Canada Pension Plan Investment Board Has $9.44 Million Position in Inspire Medical Systems, Inc. (NYSE:INSP)

Canada Pension Plan Investment Board grew its stake in Inspire Medical Systems, Inc. (NYSE:INSP) by 14.4% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 70,500 shares of the company’s stock after buying an additional 8,900 shares during the period. Canada Pension Plan Investment Board’s holdings in Inspire Medical Systems were worth $9,435,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. SouthState Corp bought a new position in Inspire Medical Systems during the second quarter worth $27,000. Daiwa Securities Group Inc. bought a new position in shares of Inspire Medical Systems in the 2nd quarter worth about $53,000. Van ECK Associates Corp lifted its stake in shares of Inspire Medical Systems by 7.5% in the 2nd quarter. Van ECK Associates Corp now owns 1,029 shares of the company’s stock valued at $138,000 after purchasing an additional 72 shares during the period. RiverPark Advisors LLC boosted its position in shares of Inspire Medical Systems by 360.1% during the 1st quarter. RiverPark Advisors LLC now owns 773 shares of the company’s stock valued at $166,000 after purchasing an additional 605 shares in the last quarter. Finally, CWM LLC grew its stake in Inspire Medical Systems by 101.6% during the second quarter. CWM LLC now owns 1,246 shares of the company’s stock worth $167,000 after purchasing an additional 628 shares during the period. 94.91% of the stock is currently owned by institutional investors.

Inspire Medical Systems Trading Down 4.1 %

Shares of Inspire Medical Systems stock opened at $207.73 on Wednesday. The company has a market capitalization of $6.17 billion, a P/E ratio of -377.69 and a beta of 1.33. The stock has a fifty day simple moving average of $179.28 and a 200 day simple moving average of $182.14. Inspire Medical Systems, Inc. has a 12-month low of $123.00 and a 12-month high of $257.40.

Inspire Medical Systems (NYSE:INSP) last posted its earnings results on Tuesday, August 6th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.46. Inspire Medical Systems had a net margin of 0.85% and a return on equity of 1.03%. The firm had revenue of $195.89 million during the quarter, compared to analyst estimates of $189.08 million. During the same quarter in the prior year, the business posted ($0.41) EPS. The business’s revenue was up 29.6% compared to the same quarter last year. On average, analysts predict that Inspire Medical Systems, Inc. will post 0.75 EPS for the current year.

Insider Buying and Selling at Inspire Medical Systems

In other news, insider Randy Ban sold 4,861 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $188.55, for a total value of $916,541.55. Following the completion of the transaction, the insider now directly owns 3,056 shares of the company’s stock, valued at $576,208.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Randy Ban sold 4,861 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $188.55, for a total value of $916,541.55. Following the transaction, the insider now directly owns 3,056 shares of the company’s stock, valued at approximately $576,208.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Shawn Mccormick sold 800 shares of the 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 transaction, the director now owns 23,140 shares of the company’s stock, valued at approximately $5,090,800. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,692 shares of company stock worth $1,099,207. Insiders own 4.10% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on INSP shares. KeyCorp lowered their target price on Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Royal Bank of Canada reiterated an “outperform” rating and issued a $260.00 price objective on shares of Inspire Medical Systems in a research note on Wednesday, August 7th. Truist Financial cut their target price on shares of Inspire Medical Systems from $280.00 to $217.00 and set a “buy” rating on the stock in a research note on Tuesday, July 16th. Bank of America decreased their price target on shares of Inspire Medical Systems from $225.00 to $185.00 and set a “neutral” rating for the company in a research note on Monday, June 3rd. Finally, Leerink Partners upped their price objective on shares of Inspire Medical Systems from $167.00 to $197.00 and gave the company a “market perform” rating in a report on Tuesday, September 10th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $214.85.

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.