Inspire Medical Systems, Inc. (NYSE:INSP) Stake Reduced by Fred Alger Management LLC

Fred Alger Management LLC lessened its stake in Inspire Medical Systems, Inc. (NYSE:INSP - Free Report) by 9.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 63,125 shares of the company's stock after selling 6,725 shares during the period. Fred Alger Management LLC owned about 0.21% of Inspire Medical Systems worth $11,702,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Dragoneer Investment Group LLC acquired a new position in Inspire Medical Systems in the fourth quarter worth $161,486,000. TimesSquare Capital Management LLC acquired a new position in Inspire Medical Systems in the fourth quarter worth $80,419,000. Marshall Wace LLP boosted its holdings in Inspire Medical Systems by 1,775.3% in 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. acquired a new position in Inspire Medical Systems in the fourth quarter worth $47,604,000. Finally, Riverbridge Partners LLC acquired a new position in Inspire Medical Systems in the fourth quarter worth $26,342,000. Institutional investors own 94.91% of the company's stock.

Inspire Medical Systems Stock Performance

Shares of INSP traded down $1.21 during midday trading on Friday, hitting $151.58. 309,473 shares of the stock traded hands, compared to its average volume of 566,632. Inspire Medical Systems, Inc. has a 1-year low of $123.00 and a 1-year high of $225.00. The firm has a market capitalization of $4.47 billion, a PE ratio of 87.62, a price-to-earnings-growth ratio of 2.86 and a beta of 1.39. The business's 50 day moving average price is $157.70 and its two-hundred day moving average price is $178.09.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.33. The business had revenue of $201.32 million during the quarter, compared to the consensus estimate of $194.89 million. Inspire Medical Systems had a net margin of 6.67% and a return on equity of 8.19%. The company's quarterly revenue was up 22.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.34) earnings per share. As a group, equities research analysts forecast that Inspire Medical Systems, Inc. will post 2.16 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO John Rondoni sold 583 shares of the company's stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $170.49, for a total value of $99,395.67. Following the completion of the sale, the chief technology officer now owns 10,424 shares of the company's stock, valued at $1,777,187.76. This represents a 5.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Randy Ban sold 25,584 shares of the business's stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $183.50, for a total transaction of $4,694,664.00. Following the completion of the sale, the insider now owns 7,259 shares in the company, valued at approximately $1,332,026.50. This trade represents a 77.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,527 shares of company stock valued at $4,851,660 over the last 90 days. 4.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

INSP has been the subject of a number of research reports. KeyCorp decreased their price objective on shares of Inspire Medical Systems from $234.00 to $216.00 and set an "overweight" rating for the company in a report on Monday, April 21st. 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 report on Tuesday, May 6th. Royal Bank of Canada decreased their price objective on shares of Inspire Medical Systems from $260.00 to $215.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Morgan Stanley decreased their price objective on shares of Inspire Medical Systems from $220.00 to $200.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Finally, Stifel Nicolaus reduced their price target on shares of Inspire Medical Systems from $190.00 to $175.00 and set a "hold" rating for the company in a report on Monday, April 21st. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $211.91.

Inspire Medical Systems Company 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.