Inspire Medical Systems (NYSE:INSP) Shares Down 2.9% After Insider Selling

Inspire Medical Systems, Inc. (NYSE:INSP)’s stock price was down 2.9% on Tuesday after an insider sold shares in the company. The stock traded as low as $198.88 and last traded at $199.21. Approximately 56,139 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 514,515 shares. The stock had previously closed at $205.16.

Specifically, Director Jerry C. Griffin sold 554 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $198.05, for a total transaction of $109,719.70. Following the transaction, the director now directly owns 9,744 shares of the company’s stock, valued at $1,929,799.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CTO John Rondoni sold 4,387 shares of the firm’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $194.40, for a total transaction of $852,832.80. Following the transaction, the chief technology officer now directly owns 11,270 shares of the company’s stock, valued at $2,190,888. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jerry C. Griffin sold 554 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $198.05, for a total transaction of $109,719.70. Following the sale, the director now owns 9,744 shares in the company, valued at $1,929,799.20. The disclosure for this sale can be found here. Insiders sold a total of 21,339 shares of company stock worth $4,003,381 over the last quarter. 4.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on INSP. Mizuho reiterated a “buy” rating and set a $250.00 price objective on shares of Inspire Medical Systems in a research note on Wednesday. Wells Fargo & Company downgraded shares of Inspire Medical Systems from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $245.00 to $187.00 in a research note on Wednesday, December 13th. Morgan Stanley began coverage on shares of Inspire Medical Systems in a research note on Tuesday, March 19th. They set an “overweight” rating and a $250.00 price objective on the stock. Truist Financial reiterated a “buy” rating and set a $280.00 price objective on shares of Inspire Medical Systems in a research note on Wednesday, March 20th. Finally, Jefferies Financial Group began coverage on shares of Inspire Medical Systems in a research note on Friday, January 19th. They issued a “buy” rating and a $245.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Inspire Medical Systems presently has an average rating of “Moderate Buy” and an average price target of $271.29.

Inspire Medical Systems Trading Up 0.7 %

The firm’s 50-day moving average is $198.23 and its 200 day moving average is $181.19. The firm has a market capitalization of $6.52 billion, a price-to-earnings ratio of -290.57 and a beta of 1.35.

Inspire Medical Systems (NYSE:INSP) last posted its earnings results on Tuesday, February 6th. The company reported $0.49 EPS for the quarter, topping 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 the consensus estimate of $186.75 million. During the same period last year, the company earned $0.10 EPS. The firm’s revenue was up 39.6% compared to the same quarter last year. Analysts predict that Inspire Medical Systems, Inc. will post -0.35 EPS for the current year.

Institutional Investors Weigh In On Inspire Medical Systems

Hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. raised its holdings in Inspire Medical Systems by 182.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 7,502 shares of the company’s stock worth $1,526,000 after purchasing an additional 4,844 shares during the last quarter. Wellington Management Group LLP raised its holdings in Inspire Medical Systems by 46.4% during the 4th quarter. Wellington Management Group LLP now owns 1,430,266 shares of the company’s stock worth $290,959,000 after purchasing an additional 453,294 shares during the last quarter. Congress Asset Management Co. MA bought a new position in Inspire Medical Systems during the 4th quarter worth approximately $3,497,000. Teachers Retirement System of The State of Kentucky increased its stake in shares of Inspire Medical Systems by 548.9% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 31,876 shares of the company’s stock valued at $6,485,000 after acquiring an additional 26,964 shares in the last quarter. Finally, American Trust bought a new stake in shares of Inspire Medical Systems in the 4th quarter valued at $339,000. 94.91% of the stock is currently owned by institutional investors and hedge funds.

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.