Jennison Associates LLC Raises Holdings in Inspire Medical Systems, Inc. (NYSE:INSP)

Jennison Associates LLC raised its position in Inspire Medical Systems, Inc. (NYSE:INSP - Free Report) by 648.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 304,886 shares of the company's stock after acquiring an additional 264,139 shares during the quarter. Jennison Associates LLC owned approximately 1.03% of Inspire Medical Systems worth $62,023,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in INSP. SG Americas Securities LLC acquired a new stake in shares of Inspire Medical Systems during the 3rd quarter worth about $1,452,000. Avior Wealth Management LLC boosted its position in Inspire Medical Systems by 12.1% during the 3rd quarter. Avior Wealth Management LLC now owns 2,677 shares of the company's stock worth $531,000 after buying an additional 288 shares during the period. Oak Thistle LLC bought a new stake in shares of Inspire Medical Systems in the 3rd quarter valued at $934,000. Harbor Capital Advisors Inc. boosted its stake in Inspire Medical Systems by 96.0% during the third quarter. Harbor Capital Advisors Inc. now owns 2,483 shares of the company's stock worth $493,000 after acquiring an additional 1,216 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its stake in Inspire Medical Systems by 5.5% during the third quarter. Commonwealth Equity Services LLC now owns 7,253 shares of the company's stock worth $1,439,000 after acquiring an additional 381 shares in the last quarter. Institutional investors and hedge funds own 94.91% of the company's stock.

Wall Street Analysts Forecast Growth

INSP has been the subject of several analyst reports. Royal Bank of Canada initiated coverage on shares of Inspire Medical Systems in a report on Friday, April 19th. They issued an "outperform" rating and a $285.00 target price for the company. Jefferies Financial Group began coverage on shares of Inspire Medical Systems in a research report on Friday, January 19th. They issued a "buy" rating and a $245.00 price objective for the company. Mizuho reiterated a "buy" rating and set a $250.00 target price on shares of Inspire Medical Systems in a research report on Wednesday, March 27th. Truist Financial reissued a "buy" rating and set a $280.00 price target on shares of Inspire Medical Systems in a research note on Wednesday, March 20th. Finally, Morgan Stanley initiated coverage on shares of Inspire Medical Systems in a research note on Tuesday, March 19th. They issued an "overweight" rating and a $250.00 target price on the stock. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $272.20.

Insiders Place Their Bets

In other Inspire Medical Systems news, insider Randy Ban sold 3,060 shares of the business's stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $182.01, for a total value of $556,950.60. Following the completion of the transaction, the insider now owns 3,029 shares of the company's stock, valued at approximately $551,308.29. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Randy Ban sold 3,060 shares of the company's stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $182.01, for a total transaction of $556,950.60. Following the completion of the sale, the insider now owns 3,029 shares of the company's stock, valued at approximately $551,308.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jerry C. Griffin sold 554 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $193.53, for a total transaction of $107,215.62. Following the completion of the sale, the director now directly owns 10,190 shares of the company's stock, valued at $1,972,070.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 76,371 shares of company stock valued at $15,664,278. 4.10% of the stock is owned by insiders.

Inspire Medical Systems Price Performance

Inspire Medical Systems stock traded up $0.46 during mid-day trading on Wednesday, reaching $234.39. The stock had a trading volume of 255,686 shares, compared to its average volume of 531,476. The company has a market capitalization of $7.10 billion, a price-to-earnings ratio of -316.74 and a beta of 1.37. The company has a 50-day moving average price of $205.88 and a two-hundred day moving average price of $185.08. Inspire Medical Systems, Inc. has a one year low of $123.27 and a one year high of $330.00.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last issued its earnings results on Tuesday, February 6th. The company reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.53. Inspire Medical Systems had a negative return on equity of 3.93% and a negative net margin of 3.39%. The business had revenue of $192.51 million during the quarter, compared to analyst estimates of $186.75 million. During the same quarter in the previous year, the firm earned $0.10 EPS. Inspire Medical Systems's revenue was up 39.6% on a year-over-year basis. On average, equities research analysts anticipate that Inspire Medical Systems, Inc. will post -0.35 earnings per share for the current fiscal year.

About Inspire Medical Systems

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.