TimesSquare Capital Management LLC Invests $80.42 Million in Inspire Medical Systems, Inc. (NYSE:INSP)

TimesSquare Capital Management LLC acquired a new position in Inspire Medical Systems, Inc. (NYSE:INSP) during the 4th quarter, according to its most recent filing with the SEC. The fund acquired 433,806 shares of the company’s stock, valued at approximately $80,419,000. Inspire Medical Systems makes up about 1.2% of TimesSquare Capital Management LLC’s holdings, making the stock its 23rd largest holding.

Several other institutional investors and hedge funds have also made changes to their positions in the business. State Street Corp lifted its holdings in Inspire Medical Systems by 78.0% in the 3rd quarter. State Street Corp now owns 1,049,784 shares of the company’s stock valued at $221,557,000 after purchasing an additional 459,990 shares in the last quarter. Point72 Asset Management L.P. increased its position in Inspire Medical Systems by 954.4% during the 3rd quarter. Point72 Asset Management L.P. now owns 319,364 shares of the company’s stock worth $67,402,000 after purchasing an additional 289,075 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in Inspire Medical Systems by 798.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 267,852 shares of the company’s stock worth $56,530,000 after purchasing an additional 238,034 shares in the last quarter. Riverbridge Partners LLC acquired a new stake in Inspire Medical Systems during the 4th quarter worth approximately $26,342,000. Finally, Principal Financial Group Inc. increased its position in Inspire Medical Systems by 3,812.6% during the 3rd quarter. Principal Financial Group Inc. now owns 141,089 shares of the company’s stock worth $29,777,000 after purchasing an additional 137,483 shares in the last quarter. 94.91% of the stock is currently owned by hedge funds and other institutional investors.

Inspire Medical Systems Stock Performance

Shares of INSP opened at $180.28 on Wednesday. The stock’s fifty day moving average is $188.85 and its 200-day moving average is $192.69. The firm has a market capitalization of $5.35 billion, a price-to-earnings ratio of 104.21, a price-to-earnings-growth ratio of 2.97 and a beta of 1.32. Inspire Medical Systems, Inc. has a one year low of $123.00 and a one year high of $257.40.

Inspire Medical Systems (NYSE:INSP) last issued its quarterly earnings results on Monday, February 10th. The company reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.41. Inspire Medical Systems had a return on equity of 8.19% and a net margin of 6.67%. Analysts forecast that Inspire Medical Systems, Inc. will post 2.17 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on INSP. Robert W. Baird lowered their price objective on shares of Inspire Medical Systems from $252.00 to $248.00 and set an “outperform” rating for the company in a research report on Tuesday, February 11th. KeyCorp reissued an “overweight” rating and set a $234.00 price target (down previously from $236.00) on shares of Inspire Medical Systems in a research report on Friday, January 24th. Bank of America raised shares of Inspire Medical Systems from a “neutral” rating to a “buy” rating and raised their price target for the stock from $220.00 to $255.00 in a research report on Wednesday, November 20th. Piper Sandler decreased their price target on shares of Inspire Medical Systems from $260.00 to $233.00 and set an “overweight” rating for the company in a research report on Monday, February 10th. Finally, Morgan Stanley reduced their price objective on Inspire Medical Systems from $230.00 to $220.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 11th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $228.82.

Insiders Place Their Bets

In other news, insider Randy Ban sold 25,584 shares of Inspire Medical Systems stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $183.50, for a total transaction of $4,694,664.00. Following the completion of the sale, the insider now directly owns 7,259 shares in the company, valued at $1,332,026.50. The trade was a 77.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO John Rondoni sold 583 shares of Inspire Medical Systems stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $170.49, for a total value of $99,395.67. Following the completion of the transaction, the chief technology officer now directly owns 10,424 shares in the company, valued at approximately $1,777,187.76. This represents a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,225 shares of company stock worth $4,806,530. 4.10% of the stock is currently owned by company insiders.

Inspire Medical Systems Company 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.