State of Tennessee Department of Treasury Boosts Stock Position in Inspire Medical Systems, Inc. (NYSE:INSP)

State of Tennessee Department of Treasury increased its holdings in Inspire Medical Systems, Inc. (NYSE:INSP) by 49.1% during the 4th quarter, HoldingsChannel reports. The firm owned 14,229 shares of the company’s stock after buying an additional 4,684 shares during the period. State of Tennessee Department of Treasury’s holdings in Inspire Medical Systems were worth $2,638,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Inspire Medical Systems by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 3,270,357 shares of the company’s stock worth $606,259,000 after buying an additional 38,219 shares during the last quarter. Invesco Ltd. grew its position in Inspire Medical Systems by 14.3% in the fourth quarter. Invesco Ltd. now owns 793,080 shares of the company’s stock worth $147,021,000 after acquiring an additional 99,030 shares in the last quarter. Geode Capital Management LLC increased its stake in Inspire Medical Systems by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 486,341 shares of the company’s stock worth $90,188,000 after acquiring an additional 2,687 shares during the last quarter. TimesSquare Capital Management LLC purchased a new stake in Inspire Medical Systems during the fourth quarter valued at approximately $80,419,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Inspire Medical Systems by 21.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 326,299 shares of the company’s stock valued at $61,709,000 after purchasing an additional 58,447 shares during the last quarter. Hedge funds and other institutional investors own 94.91% of the company’s stock.

Wall Street Analyst Weigh In

INSP has been the topic of several analyst reports. Truist Financial cut their target price on Inspire Medical Systems from $250.00 to $235.00 and set a “buy” rating on the stock in a research report on Tuesday, February 11th. Morgan Stanley reduced their target price on shares of Inspire Medical Systems from $230.00 to $220.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 11th. KeyCorp dropped their price target on shares of Inspire Medical Systems from $234.00 to $216.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Stifel Nicolaus reduced their price objective on shares of Inspire Medical Systems from $190.00 to $175.00 and set a “hold” rating on the stock in a research report on Monday, April 21st. Finally, Piper Sandler dropped their target price on Inspire Medical Systems from $260.00 to $233.00 and set an “overweight” rating for the company in a research report on Monday, February 10th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $218.90.

Inspire Medical Systems Stock Performance

Inspire Medical Systems stock opened at $158.97 on Monday. Inspire Medical Systems, Inc. has a fifty-two week low of $123.00 and a fifty-two week high of $257.40. The company has a market capitalization of $4.73 billion, a PE ratio of 91.89, a P/E/G ratio of 2.86 and a beta of 1.39. The company has a 50 day moving average price of $162.86 and a 200-day moving average price of $181.08.

Inspire Medical Systems (NYSE:INSP) last issued its earnings results on Monday, February 10th. The company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.41. Inspire Medical Systems had a return on equity of 8.19% and a net margin of 6.67%. On average, analysts forecast that Inspire Medical Systems, Inc. will post 2.16 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO John Rondoni sold 583 shares of the business’s 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 completion of the transaction, the chief technology officer now owns 10,424 shares of the company’s stock, valued at $1,777,187.76. The trade was a 5.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Randy Ban sold 25,584 shares of the company’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $183.50, for a total value of $4,694,664.00. Following the sale, the insider now owns 7,259 shares of the company’s stock, valued at approximately $1,332,026.50. This represents a 77.90 % decrease in their position. The disclosure for this sale can be found here. 4.10% of the stock is owned by insiders.

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.