State Board of Administration of Florida Retirement System Has $1.91 Million Holdings in Inspire Medical Systems, Inc. (NYSE:INSP)

Posted by Defense World Staff on Sep 20th, 2023

State Board of Administration of Florida Retirement System lessened its stake in Inspire Medical Systems, Inc. (NYSE:INSP – Free Report) by 6.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,144 shares of the company’s stock after selling 540 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Inspire Medical Systems were worth $1,906,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. James Investment Research Inc. acquired a new position in Inspire Medical Systems during the first quarter worth about $26,000. Altshuler Shaham Ltd acquired a new position in Inspire Medical Systems during the fourth quarter worth about $29,000. American National Bank acquired a new position in Inspire Medical Systems during the first quarter worth about $29,000. Parkside Financial Bank & Trust acquired a new position in Inspire Medical Systems during the first quarter worth about $37,000. Finally, Meeder Asset Management Inc. raised its stake in Inspire Medical Systems by 7,850.0% during the fourth quarter. Meeder Asset Management Inc. now owns 159 shares of the company’s stock worth $40,000 after acquiring an additional 157 shares in the last quarter. Institutional investors and hedge funds own 94.91% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on INSP. UBS Group lowered their target price on Inspire Medical Systems from $405.00 to $322.00 and set a “buy” rating for the company in a research note on Wednesday, September 6th. Mizuho upped their price objective on Inspire Medical Systems from $300.00 to $380.00 in a research note on Monday, July 17th. JPMorgan Chase & Co. upped their price objective on Inspire Medical Systems from $300.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, August 2nd. Bank of America upped their price objective on Inspire Medical Systems from $310.00 to $355.00 in a research note on Tuesday, July 4th. Finally, KeyCorp upped their price objective on Inspire Medical Systems from $321.00 to $335.00 in a research note on Thursday, June 8th. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $345.08.

Get Our Latest Stock Analysis on Inspire Medical Systems

Insider Transactions at Inspire Medical Systems

In other news, Director Jerry C. Griffin sold 529 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $322.09, for a total transaction of $170,385.61. Following the completion of the sale, the director now owns 6,968 shares of the company’s stock, valued at approximately $2,244,323.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold a total of 3,174 shares of company stock valued at $989,590 in the last quarter. 4.50% of the stock is currently owned by company insiders.

Inspire Medical Systems Stock Performance

Inspire Medical Systems stock opened at $203.53 on Wednesday. Inspire Medical Systems, Inc. has a 52-week low of $159.62 and a 52-week high of $330.00. The firm has a 50 day moving average price of $254.20 and a two-hundred day moving average price of $270.04. The firm has a market cap of $5.97 billion, a price-to-earnings ratio of -141.34 and a beta of 1.40.

Inspire Medical Systems (NYSE:INSP – Get Free Report) last released its quarterly earnings results on Tuesday, August 1st. The company reported ($0.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.51) by $0.10. Inspire Medical Systems had a negative net margin of 7.81% and a negative return on equity of 8.21%. The firm had revenue of $151.09 million during the quarter, compared to analyst estimates of $136.47 million. During the same quarter last year, the business earned ($0.53) EPS. The company’s revenue was up 65.3% compared to the same quarter last year. As a group, equities research analysts predict that Inspire Medical Systems, Inc. will post -1.76 EPS for the current fiscal year.

Inspire Medical Systems Company Profile

(Free Report)

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.