Assenagon Asset Management S.A. Cuts Stake in Inspire Medical Systems, Inc. (NYSE:INSP)

Assenagon Asset Management S.A. cut its position in Inspire Medical Systems, Inc. (NYSE:INSP) by 53.8% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 1,541 shares of the company’s stock after selling 1,796 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Inspire Medical Systems were worth $206,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Principal Securities Inc. purchased a new stake in shares of Inspire Medical Systems during the fourth quarter valued at $54,000. RiverPark Advisors LLC lifted its stake in 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 acquiring an additional 605 shares during the period. International Assets Investment Management LLC bought a new position in Inspire Medical Systems during the 4th quarter valued at about $166,000. Great Lakes Advisors LLC bought a new stake in shares of Inspire Medical Systems in the fourth quarter worth approximately $201,000. Finally, Van ECK Associates Corp raised its holdings in shares of Inspire Medical Systems by 16.8% during the fourth quarter. Van ECK Associates Corp now owns 996 shares of the company’s stock valued at $203,000 after purchasing an additional 143 shares during the last quarter. Institutional investors own 94.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on INSP. Truist Financial cut their target price on shares of Inspire Medical Systems from $280.00 to $217.00 and set a “buy” rating for the company in a research report on Tuesday, July 16th. Stifel Nicolaus reduced their price objective 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. KeyCorp dropped their target price on Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $260.00 price target on shares of Inspire Medical Systems in a research report on Wednesday, August 7th. Finally, Morgan Stanley dropped their price objective on shares of Inspire Medical Systems from $250.00 to $210.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Inspire Medical Systems presently has a consensus rating of “Moderate Buy” and an average target price of $219.79.

Insider Transactions at Inspire Medical Systems

In related news, insider Randy Ban sold 4,861 shares of Inspire Medical Systems stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $188.55, for a total transaction of $916,541.55. Following the sale, the insider now owns 3,056 shares of the company’s stock, valued at approximately $576,208.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.10% of the company’s stock.

Inspire Medical Systems Price Performance

Shares of NYSE:INSP opened at $191.48 on Monday. The company has a market capitalization of $5.69 billion, a P/E ratio of -348.15 and a beta of 1.31. Inspire Medical Systems, Inc. has a 1-year low of $123.00 and a 1-year high of $257.40. The firm’s 50 day simple moving average is $154.46 and its two-hundred day simple moving average is $180.62.

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 company had revenue of $195.89 million for the quarter, compared to analysts’ expectations of $189.08 million. During the same quarter in the previous year, the company earned ($0.41) EPS. Inspire Medical Systems’s revenue for the quarter was up 29.6% on a year-over-year basis. On average, sell-side analysts anticipate that Inspire Medical Systems, Inc. will post 0.15 earnings per share for the current fiscal year.

Inspire Medical Systems Profile

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.