Jennison Associates LLC Makes New Investment in Inspire Medical Systems, Inc. (NYSE:INSP)

Jennison Associates LLC purchased a new stake in shares of Inspire Medical Systems, Inc. (NYSE:INSP) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 47,586 shares of the company’s stock, valued at approximately $8,821,000.

Several other hedge funds and other institutional investors have also made changes to their positions in INSP. Wasatch Advisors LP raised its stake in Inspire Medical Systems by 1.6% during the 3rd quarter. Wasatch Advisors LP now owns 1,323,470 shares of the company’s stock valued at $279,318,000 after acquiring an additional 20,481 shares in the last quarter. State Street Corp increased its holdings in shares of Inspire Medical Systems by 78.0% during the third quarter. State Street Corp now owns 1,049,784 shares of the company’s stock valued at $221,557,000 after purchasing an additional 459,990 shares during the period. Janus Henderson Group PLC raised its stake in shares of Inspire Medical Systems by 5.8% during the third quarter. Janus Henderson Group PLC now owns 502,609 shares of the company’s stock valued at $106,075,000 after purchasing an additional 27,374 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Inspire Medical Systems by 0.7% in the third quarter. Geode Capital Management LLC now owns 483,654 shares of the company’s stock worth $102,102,000 after purchasing an additional 3,128 shares during the period. Finally, Point72 Asset Management L.P. grew its position in Inspire Medical Systems by 954.4% in the 3rd quarter. Point72 Asset Management L.P. now owns 319,364 shares of the company’s stock valued at $67,402,000 after buying an additional 289,075 shares in the last quarter. 94.91% of the stock is currently owned by institutional investors and hedge funds.

Inspire Medical Systems Stock Down 2.8 %

Shares of Inspire Medical Systems stock opened at $191.85 on Thursday. Inspire Medical Systems, Inc. has a 12-month low of $123.00 and a 12-month high of $257.40. The firm has a market capitalization of $5.75 billion, a PE ratio of 179.30 and a beta of 1.32. The stock’s fifty day moving average is $190.23 and its 200-day moving average is $189.72.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.54. Inspire Medical Systems had a return on equity of 5.30% and a net margin of 4.37%. The firm had revenue of $203.20 million for the quarter, compared to the consensus estimate of $197.59 million. During the same quarter in the previous year, the company earned ($0.29) EPS. The business’s revenue for the quarter was up 32.6% compared to the same quarter last year. Analysts expect that Inspire Medical Systems, Inc. will post 1.35 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on INSP shares. Robert W. Baird boosted their price target on shares of Inspire Medical Systems from $240.00 to $252.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Wells Fargo & Company boosted their target price on Inspire Medical Systems from $187.00 to $198.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Stifel Nicolaus decreased their price target on Inspire Medical Systems from $200.00 to $190.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. Piper Sandler reissued an “overweight” rating and issued a $260.00 price objective (up previously from $255.00) on shares of Inspire Medical Systems in a research note on Tuesday, November 5th. Finally, KeyCorp restated an “overweight” rating and issued a $234.00 price objective (down previously from $236.00) on shares of Inspire Medical Systems in a report on Friday, January 24th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Inspire Medical Systems presently has an average rating of “Moderate Buy” and an average price target of $231.45.

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.