CIBC Asset Management Inc Acquires Shares of 1,350 Inspire Medical Systems, Inc. (NYSE:INSP)

CIBC Asset Management Inc bought a new position in shares of Inspire Medical Systems, Inc. (NYSE:INSP) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,350 shares of the company’s stock, valued at approximately $285,000.

A number of other large investors also recently modified their holdings of the company. SouthState Corp bought a new stake in Inspire Medical Systems during the 2nd quarter worth approximately $27,000. Farther Finance Advisors LLC boosted its position in shares of Inspire Medical Systems by 1,158.3% during the third quarter. Farther Finance Advisors LLC now owns 151 shares of the company’s stock valued at $32,000 after buying an additional 139 shares during the last quarter. GAMMA Investing LLC grew its holdings in Inspire Medical Systems by 559.3% during the third quarter. GAMMA Investing LLC now owns 178 shares of the company’s stock worth $38,000 after buying an additional 151 shares in the last quarter. Quarry LP raised its position in Inspire Medical Systems by 105.4% in the 2nd quarter. Quarry LP now owns 343 shares of the company’s stock valued at $46,000 after buying an additional 176 shares during the last quarter. Finally, Daiwa Securities Group Inc. bought a new position in Inspire Medical Systems during the 2nd quarter valued at $53,000. 94.91% of the stock is currently owned by institutional investors.

Inspire Medical Systems Price Performance

Shares of INSP opened at $188.73 on Friday. The firm has a market cap of $5.66 billion, a PE ratio of 176.38 and a beta of 1.36. Inspire Medical Systems, Inc. has a 1 year low of $123.00 and a 1 year high of $257.40. The stock’s fifty day moving average price is $199.53 and its two-hundred day moving average price is $175.81.

Inspire Medical Systems (NYSE:INSP) last issued its earnings results on Monday, November 4th. The company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.54. The firm had revenue of $203.20 million during the quarter, compared to analyst estimates of $197.59 million. Inspire Medical Systems had a net margin of 4.37% and a return on equity of 5.30%. The company’s quarterly revenue was up 32.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.29) earnings per share. Sell-side analysts anticipate that Inspire Medical Systems, Inc. will post 1.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on INSP. Truist Financial reiterated a “buy” rating and issued a $240.00 target price (up previously from $217.00) on shares of Inspire Medical Systems in a research note on Monday, September 30th. Leerink Partners boosted their price target on shares of Inspire Medical Systems from $167.00 to $197.00 and gave the stock a “market perform” rating in a report on Tuesday, September 10th. Royal Bank of Canada reiterated an “outperform” rating and issued a $260.00 price objective on shares of Inspire Medical Systems in a research note on Tuesday, November 5th. Wells Fargo & Company boosted their target price on Inspire Medical Systems from $187.00 to $198.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Finally, Bank of America raised Inspire Medical Systems from a “neutral” rating to a “buy” rating and increased their price target for the company from $220.00 to $255.00 in a research report on Wednesday. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Inspire Medical Systems has a consensus rating of “Moderate Buy” and a consensus price target of $233.58.

Insider Buying and Selling

In other news, Director Shawn Mccormick sold 800 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $220.00, for a total transaction of $176,000.00. Following the sale, the director now directly owns 23,140 shares in the company, valued at $5,090,800. This represents a 3.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 4.10% of the stock is owned by insiders.

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.