Washington Trust Bank Takes $253,000 Position in Inspire Medical Systems, Inc. (NYSE:INSP)

Washington Trust Bank bought a new position in Inspire Medical Systems, Inc. (NYSE:INSP) during the 3rd quarter, HoldingsChannel reports. The fund bought 1,200 shares of the company’s stock, valued at approximately $253,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in Inspire Medical Systems by 3,812.6% during the 3rd quarter. Principal Financial Group Inc. now owns 141,089 shares of the company’s stock valued at $29,777,000 after purchasing an additional 137,483 shares during the last quarter. Amalgamated Bank raised its holdings in shares of Inspire Medical Systems by 387.5% during the third quarter. Amalgamated Bank now owns 9,774 shares of the company’s stock valued at $2,063,000 after acquiring an additional 7,769 shares in the last quarter. QRG Capital Management Inc. bought a new position in shares of Inspire Medical Systems during the third quarter valued at approximately $236,000. Farther Finance Advisors LLC lifted its stake in Inspire Medical Systems by 1,158.3% in the third quarter. Farther Finance Advisors LLC now owns 151 shares of the company’s stock worth $32,000 after acquiring an additional 139 shares during the period. Finally, Oak Ridge Investments LLC boosted its holdings in Inspire Medical Systems by 3.4% in the third quarter. Oak Ridge Investments LLC now owns 31,335 shares of the company’s stock valued at $6,613,000 after acquiring an additional 1,018 shares in the last quarter. 94.91% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Truist Financial restated a “buy” rating and issued a $240.00 price objective (up from $217.00) on shares of Inspire Medical Systems in a report on Monday, September 30th. Robert W. Baird lifted their price objective on Inspire Medical Systems from $240.00 to $252.00 and gave the company an “outperform” rating in a research report on Tuesday. Royal Bank of Canada reiterated an “outperform” rating and set a $260.00 target price on shares of Inspire Medical Systems in a report on Tuesday. Leerink Partners raised their target price on Inspire Medical Systems from $167.00 to $197.00 and gave the company a “market perform” rating in a research note on Tuesday, September 10th. Finally, Wells Fargo & Company lifted their price target on Inspire Medical Systems from $187.00 to $198.00 and gave the company an “equal weight” rating in a research report on Tuesday. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Inspire Medical Systems has a consensus rating of “Moderate Buy” and an average price target of $227.75.

Inspire Medical Systems Stock Up 6.3 %

Shares of NYSE:INSP traded up $12.63 on Thursday, hitting $211.63. 1,043,542 shares of the company traded hands, compared to its average volume of 397,234. The company has a market cap of $6.31 billion, a PE ratio of 197.79 and a beta of 1.36. The stock has a 50 day simple moving average of $201.94 and a 200-day simple moving average of $179.94. Inspire Medical Systems, Inc. has a 52 week low of $123.00 and a 52 week high of $257.40.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.54. The firm had revenue of $203.20 million for the quarter, compared to analysts’ expectations of $197.59 million. Inspire Medical Systems had a net margin of 4.37% and a return on equity of 5.51%. The business’s revenue for the quarter was up 32.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.29) earnings per share. As a group, sell-side analysts anticipate that Inspire Medical Systems, Inc. will post 0.75 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Shawn Mccormick sold 800 shares of the company’s stock in a transaction on Monday, September 9th. The stock was 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 of the company’s stock, valued at $5,090,800. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Shawn Mccormick sold 800 shares of the stock in a transaction that occurred 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 owns 23,140 shares in the company, valued at $5,090,800. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Randy Ban sold 4,861 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $188.55, for a total transaction of $916,541.55. Following the completion of the sale, the insider now owns 3,056 shares in the company, valued at $576,208.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,692 shares of company stock valued at $1,099,207. Corporate insiders own 4.10% of the company’s stock.

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.