Jennison Associates LLC Buys 264,139 Shares of Inspire Medical Systems, Inc. (NYSE:INSP)

Jennison Associates LLC increased its stake in shares of Inspire Medical Systems, Inc. (NYSE:INSP) by 648.2% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 304,886 shares of the company’s stock after acquiring an additional 264,139 shares during the period. Jennison Associates LLC’s holdings in Inspire Medical Systems were worth $62,023,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC raised its stake in Inspire Medical Systems by 130.1% in the third quarter. FMR LLC now owns 2,471,464 shares of the company’s stock valued at $490,437,000 after buying an additional 1,397,510 shares during the period. Baillie Gifford & Co. increased its stake in shares of Inspire Medical Systems by 6,846.9% during the fourth quarter. Baillie Gifford & Co. now owns 1,229,879 shares of the company’s stock worth $250,194,000 after purchasing an additional 1,212,175 shares during the period. Wellington Management Group LLP grew its position in Inspire Medical Systems by 72.8% during the third quarter. Wellington Management Group LLP now owns 976,972 shares of the company’s stock worth $193,870,000 after buying an additional 411,480 shares in the last quarter. Westfield Capital Management Co. LP grew its position in Inspire Medical Systems by 29.9% during the third quarter. Westfield Capital Management Co. LP now owns 732,400 shares of the company’s stock worth $145,337,000 after buying an additional 168,733 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Inspire Medical Systems by 52.1% during the third quarter. Bank of New York Mellon Corp now owns 373,794 shares of the company’s stock worth $74,176,000 after buying an additional 128,078 shares in the last quarter. Institutional investors own 94.91% of the company’s stock.

Inspire Medical Systems Price Performance

Shares of INSP stock opened at $234.11 on Wednesday. Inspire Medical Systems, Inc. has a 1 year low of $123.27 and a 1 year high of $330.00. The company’s fifty day simple moving average is $205.03 and its two-hundred day simple moving average is $184.73.

Inspire Medical Systems (NYSE:INSP) last announced its earnings results on Tuesday, February 6th. The company reported $0.49 earnings per share (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 company had revenue of $192.51 million during the quarter, compared to analyst estimates of $186.75 million. During the same period in the previous year, the business earned $0.10 earnings per share. The firm’s quarterly revenue was up 39.6% compared to the same quarter last year. Research analysts anticipate that Inspire Medical Systems, Inc. will post -0.35 EPS for the current year.

Insider Buying and Selling

In related news, insider Randy Ban sold 3,060 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $182.01, for a total value of $556,950.60. Following the completion of the transaction, the insider now directly owns 3,029 shares in the company, valued at $551,308.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Inspire Medical Systems news, insider Randy Ban sold 3,060 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $182.01, for a total transaction of $556,950.60. Following the completion of the sale, the insider now directly owns 3,029 shares in the company, valued at $551,308.29. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jerry C. Griffin sold 554 shares of the company’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 sale, the director now owns 9,744 shares of the company’s stock, valued at $1,929,799.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 76,371 shares of company stock worth $15,664,278. Corporate insiders own 4.10% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on INSP shares. Stifel Nicolaus reissued a “hold” rating and set a $210.00 price target on shares of Inspire Medical Systems in a research report on Tuesday, January 2nd. Morgan Stanley started coverage on Inspire Medical Systems in a report on Tuesday, March 19th. They issued an “overweight” rating and a $250.00 target price on the stock. KeyCorp started coverage on Inspire Medical Systems in a research report on Tuesday, February 6th. They set an “overweight” rating and a $278.00 target price for the company. Truist Financial reaffirmed a “buy” rating and set a $280.00 target price on shares of Inspire Medical Systems in a research report on Wednesday, March 20th. Finally, Mizuho reaffirmed a “buy” rating and set a $250.00 target price on shares of Inspire Medical Systems in a research report on Wednesday, March 27th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $272.20.

Inspire Medical Systems 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.