaham Ltd purchased a new position in Inspire Medical Systems in the 4th quarter valued at about $29,000. Parkside Financial Bank & Trust acquired a new stake in Inspire Medical Systems during the 1st quarter valued at approximately $37,000. Meeder Asset Management Inc. increased its holdings in Inspire Medical Systems by 7,850.0% during the 4th quarter. Meeder Asset Management Inc. now owns 159 shares of the company’s stock worth $40,000 after purchasing an additional 157 shares during the last quarter. Parallel Advisors LLC raised its position in shares of Inspire Medical Systems by 145.1% in the 2nd quarter. Parallel Advisors LLC now owns 201 shares of the company’s stock valued at $65,000 after purchasing an additional 119 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV acquired a new position in shares of Inspire Medical Systems in the 2nd quarter valued at approximately $79,000. 94.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on INSP. JPMorgan Chase & Co. dropped their price target on shares of Inspire Medical Systems from $340.00 to $181.00 and set an “overweight” rating for the company in a research note on Tuesday, October 17th. Stifel Nicolaus cut their target price on shares of Inspire Medical Systems from $350.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday, November 7th. SVB Leerink assumed coverage on Inspire Medical Systems in a research note on Monday, October 16th. They issued a “market perform” rating and a $159.00 price target for the company. Wells Fargo & Company cut their price objective on Inspire Medical Systems from $330.00 to $245.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 8th. Finally, UBS Group decreased their target price on Inspire Medical Systems from $405.00 to $322.00 and set a “buy” rating for the company in a research report on Wednesday, September 6th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $283.92.

Inspire Medical Systems Stock Performance

Shares of NYSE:INSP traded down $2.90 during trading hours on Tuesday, hitting $140.18. The stock had a trading volume of 76,861 shares, compared to its average volume of 493,801. The stock’s fifty day simple moving average is $168.32 and its 200 day simple moving average is $242.85. The firm has a market capitalization of $4.14 billion, a price-to-earnings ratio of -126.62 and a beta of 1.48. Inspire Medical Systems, Inc. has a 1-year low of $123.27 and a 1-year high of $330.00.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings results on Tuesday, November 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.53) by $0.24. Inspire Medical Systems had a negative return on equity of 6.32% and a negative net margin of 5.75%. The company had revenue of $153.30 million during the quarter, compared to analyst estimates of $154.49 million. During the same quarter in the previous year, the firm posted ($0.60) EPS. The firm’s quarterly revenue was up 40.4% on a year-over-year basis. As a group, research analysts anticipate that Inspire Medical Systems, Inc. will post -1.48 EPS for the current year.

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.