Jennison Associates LLC increased its holdings in Inspire Medical Systems, Inc. (NYSE:INSP - Free Report) by 40.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,602 shares of the company's stock after purchasing an additional 19,016 shares during the quarter. Jennison Associates LLC owned 0.22% of Inspire Medical Systems worth $10,608,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Dragoneer Investment Group LLC acquired a new position in Inspire Medical Systems in the fourth quarter worth approximately $161,486,000. Congress Asset Management Co. raised its position in shares of Inspire Medical Systems by 3,943.6% during the first quarter. Congress Asset Management Co. now owns 307,555 shares of the company's stock worth $48,987,000 after purchasing an additional 299,949 shares during the period. Marshall Wace LLP raised its position in shares of Inspire Medical Systems by 1,775.3% during the fourth quarter. Marshall Wace LLP now owns 277,131 shares of the company's stock worth $51,375,000 after purchasing an additional 262,353 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Inspire Medical Systems during the fourth quarter valued at $47,604,000. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of Inspire Medical Systems by 869.9% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 210,160 shares of the company's stock valued at $38,959,000 after purchasing an additional 188,492 shares during the period. 94.91% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In other news, Director Shawn Mccormick sold 360 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $160.00, for a total transaction of $57,600.00. Following the transaction, the director owned 24,046 shares in the company, valued at $3,847,360. This represents a 1.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.10% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several research firms have issued reports on INSP. Wall Street Zen upgraded Inspire Medical Systems from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Royal Bank Of Canada dropped their target price on shares of Inspire Medical Systems from $260.00 to $215.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Morgan Stanley reduced their price target on shares of Inspire Medical Systems from $200.00 to $182.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Wells Fargo & Company decreased their price objective on shares of Inspire Medical Systems from $195.00 to $174.00 and set an "equal weight" rating for the company in a research note on Tuesday, May 6th. Finally, Robert W. Baird boosted their target price on shares of Inspire Medical Systems from $230.00 to $236.00 and gave the company an "outperform" rating in a research note on Tuesday, May 6th. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $208.55.
Read Our Latest Research Report on INSP
Inspire Medical Systems Price Performance
INSP traded down $3.02 during trading on Thursday, reaching $128.53. 539,988 shares of the stock traded hands, compared to its average volume of 569,963. The stock's 50-day simple moving average is $134.11 and its two-hundred day simple moving average is $157.82. Inspire Medical Systems, Inc. has a fifty-two week low of $123.00 and a fifty-two week high of $225.00. The stock has a market cap of $3.79 billion, a price-to-earnings ratio of 59.23, a price-to-earnings-growth ratio of 2.01 and a beta of 1.25.
Inspire Medical Systems (NYSE:INSP - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.10 earnings per share for the quarter, topping analysts' consensus estimates of ($0.23) by $0.33. Inspire Medical Systems had a return on equity of 10.00% and a net margin of 7.92%. The company had revenue of $201.32 million during the quarter, compared to the consensus estimate of $194.89 million. During the same period last year, the business earned ($0.34) EPS. The business's quarterly revenue was up 22.7% on a year-over-year basis. Research analysts anticipate that Inspire Medical Systems, Inc. will post 2.16 earnings per share for the current fiscal year.
Inspire Medical Systems Profile
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Free Report)
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.
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