Citigroup Inc. Lowers Position in Inspire Medical Systems, Inc. (NYSE:INSP)

Citigroup Inc. cut its holdings in Inspire Medical Systems, Inc. (NYSE:INSP) by 45.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,771 shares of the company’s stock after selling 14,742 shares during the quarter. Citigroup Inc.’s holdings in Inspire Medical Systems were worth $3,751,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in INSP. SouthState Corp purchased a new stake in Inspire Medical Systems in the second quarter worth about $27,000. Farther Finance Advisors LLC lifted 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 lifted its position in shares of Inspire Medical Systems by 559.3% during the third quarter. GAMMA Investing LLC now owns 178 shares of the company’s stock valued at $38,000 after buying an additional 151 shares during the last quarter. Quarry LP lifted its position in shares of Inspire Medical Systems by 105.4% during the second 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. purchased a new stake in shares of Inspire Medical Systems during the second quarter valued at about $53,000. 94.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on INSP. Stifel Nicolaus reissued a “hold” rating and set a $200.00 price target (up from $170.00) on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Bank of America raised shares of 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, November 20th. Royal Bank of Canada reissued an “outperform” rating and set a $260.00 price target on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Wells Fargo & Company increased their price objective on shares of Inspire Medical Systems from $187.00 to $198.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Robert W. Baird increased their price objective on shares of Inspire Medical Systems from $240.00 to $252.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $233.58.

Insider Buying and Selling

In other news, Director Shawn Mccormick sold 800 shares of the firm’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 transaction of $176,000.00. Following the sale, the director now owns 23,140 shares of the company’s stock, valued at $5,090,800. This trade represents a 3.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.10% of the stock is owned by corporate insiders.

Inspire Medical Systems Trading Up 2.6 %

Shares of NYSE:INSP opened at $196.92 on Thursday. Inspire Medical Systems, Inc. has a twelve month low of $123.00 and a twelve month high of $257.40. The company’s 50 day moving average is $196.85 and its 200 day moving average is $177.06. The company has a market cap of $5.90 billion, a PE ratio of 184.04 and a beta of 1.31.

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

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.