Oppenheimer Asset Management Inc. Lowers Stock Holdings in Inspire Medical Systems, Inc. (NYSE:INSP)

Oppenheimer Asset Management Inc. cut its holdings in shares of Inspire Medical Systems, Inc. (NYSE:INSP) by 1.1% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 10,652 shares of the company’s stock after selling 116 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Inspire Medical Systems were worth $2,248,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its holdings in shares of Inspire Medical Systems by 32.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 787,815 shares of the company’s stock worth $105,433,000 after acquiring an additional 192,238 shares during the period. William Blair Investment Management LLC raised its stake in Inspire Medical Systems by 1.8% during the second quarter. William Blair Investment Management LLC now owns 770,413 shares of the company’s stock worth $103,104,000 after purchasing an additional 13,602 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Inspire Medical Systems by 51.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 459,766 shares of the company’s stock valued at $98,754,000 after purchasing an additional 156,893 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Inspire Medical Systems by 798.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 267,852 shares of the company’s stock valued at $56,530,000 after buying an additional 238,034 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of Inspire Medical Systems by 152.7% during the 2nd quarter. AQR Capital Management LLC now owns 231,845 shares of the company’s stock worth $31,028,000 after buying an additional 140,090 shares during the last quarter. 94.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on INSP. Stifel Nicolaus reissued a “hold” rating and set a $200.00 price target (up previously from $170.00) on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Piper Sandler reiterated an “overweight” rating and set a $260.00 target price (up previously from $255.00) on shares of Inspire Medical Systems in a report on Tuesday, November 5th. Wells Fargo & Company raised their price target on shares of Inspire Medical Systems from $187.00 to $198.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Truist Financial reiterated a “buy” rating and set a $240.00 price objective (up from $217.00) on shares of Inspire Medical Systems in a research note on Monday, September 30th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $260.00 target price on shares of Inspire Medical Systems in a research note on Tuesday, November 5th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Inspire Medical Systems currently has an average rating of “Moderate Buy” and a consensus price target of $227.75.

Inspire Medical Systems Price Performance

Inspire Medical Systems stock opened at $172.70 on Friday. Inspire Medical Systems, Inc. has a 12-month low of $123.00 and a 12-month high of $257.40. The company has a market capitalization of $5.18 billion, a price-to-earnings ratio of 161.40 and a beta of 1.36. The firm’s fifty day moving average price is $202.07 and its 200 day moving average price is $178.08.

Inspire Medical Systems (NYSE:INSP) last announced its earnings results on Monday, November 4th. The company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $203.20 million for the quarter, compared to analyst estimates of $197.59 million. During the same period in the previous year, the company earned ($0.29) earnings per share. The company’s revenue for the quarter was up 32.6% compared to the same quarter last year. Analysts forecast that Inspire Medical Systems, Inc. will post 1.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Inspire Medical Systems news, Director Shawn Mccormick sold 800 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $220.00, for a total transaction of $176,000.00. Following the transaction, the director now directly owns 23,140 shares in the company, valued at $5,090,800. This represents a 3.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 4.10% of the stock is owned by company 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.