Nuveen Asset Management LLC Increases Stock Position in Inspire Medical Systems, Inc. (NYSE:INSP)

Posted by Defense World Staff on Mar 4th, 2023

Nuveen Asset Management LLC increased its position in Inspire Medical Systems, Inc. (NYSE:INSP – Get Rating) by 10.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 108,855 shares of the company’s stock after acquiring an additional 9,929 shares during the period. Nuveen Asset Management LLC owned about 0.38% of Inspire Medical Systems worth $19,308,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in INSP. Nisa Investment Advisors LLC raised its stake in Inspire Medical Systems by 5.6% during the 3rd quarter. Nisa Investment Advisors LLC now owns 911 shares of the company’s stock valued at $177,000 after buying an additional 48 shares during the last quarter. ProShare Advisors LLC raised its stake in Inspire Medical Systems by 1.8% during the 3rd quarter. ProShare Advisors LLC now owns 3,112 shares of the company’s stock valued at $551,000 after buying an additional 55 shares during the last quarter. US Bancorp DE raised its stake in Inspire Medical Systems by 2.7% during the 3rd quarter. US Bancorp DE now owns 2,164 shares of the company’s stock valued at $384,000 after buying an additional 56 shares during the last quarter. Xponance Inc. raised its stake in Inspire Medical Systems by 3.7% during the 3rd quarter. Xponance Inc. now owns 1,688 shares of the company’s stock valued at $300,000 after buying an additional 61 shares during the last quarter. Finally, Metropolitan Life Insurance Co NY raised its stake in Inspire Medical Systems by 4.1% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 1,695 shares of the company’s stock valued at $301,000 after buying an additional 67 shares during the last quarter. 97.04% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Marilyn C. Nelson sold 25,211 shares of the company’s stock in a transaction on Friday, December 16th. The shares were sold at an average price of $244.77, for a total value of $6,170,896.47. Following the completion of the transaction, the director now owns 50,919 shares of the company’s stock, valued at approximately $12,463,443.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Inspire Medical Systems news, CEO Timothy P. Herbert sold 3,500 shares of the stock in a transaction dated Wednesday, February 8th. The shares were sold at an average price of $275.00, for a total transaction of $962,500.00. Following the completion of the transaction, the chief executive officer now owns 19,375 shares of the company’s stock, valued at approximately $5,328,125. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Marilyn C. Nelson sold 25,211 shares of the stock in a transaction dated Friday, December 16th. The shares were sold at an average price of $244.77, for a total transaction of $6,170,896.47. Following the transaction, the director now directly owns 50,919 shares of the company’s stock, valued at approximately $12,463,443.63. The disclosure for this sale can be found here. In the last quarter, insiders sold 68,678 shares of company stock valued at $17,441,298. Company insiders own 5.00% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. KeyCorp boosted their target price on shares of Inspire Medical Systems from $287.00 to $303.00 and gave the company an “overweight” rating in a research note on Friday, January 13th. Piper Sandler boosted their target price on shares of Inspire Medical Systems from $300.00 to $305.00 and gave the company an “overweight” rating in a research note on Wednesday, February 8th. Lake Street Capital upped their price objective on Inspire Medical Systems from $250.00 to $305.00 in a research note on Wednesday, February 8th. JPMorgan Chase & Co. upped their price objective on Inspire Medical Systems from $271.00 to $300.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 8th. Finally, The Goldman Sachs Group upgraded Inspire Medical Systems from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $245.00 to $308.00 in a research note on Tuesday, December 13th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $303.00.

Inspire Medical Systems Stock Performance

Shares of Inspire Medical Systems stock opened at $264.26 on Friday. The company has a market capitalization of $7.68 billion, a P/E ratio of -161.13 and a beta of 1.47. The company has a fifty day moving average of $256.57 and a 200 day moving average of $222.93. Inspire Medical Systems, Inc. has a fifty-two week low of $142.74 and a fifty-two week high of $282.31.

Inspire Medical Systems (NYSE:INSP – Get Rating) last issued its earnings results on Tuesday, February 7th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.64. The company had revenue of $137.90 million during the quarter, compared to the consensus estimate of $137.75 million. Inspire Medical Systems had a negative net margin of 11.00% and a negative return on equity of 12.66%. Inspire Medical Systems’s quarterly revenue was up 75.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.09) EPS. Analysts forecast that Inspire Medical Systems, Inc. will post -1.32 EPS for the current year.

About Inspire Medical Systems

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Inspire Medical Systems, Inc engages in the development and commercialization of minimally invasive solutions for patients with obstructive sleep apnea. It offers inspire therapy, which consists of a remote control and implantable components that includes pressure sensing lead, a neurostimulator, and a stimulation lead.