Inspire Medical Systems (INSP) Consolidated in Q1 after Trading at High Valuations

Mairs & Power, an investment advisor, released “Mairs & Power Small Cap Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund was up 0.83% compared to a 2.57% return for the S&P Small Cap 600 TR benchmark and the Morningstar U.S. Fund Small Blend’s 3.17% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Mairs & Power Small Cap Fund highlighted stocks like Inspire Medical Systems, Inc. (NYSE:INSP) in the first quarter 2023 investor letter. Headquartered in Golden Valley, Minnesota, Inspire Medical Systems, Inc. (NYSE:INSP) is a medical technology company. On June 13, 2023, Inspire Medical Systems, Inc. (NYSE:INSP) stock closed at $306.19 per share. One-month return of Inspire Medical Systems, Inc. (NYSE:INSP) was 2.56%, and its shares gained 87.57% of their value over the last 52 weeks. Inspire Medical Systems, Inc. (NYSE:INSP) has a market capitalization of $8.932 billion.

Mairs & Power Small Cap Fund made the following comment about Inspire Medical Systems, Inc. (NYSE:INSP) in its first quarter 2023 investor letter:

“Also detracting from relative performance was Inspire Medical Systems, Inc. (NYSE:INSP), a Minnesota-based provider of medical devices for treating obstructive sleep apnea, that had traded at higher valuations and needed to consolidate.”

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Inspire Medical Systems, Inc. (NYSE:INSP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held Inspire Medical Systems, Inc. (NYSE:INSP) at the end of first quarter 2023 which was 35 in the previous quarter.

We discussed Inspire Medical Systems, Inc. (NYSE:INSP) in another article and shared Baron Health Care Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.