Wealthfront Advisers LLC Takes Position in Inspire Medical Systems, Inc. (NYSE:INSP)

Wealthfront Advisers LLC bought a new stake in Inspire Medical Systems, Inc. (NYSE:INSP) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 9,574 shares of the company’s stock, valued at approximately $1,762,000.

A number of other institutional investors and hedge funds have also made changes to their positions in INSP. State Street Corp raised its holdings in shares of Inspire Medical Systems by 78.0% in the third quarter. State Street Corp now owns 1,049,784 shares of the company’s stock valued at $221,557,000 after buying an additional 459,990 shares during the last quarter. TimesSquare Capital Management LLC purchased a new stake in shares of Inspire Medical Systems in the fourth quarter valued at about $80,419,000. Point72 Asset Management L.P. increased its stake in shares of Inspire Medical Systems by 954.4% during the third quarter. Point72 Asset Management L.P. now owns 319,364 shares of the company’s stock worth $67,402,000 after acquiring an additional 289,075 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Inspire Medical Systems during the fourth quarter worth about $47,604,000. Finally, Riverbridge Partners LLC acquired a new position in shares of Inspire Medical Systems during the fourth quarter worth about $26,342,000. 94.91% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on INSP shares. Bank of America upgraded shares of Inspire Medical Systems from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $220.00 to $255.00 in a research note on Wednesday, November 20th. Piper Sandler dropped their price target on shares of Inspire Medical Systems from $260.00 to $233.00 and set an “overweight” rating on the stock in a research note on Monday, February 10th. KeyCorp reiterated an “overweight” rating and set a $234.00 price target (down from $236.00) on shares of Inspire Medical Systems in a research note on Friday, January 24th. Royal Bank of Canada reiterated an “outperform” rating and set a $260.00 price target on shares of Inspire Medical Systems in a research note on Tuesday, February 11th. Finally, Truist Financial dropped their price target on shares of Inspire Medical Systems from $250.00 to $235.00 and set a “buy” rating on the stock in a research note on Tuesday, February 11th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $228.82.

Insider Activity

In other news, CTO John Rondoni sold 583 shares of the stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $170.49, for a total value of $99,395.67. Following the sale, the chief technology officer now directly owns 10,424 shares in the company, 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 Securities & Exchange Commission, which is available through the SEC website. Also, insider Randy Ban sold 25,584 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were 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 $1,332,026.50. This represents a 77.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,225 shares of company stock worth $4,806,530 over the last ninety days. 4.10% of the stock is currently owned by insiders.

Inspire Medical Systems Trading Up 2.2 %

Shares of INSP opened at $162.26 on Friday. The firm’s 50-day moving average is $184.92 and its two-hundred day moving average is $191.98. Inspire Medical Systems, Inc. has a twelve month low of $123.00 and a twelve month high of $257.40. The firm has a market capitalization of $4.81 billion, a P/E ratio of 93.79, a PEG ratio of 2.86 and a beta of 1.48.

Inspire Medical Systems (NYSE:INSP) last released its quarterly earnings results on Monday, February 10th. The company reported $1.15 EPS for the quarter, beating the consensus estimate of $0.74 by $0.41. Inspire Medical Systems had a net margin of 6.67% and a return on equity of 8.19%. Analysts predict that Inspire Medical Systems, Inc. will post 2.16 EPS for the current year.

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.