Inspire Medical Systems

INSP • NYSE

Inspire Medical Systems is a medical - devices company in the healthcare sector on NYSE, led by Timothy P. Herbert, with a market cap of $3.8B. As of Q3 2025, 105% of shares are held by 316 institutional investors, with BlackRock, Inc. as the largest holder at 11.99%.

Chief Executive OfficerTimothy P. Herbert

Market Cap$3.8B

Medical - Devices

Healthcare

Employees1.0K

Websiteinspiresleep.com

Country

United States of America

Overview

Overview of institutional ownership in INSP as of Q3 2025 with a market cap of $2.2B

All Institutions

Institutions: 316
Value Held: $2.3B
Shares Held: 31.1M
Avg Position: $7.3M
Median Position: $721.7K

Hedge Funds

Hedge Funds: 59
Value Held: $575.1M
Shares Held: 7.8M
Avg Position: $9.7M
Median Position: $2.2M

Ownership Breakdown

Institutional (non-HF)

79.01%

$1.7B

Hedge Funds

26.21%

$575.1M

Retail & Other

Based on market cap of $2.2B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in INSP as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$263.2M 0.00% of portfolio	11.99% 3.5M shares	Q2 2018 Held for 7y 5m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$222.6M 0.00% of portfolio	10.14% 3.0M shares	Q2 2018 Held for 7y 5m	$6.69T
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	Kenneth Cordele Griffin CEO	$129.7M 0.11% of portfolio	5.91% 1.7M shares	Q2 2018 Held for 7y 5m	$122.08B
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Long Only Manager	Brent Walker Gledhill CEO	$96.3M 0.25% of portfolio	4.39% 1.3M shares	Q4 2020 Held for 4y 11m	$38.7B
B BAILLIE GIFFORD & CO Institution	-	$80.5M 0.06% of portfolio	3.67% 1.1M shares	Q4 2020 Held for 4y 11m	$134.80B
DEERFIELD MANAGEMENT CO /NY Hedge Fund•Long/Short	James Edward Flynn President	$77.7M 1.29% of portfolio	3.54% 1.0M shares	Q2 2025 Held for 5 months	$6.0B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$72.7M 0.00% of portfolio	3.31% 979.3K shares	Q2 2018 Held for 7y 5m	$2.88T
B BRAIDWELL LP Hedge Fund•Multi-Strategy	Brian James Kreiter CEO	$65.6M 2.65% of portfolio	2.99% 883.7K shares	Q3 2023 Held for 2y 2m	$2.5B
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	James Poucher CEO	$61.9M 0.01% of portfolio	2.82% 833.6K shares	Q3 2019 Held for 6y 2m	$460.61B
FMR LLC Institution	-	$55.6M 0.00% of portfolio	2.53% 749.3K shares	Q4 2019 Held for 5y 11m	$1.92T

Net Capital Flow

Institutional buying and selling activity for INSP in Q3 2025

Traded: −$225.7M
Buyers: 168
Sellers: 210
Total Bought: +$750.1M
Total Sold: −$975.8M
Avg Position: $5.7M

Biggest Buyers

Institution	Net Bought	Current Position
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$129.1M +1.7M shares	$129.7M 1.7M shares
DEERFIELD MANAGEMENT CO /NY Hedge Fund•Long/Short	+$67.4M +907.7K shares	$77.7M 1.0M shares
Soleus Capital Management, L.P. Hedge Fund•Long/Short	+$45.9M +619.2K shares	$54.0M 728.2K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$45.6M +614.4K shares	$45.6M 614.4K shares
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Long Only Manager	+$39.2M +528.4K shares	$96.3M 1.3M shares
B BNP PARIBAS ARBITRAGE, SA Institution	+$34.3M +462.4K shares	$38.7M 522.2K shares
B BRAIDWELL LP Hedge Fund•Multi-Strategy	+$26.8M +361.3K shares	$65.6M 883.7K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$26.5M +356.8K shares	$26.5M 356.8K shares
D D. E. Shaw & Co., Inc. Institution	+$25.6M +344.6K shares	$26.6M 358.9K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	+$16.7M +225.3K shares	$61.9M 833.6K shares

Biggest Sellers

Institution	Net Sold	Current Position
Dragoneer Investment Group, LLC Hedge Fund•Long/Short	−$305.5M −2.4M shares	Sold Off 0 shares
FMR LLC Institution	−$114.0M −1.5M shares	$55.6M 749.3K shares
TimesSquare Capital Management, LLC Long Only Manager	−$64.8M −499.2K shares	Sold Off 0 shares
FRONTIER CAPITAL MANAGEMENT CO LLC Long Only Manager	−$39.4M −530.9K shares	$12.0M 162.3K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	−$29.9M −230.2K shares	Sold Off 0 shares
B BlackRock, Inc. Institution	−$24.2M −326.6K shares	$263.2M 3.5M shares
JPMORGAN CHASE & CO Institution	−$22.5M −303.7K shares	$6.0M 80.4K shares
BAMCO INC /NY/ Long Only Manager	−$22.4M −301.7K shares	$14.1M 190.0K shares
M Man Group plc Institution	−$22.0M −296.5K shares	$6.2M 83.8K shares
Eversept Partners, LLC Hedge Fund•Long/Short	−$21.3M −164.5K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited INSP in Q3 2025

