Fifth Third Bancorp Takes Position in Inspire Medical Systems, Inc. (NYSE:INSP)

Fifth Third Bancorp bought a new stake in Inspire Medical Systems, Inc. (NYSE:INSP) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 1,284 shares of the company’s stock, valued at approximately $172,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new stake in shares of Inspire Medical Systems during the fourth quarter valued at approximately $166,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Inspire Medical Systems by 14.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,408 shares of the company’s stock valued at $1,304,000 after purchasing an additional 785 shares in the last quarter. abrdn plc bought a new stake in Inspire Medical Systems during the 4th quarter valued at $9,350,000. Handelsbanken Fonder AB raised its holdings in Inspire Medical Systems by 3.6% during the fourth quarter. Handelsbanken Fonder AB now owns 5,700 shares of the company’s stock worth $1,160,000 after buying an additional 200 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D lifted its stake in shares of Inspire Medical Systems by 6.5% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 17,791 shares of the company’s stock valued at $3,619,000 after buying an additional 1,087 shares in the last quarter. 94.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Piper Sandler boosted their target price on shares of Inspire Medical Systems from $250.00 to $255.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. KeyCorp lowered their price objective on Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Truist Financial cut their target price on Inspire Medical Systems from $280.00 to $217.00 and set a “buy” rating on the stock in a research report on Tuesday, July 16th. Stifel Nicolaus lowered their price target on Inspire Medical Systems from $210.00 to $170.00 and set a “hold” rating for the company in a research report on Monday, June 24th. Finally, Bank of America cut their price objective on shares of Inspire Medical Systems from $225.00 to $185.00 and set a “neutral” rating on the stock in a report on Monday, June 3rd. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $219.79.

Inspire Medical Systems Stock Performance

Shares of NYSE:INSP opened at $191.48 on Friday. The company has a market capitalization of $5.69 billion, a P/E ratio of -348.15 and a beta of 1.31. The company’s 50-day moving average is $154.46 and its 200 day moving average is $180.77. Inspire Medical Systems, Inc. has a fifty-two week low of $123.00 and a fifty-two week high of $257.40.

Inspire Medical Systems (NYSE:INSP) last released its earnings results on Tuesday, August 6th. The company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.46. Inspire Medical Systems had a negative net margin of 2.38% and a negative return on equity of 2.82%. The firm had revenue of $195.89 million for the quarter, compared to analysts’ expectations of $189.08 million. During the same period in the previous year, the company earned ($0.41) earnings per share. The company’s quarterly revenue was up 29.6% on a year-over-year basis. As a group, research analysts predict that Inspire Medical Systems, Inc. will post 0.15 earnings per share for the current year.

Insider Buying and Selling at Inspire Medical Systems

In other Inspire Medical Systems news, insider Randy Ban sold 4,861 shares of the firm’s stock in a transaction 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 sale, the insider now directly owns 3,056 shares of the company’s stock, valued at $576,208.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 4.10% of the stock is owned by corporate insiders.

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.