Inspire Medical Systems, Inc. (NYSE:INSP) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC lowered its stake in Inspire Medical Systems, Inc. (NYSE:INSP) by 32.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 73,600 shares of the company’s stock after selling 36,000 shares during the period. Renaissance Technologies LLC owned 0.25% of Inspire Medical Systems worth $9,850,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. SouthState Corp purchased a new position in Inspire Medical Systems in the 2nd quarter worth $27,000. Daiwa Securities Group Inc. acquired a new stake in shares of Inspire Medical Systems during the second quarter worth about $53,000. RiverPark Advisors LLC boosted its position in Inspire Medical Systems by 360.1% in the first quarter. RiverPark Advisors LLC now owns 773 shares of the company’s stock valued at $166,000 after buying an additional 605 shares during the last quarter. Van ECK Associates Corp increased its holdings in Inspire Medical Systems by 7.5% in the 2nd quarter. Van ECK Associates Corp now owns 1,029 shares of the company’s stock worth $138,000 after buying an additional 72 shares during the period. Finally, Moody National Bank Trust Division purchased a new position in Inspire Medical Systems during the 1st quarter worth approximately $238,000. 94.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

INSP has been the subject of a number of recent research reports. Leerink Partners lifted their price objective on Inspire Medical Systems from $167.00 to $197.00 and gave the company a “market perform” rating in a research note on Tuesday, September 10th. KeyCorp decreased their price objective on shares of Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Bank of America dropped their target price on Inspire Medical Systems from $225.00 to $185.00 and set a “neutral” rating on the stock in a research report on Monday, June 3rd. Truist Financial reduced their price target on Inspire Medical Systems from $280.00 to $217.00 and set a “buy” rating for the company in a report on Tuesday, July 16th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $260.00 price target on shares of Inspire Medical Systems in a research report on Wednesday, August 7th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $214.85.

Inspire Medical Systems Trading Up 1.8 %

INSP stock opened at $216.71 on Tuesday. The firm has a 50-day moving average of $178.04 and a two-hundred day moving average of $182.08. The company has a market cap of $6.44 billion, a price-to-earnings ratio of -394.02 and a beta of 1.33. Inspire Medical Systems, Inc. has a 12 month low of $123.00 and a 12 month high of $257.40.

Inspire Medical Systems (NYSE:INSP) last issued its earnings results on Tuesday, August 6th. The company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.46. The company had revenue of $195.89 million for the quarter, compared to the consensus estimate of $189.08 million. Inspire Medical Systems had a net margin of 0.85% and a return on equity of 1.03%. Inspire Medical Systems’s quarterly revenue was up 29.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.41) earnings per share. As a group, equities analysts forecast that Inspire Medical Systems, Inc. will post 0.75 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Shawn Mccormick sold 800 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $220.00, for a total value of $176,000.00. Following the transaction, the director now owns 23,140 shares of the company’s stock, valued at approximately $5,090,800. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Shawn Mccormick sold 800 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $220.00, for a total value of $176,000.00. Following the transaction, the director now directly owns 23,140 shares in the company, valued at approximately $5,090,800. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Randy Ban sold 4,861 shares of the 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 transaction, the insider now directly owns 3,056 shares of the company’s stock, valued at approximately $576,208.80. The disclosure for this sale can be found here. Insiders sold a total of 5,692 shares of company stock valued at $1,099,207 over the last quarter. 4.10% of the stock is owned by 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.