New Positions: 24
New Value: $33.3M
Exited Positions: 92
Exited Value: $555.6M

New Positions

Institution	Position Value
RA CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	$8.5M 114.9K shares
VGI PARTNERS PTY Ltd Hedge Fund•Long/Short	$7.5M 101.7K shares
Voleon Capital Management LP Hedge Fund•Quant	$5.8M 78.5K shares
Weiss Asset Management LP Hedge Fund•Multi-Strategy	$4.7M 63.0K shares
Exome Asset Management LLC Hedge Fund•Sector	$1.4M 18.6K shares
D DAFNA Capital Management LLC Hedge Fund•Event Driven	$1.3M 17.2K shares
Q Quantitative Investment Management, LLC Hedge Fund•Quant Macro	$867.5K 11.7K shares
F Freestone Grove Partners LP Hedge Fund•Multi-Strategy	$643.8K 8.7K shares
P Point72 Asia Pte. Ltd. Institution	$494.1K 6.7K shares
A ADAR1 Capital Management, LLC Hedge Fund•Long/Short	$445.2K 6.0K shares

Exited Positions

Institution	Previous Position
Dragoneer Investment Group, LLC Hedge Fund•Long/Short	$305.5M 2.4M shares
TimesSquare Capital Management, LLC Long Only Manager	$64.8M 499.2K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	$29.9M 230.2K shares
Eversept Partners, LLC Hedge Fund•Long/Short	$21.3M 164.5K shares
T Tri Locum Partners LP Hedge Fund•Long/Short	$19.4M 149.2K shares
LOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INC Long Only Manager	$17.8M 137.0K shares
N Neuberger Berman Group LLC Institution	$12.9M 99.8K shares
A AMERICAN CENTURY COMPANIES INC Institution	$7.3M 56.6K shares
I Impax Asset Management Group plc Long Only Manager	$6.5M 50.0K shares
JENNISON ASSOCIATES LLC Long Only Manager	$5.9M 45.4K shares

Options Activity

Institutions with the largest Call and Put options positions in INSP as of Q3 2025

Call Positions: 11
Call Value: $7.3M
Put Positions: 10
Put Value: $17.2M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.9M 394.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.3M 306.0 contracts
J JANE STREET GROUP, LLC Institution	$749.4K 101.0 contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$526.8K 71.0 contracts
W WOLVERINE TRADING, LLC Institution	$340.2K 45.0 contracts
C Cubist Systematic Strategies, LLC Institution	$282.0K 38.0 contracts
Walleye Trading LLC RIA/Wealth	$89.0K 12.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$74.2K 10.0 contracts
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	- - contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	- - contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$8.3M 1.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$5.8M 786.0 contracts
J JANE STREET GROUP, LLC Institution	$1.2M 168.0 contracts
W WOLVERINE TRADING, LLC Institution	$703.2K 93.0 contracts
C Cubist Systematic Strategies, LLC Institution	$415.5K 56.0 contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$385.8K 52.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$185.5K 25.0 contracts
Walleye Trading LLC RIA/Wealth	$89.0K 12.0 contracts
UBS OCONNOR LLC Long Only Manager	- - contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	- - contracts

Most Committed Institutions

Institutions with INSP as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Soleus Capital Management, L.P. Hedge Fund•Long/Short	Guy Bezalel Levy CIO	2.95% $54.0M	2.46% 728.2K shares	Q1 2025 Held for 8 months	$1.8B
B BRAIDWELL LP Hedge Fund•Multi-Strategy	Brian James Kreiter CEO	2.65% $65.6M	2.99% 883.7K shares	Q3 2023 Held for 2y 2m	$2.5B
K Kopp Family Office, LLC Institution	-	1.96% $3.0M	0.14% 40.6K shares	Q4 2022 Held for 2y 11m	$153.6M
Bullseye Asset Management LLC Hedge Fund•Long/Short	Jakob Vincent Holm Member	1.40% $2.7M	0.12% 36.1K shares	Q4 2019 Held for 5y 11m	$191.0M
DEERFIELD MANAGEMENT CO /NY Hedge Fund•Long/Short	James Edward Flynn President	1.29% $77.7M	3.54% 1.0M shares	Q2 2025 Held for 5 months	$6.0B
Atika Capital Management LLC Hedge Fund•Long/Short	Bradley Seth Farber Managing Partner	1.19% $13.9M	0.63% 187.6K shares	Q2 2018 Held for 7y 5m	$1.2B
Exome Asset Management LLC Hedge Fund•Sector	Alex R Forschner President	0.93% $1.4M	0.06% 18.6K shares	Q3 2025 Held for 2 months	$148.0M
BROWN CAPITAL MANAGEMENT LLC Long Only Manager	Keith Allison Lee CEO	0.85% $20.6M	0.94% 278.0K shares	Q1 2024 Held for 1y 8m	$2.4B
M MONIMUS CAPITAL MANAGEMENT, LP Hedge Fund•Long/Short	Brian Jeffrey Bellinger Managing Partner	0.74% $970.3K	0.04% 13.1K shares	Q4 2024 Held for 11 months	$130.6M
Integral Health Asset Management, LLC Hedge Fund•Sector	Bhagwan Jay Rao CIO	0.67% $8.9M	0.41% 120.0K shares	Q3 2021 Held for 4y 2m	$1.3B

Hedge Fund Spotlight

Discover hedge funds investing in INSP

VGI PARTNERS PTY Ltd

Hedge Fund • Long/Short

Portfolio ManagerBrendan John O'Connor

Portfolio Value: $1.4B
Positions: 85
Last Reported: Q3 2025

Sector Allocation

Position in Inspire Medical Systems

Market Value: $7.5M
Shares Held: 101.7K
Portfolio Weight: 0.54%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Newmont NEM	Gold Basic Materials	$188.1M	13.46%
2 Teck Resources TECK	Industrial Materials Basic Materials	$152.8M	10.94%
3 Bank of America BAC	Banks - Diversified Financial Services	$104.1M	7.45%