New York State Common Retirement Fund Cuts Stock Position in Inspire Medical Systems, Inc. (NYSE:INSP)

New York State Common Retirement Fund lessened its stake in shares of Inspire Medical Systems, Inc. (NYSE:INSP) by 18.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 21,900 shares of the company’s stock after selling 4,927 shares during the quarter. New York State Common Retirement Fund’s holdings in Inspire Medical Systems were worth $4,455,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of INSP. FMR LLC raised its stake in shares of Inspire Medical Systems by 130.1% during the third quarter. FMR LLC now owns 2,471,464 shares of the company’s stock worth $490,437,000 after purchasing an additional 1,397,510 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in 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 acquiring an additional 1,212,175 shares during the period. Wellington Management Group LLP boosted 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 worth $193,870,000 after purchasing an additional 411,480 shares in the last quarter. Jennison Associates LLC grew its stake in shares of Inspire Medical Systems by 648.2% during the 4th quarter. Jennison Associates LLC now owns 304,886 shares of the company’s stock worth $62,023,000 after purchasing an additional 264,139 shares during the period. Finally, Westfield Capital Management Co. LP increased its holdings in shares of 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 purchasing an additional 168,733 shares in the last quarter. Hedge funds and other institutional investors own 94.91% of the company’s stock.

Analysts Set New Price Targets

INSP has been the topic of a number of research analyst reports. Jefferies Financial Group assumed coverage on shares of Inspire Medical Systems in a report on Friday, January 19th. They set a “buy” rating and a $245.00 price objective on the stock. Truist Financial reaffirmed a “buy” rating and issued a $280.00 target price on shares of Inspire Medical Systems in a report on Wednesday, March 20th. KeyCorp assumed coverage on shares of Inspire Medical Systems in a report on Tuesday, February 6th. They issued an “overweight” rating and a $278.00 target price for the company. Mizuho reaffirmed a “buy” rating and issued a $250.00 target price on shares of Inspire Medical Systems in a report on Wednesday, March 27th. Finally, Royal Bank of Canada assumed 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. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $272.20.

Insider Buying and Selling

In related news, insider Randy Ban sold 3,060 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $182.01, for a total transaction of $556,950.60. Following the sale, the insider now owns 3,029 shares in the company, valued at $551,308.29. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Richard Buchholz sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $230.03, for a total transaction of $3,450,450.00. Following the sale, the chief financial officer now owns 28,271 shares in the company, valued at $6,503,178.13. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Randy Ban sold 3,060 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $182.01, for a total transaction of $556,950.60. Following the sale, the insider now owns 3,029 shares in the company, valued at approximately $551,308.29. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 76,371 shares of company stock worth $15,664,278. 4.10% of the stock is owned by insiders.

Inspire Medical Systems Price Performance

INSP stock opened at $249.72 on Friday. The company’s 50 day simple moving average is $213.36 and its 200-day simple moving average is $189.05. The firm has a market capitalization of $7.57 billion, a PE ratio of -337.46 and a beta of 1.35. Inspire Medical Systems, Inc. has a 12 month low of $123.27 and a 12 month high of $330.00.

Inspire Medical Systems (NYSE:INSP) last released its quarterly earnings results on Tuesday, February 6th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.53. Inspire Medical Systems had a negative net margin of 3.39% and a negative return on equity of 3.93%. The business had revenue of $192.51 million for the quarter, compared to analyst estimates of $186.75 million. During the same period in the prior year, the business earned $0.10 earnings per share. The company’s quarterly revenue was up 39.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Inspire Medical Systems, Inc. will post -0.35 earnings per share for the current 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.