Pekin Hardy Strauss Inc. Takes Position in Inspire Medical Systems, Inc. (NYSE:INSP)

Pekin Hardy Strauss Inc. bought a new position in shares of Inspire Medical Systems, Inc. (NYSE:INSP) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,800 shares of the company’s stock, valued at approximately $366,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC lifted its holdings in Inspire Medical Systems by 130.1% in the third quarter. FMR LLC now owns 2,471,464 shares of the company’s stock valued at $490,437,000 after acquiring an additional 1,397,510 shares during the period. Baillie Gifford & Co. increased its position in shares of Inspire Medical Systems by 6,846.9% in the fourth 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 in the last quarter. Wellington Management Group LLP lifted its position in shares of Inspire Medical Systems by 72.8% during the 3rd quarter. Wellington Management Group LLP now owns 976,972 shares of the company’s stock valued at $193,870,000 after buying an additional 411,480 shares in the last quarter. Westfield Capital Management Co. LP grew its stake in Inspire Medical Systems by 29.9% in the 3rd quarter. Westfield Capital Management Co. LP now owns 732,400 shares of the company’s stock valued at $145,337,000 after acquiring an additional 168,733 shares during the period. Finally, Federated Hermes Inc. increased its holdings in Inspire Medical Systems by 31.8% in the 3rd quarter. Federated Hermes Inc. now owns 496,400 shares of the company’s stock worth $98,506,000 after acquiring an additional 119,846 shares in the last quarter. 94.91% of the stock is currently owned by institutional investors and hedge funds.

Inspire Medical Systems Stock Performance

NYSE:INSP opened at $241.66 on Wednesday. Inspire Medical Systems, Inc. has a 52 week low of $123.27 and a 52 week high of $330.00. The stock’s fifty day moving average is $209.56 and its two-hundred day moving average is $187.29.

Inspire Medical Systems (NYSE:INSP) last announced its earnings results on Tuesday, February 6th. The company reported $0.49 EPS for the quarter, beating 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 company had revenue of $192.51 million during the quarter, compared to analysts’ expectations of $186.75 million. During the same period last year, the business posted $0.10 EPS. Inspire Medical Systems’s revenue for the quarter was up 39.6% on a year-over-year basis. Equities research analysts predict that Inspire Medical Systems, Inc. will post -0.35 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on INSP shares. Truist Financial reissued a “buy” rating and issued a $280.00 price objective on shares of Inspire Medical Systems in a research note on Wednesday, March 20th. Jefferies Financial Group started coverage on shares of Inspire Medical Systems in a research report on Friday, January 19th. They issued a “buy” rating and a $245.00 target price for the company. Royal Bank of Canada began coverage on shares of Inspire Medical Systems in a research note on Friday, April 19th. They set an “outperform” rating and a $285.00 price objective for the company. Stifel Nicolaus reissued a “hold” rating and issued a $210.00 target price on shares of Inspire Medical Systems in a research note on Tuesday, January 2nd. Finally, Morgan Stanley initiated coverage on Inspire Medical Systems in a report on Tuesday, March 19th. They set 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 data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $272.20.

Insider Buying and Selling at Inspire Medical Systems

In related news, insider Randy Ban sold 12,230 shares of Inspire Medical Systems stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $185.37, for a total value of $2,267,075.10. Following the completion of the transaction, the insider now directly owns 3,029 shares in the company, valued at $561,485.73. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Inspire Medical Systems news, Director Jerry C. Griffin sold 554 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $193.53, for a total value of $107,215.62. Following the sale, the director now directly owns 10,190 shares in the company, valued at $1,972,070.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Randy Ban sold 12,230 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $185.37, for a total value of $2,267,075.10. Following the transaction, the insider now directly owns 3,029 shares of the company’s stock, valued at $561,485.73. The disclosure for this sale can be found here. Insiders sold 76,371 shares of company stock valued at $15,664,278 in the last 90 days. Company insiders own 4.10% of the company’s stock.

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.