Kornitzer Capital Management Inc. KS decreased its stake in Inspire Medical Systems (NYSE:INSP) by 12.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 144,785 shares of the company’s stock after selling 20,685 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Inspire Medical Systems were worth $8,835,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. California Public Employees Retirement System lifted its holdings in shares of Inspire Medical Systems by 11.3% in the 3rd quarter. California Public Employees Retirement System now owns 23,666 shares of the company’s stock worth $1,444,000 after purchasing an additional 2,401 shares during the last quarter. Commonwealth Equity Services LLC increased its position in Inspire Medical Systems by 10.4% in the 3rd quarter. Commonwealth Equity Services LLC now owns 7,023 shares of the company’s stock valued at $428,000 after acquiring an additional 660 shares during the period. BB&T Securities LLC acquired a new stake in Inspire Medical Systems in the 3rd quarter valued at approximately $265,000. Harbour Capital Advisors LLC acquired a new stake in Inspire Medical Systems in the 3rd quarter valued at approximately $226,000. Finally, FinTrust Capital Advisors LLC increased its position in Inspire Medical Systems by 250.0% in the 3rd quarter. FinTrust Capital Advisors LLC now owns 2,100 shares of the company’s stock valued at $129,000 after acquiring an additional 1,500 shares during the period. 83.05% of the stock is currently owned by institutional investors and hedge funds.
In other news, CFO Richard Buchholz sold 4,000 shares of Inspire Medical Systems stock in a transaction on Monday, August 19th. The stock was sold at an average price of $66.86, for a total transaction of $267,440.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Marilyn C. Nelson sold 60,000 shares of Inspire Medical Systems stock in a transaction on Monday, September 9th. The shares were sold at an average price of $66.71, for a total value of $4,002,600.00. Over the last quarter, insiders have sold 191,790 shares of company stock worth $12,433,812. 12.10% of the stock is owned by insiders.
Several research firms recently commented on INSP. ValuEngine cut Inspire Medical Systems from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Berenberg Bank upgraded Inspire Medical Systems from a “sell” rating to a “hold” rating and raised their target price for the company from $46.00 to $51.00 in a research report on Wednesday. Zacks Investment Research upgraded Inspire Medical Systems from a “hold” rating to a “strong-buy” rating and set a $69.00 target price on the stock in a research report on Saturday. Finally, Dougherty & Co set a $78.00 target price on Inspire Medical Systems and gave the company a “buy” rating in a research report on Friday, September 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Inspire Medical Systems has an average rating of “Hold” and an average target price of $68.25.
INSP traded up $4.31 during trading hours on Friday, hitting $64.05. The company’s stock had a trading volume of 405,533 shares, compared to its average volume of 306,413. Inspire Medical Systems has a fifty-two week low of $35.43 and a fifty-two week high of $71.71. The company has a current ratio of 20.46, a quick ratio of 20.05 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $1.45 billion, a PE ratio of -42.70 and a beta of 1.22. The company has a 50-day simple moving average of $58.89 and a 200 day simple moving average of $60.15.
Inspire Medical Systems (NYSE:INSP) last posted its earnings results on Tuesday, November 5th. The company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.43) by $0.09. Inspire Medical Systems had a negative return on equity of 18.32% and a negative net margin of 40.36%. The firm had revenue of $20.86 million for the quarter, compared to analysts’ expectations of $19.15 million. During the same period last year, the firm earned ($0.22) EPS. The firm’s revenue was up 59.8% compared to the same quarter last year. Research analysts expect that Inspire Medical Systems will post -1.55 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). It offers Inspire system, a neurostimulation technology that provides a safe and effective treatment for moderate to severe obstructive sleep apnea.
Further Reading: Hold Rating
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