Shawn Mccormick Sells 2,000 Shares of Inspire Medical Systems (NYSE:INSP) Stock

Inspire Medical Systems, Inc. (NYSE:INSP) Director Shawn Mccormick sold 2,000 shares of the company’s stock in a transaction on Friday, November 28th. The shares were sold at an average price of $127.48, for a total value of $254,960.00. Following the completion of the transaction, the director directly owned 26,046 shares in the company, valued at approximately $3,320,344.08. The trade was a 7.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Inspire Medical Systems Stock Up 6.1%

Shares of NYSE:INSP opened at $134.08 on Wednesday. Inspire Medical Systems, Inc. has a 52-week low of $70.77 and a 52-week high of $216.01. The stock has a market cap of $3.90 billion, a price-to-earnings ratio of 91.21, a PEG ratio of 13.69 and a beta of 0.70. The business has a 50-day moving average price of $86.45 and a 200-day moving average price of $104.64.

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

Inspire Medical Systems announced that its board has approved a stock repurchase program on Monday, August 11th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 8.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

INSP has been the subject of a number of analyst reports. UBS Group set a $89.00 price target on Inspire Medical Systems and gave the company a “neutral” rating in a report on Monday, September 22nd. Evercore ISI cut their price target on 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. Weiss Ratings reiterated a “sell (d)” rating on shares of Inspire Medical Systems in a research report on Wednesday, October 8th. Leerink Partners cut their price objective on Inspire Medical Systems from $116.00 to $97.00 and set a “market perform” rating for the company in a research report on Friday, August 15th. Finally, Royal Bank Of Canada reduced their price objective on shares of Inspire Medical Systems from $150.00 to $125.00 and set an “outperform” rating for the company in a research report on Tuesday, November 4th. Nine analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $131.63.

Institutional Investors Weigh In On Inspire Medical Systems

A number of hedge funds have recently modified their holdings of the company. Dragoneer Investment Group LLC grew its holdings in shares of Inspire Medical Systems by 81.4% during the 2nd quarter. Dragoneer Investment Group LLC now owns 2,354,411 shares of the company’s stock worth $305,532,000 after purchasing an additional 1,056,808 shares during the period. Deerfield Management Company L.P. increased its holdings in Inspire Medical Systems by 648.4% in the 3rd quarter. Deerfield Management Company L.P. now owns 1,047,694 shares of the company’s stock valued at $77,739,000 after purchasing an additional 907,694 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Inspire Medical Systems by 214.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,112,925 shares of the company’s stock worth $177,267,000 after purchasing an additional 759,090 shares in the last quarter. Balyasny Asset Management L.P. lifted its stake in Inspire Medical Systems by 16,504.3% during the 3rd quarter. Balyasny Asset Management L.P. now owns 614,359 shares of the company’s stock worth $45,585,000 after acquiring an additional 610,659 shares in the last quarter. Finally, William Blair Investment Management LLC boosted its holdings in Inspire Medical Systems by 68.7% during the 3rd quarter. William Blair Investment Management LLC now owns 1,297,573 shares of the company’s stock valued at $96,280,000 after acquiring an additional 528,404 shares during the period. Hedge funds and other institutional investors own 94.91% of the company’s stock.

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.