Wasatch Advisors LP Boosts Stock Position in Inspire Medical Systems, Inc. (NYSE:INSP)

Wasatch Advisors LP increased its position in shares of Inspire Medical Systems, Inc. (NYSE:INSP) by 0.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,102,867 shares of the company’s stock after acquiring an additional 5,522 shares during the period. Inspire Medical Systems comprises 1.2% of Wasatch Advisors LP’s investment portfolio, making the stock its 27th biggest position. Wasatch Advisors LP owned approximately 3.64% of Inspire Medical Systems worth $236,885,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in shares of Inspire Medical Systems by 46.4% in the fourth quarter. Wellington Management Group LLP now owns 1,430,266 shares of the company’s stock valued at $290,959,000 after acquiring an additional 453,294 shares in the last quarter. Baillie Gifford & Co. boosted its stake in shares of Inspire Medical Systems by 6,846.9% in the 4th quarter. Baillie Gifford & Co. now owns 1,229,879 shares of the company’s stock valued at $250,194,000 after buying an additional 1,212,175 shares during the period. Frontier Capital Management Co. LLC increased its stake in shares of Inspire Medical Systems by 105.2% during the fourth quarter. Frontier Capital Management Co. LLC now owns 742,046 shares of the company’s stock worth $150,954,000 after buying an additional 380,362 shares during the period. Jennison Associates LLC raised its holdings in Inspire Medical Systems by 648.2% in the fourth quarter. Jennison Associates LLC now owns 304,886 shares of the company’s stock valued at $62,023,000 after acquiring an additional 264,139 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Inspire Medical Systems by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 263,938 shares of the company’s stock worth $53,693,000 after acquiring an additional 7,716 shares during the last quarter. 94.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Truist Financial restated a “buy” rating and issued a $280.00 price objective on shares of Inspire Medical Systems in a report on Wednesday, March 20th. Stifel Nicolaus lowered their price objective on Inspire Medical Systems from $210.00 to $170.00 and set a “hold” rating for the company in a research report on Monday, June 24th. Morgan Stanley assumed coverage on Inspire Medical Systems in a report on Tuesday, March 19th. They issued an “overweight” rating and a $250.00 price objective on the stock. Mizuho restated a “buy” rating and set a $250.00 target price on shares of Inspire Medical Systems in a research note on Wednesday, March 27th. Finally, Bank of America dropped their price target on shares of Inspire Medical Systems from $225.00 to $185.00 and set a “neutral” rating on the stock in a research note on Monday, June 3rd. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Inspire Medical Systems presently has an average rating of “Moderate Buy” and a consensus target price of $251.20.

Insider Activity

In other news, CFO Richard Buchholz sold 15,000 shares of the company’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $230.03, for a total value of $3,450,450.00. Following the sale, the chief financial officer now directly owns 28,271 shares in the company, valued at $6,503,178.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 4.10% of the company’s stock.

Inspire Medical Systems Price Performance

Shares of INSP stock traded down $4.44 during midday trading on Tuesday, reaching $134.27. 387,842 shares of the company traded hands, compared to its average volume of 600,164. The firm’s 50 day simple moving average is $173.32 and its two-hundred day simple moving average is $191.79. The firm has a market cap of $3.99 billion, a PE ratio of -244.13 and a beta of 1.31. Inspire Medical Systems, Inc. has a 1-year low of $123.27 and a 1-year high of $330.00.

Inspire Medical Systems (NYSE:INSP) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.63) by $0.29. The firm had revenue of $164.01 million during the quarter, compared to analysts’ expectations of $161.41 million. Inspire Medical Systems had a negative return on equity of 2.82% and a negative net margin of 2.38%. Inspire Medical Systems’s revenue was up 28.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.53) earnings per share. As a group, research analysts anticipate that Inspire Medical Systems, Inc. will post 0.16 earnings per share for the current fiscal year.

Inspire Medical Systems 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.