Inspire Medical Systems (NYSE:INSP) Stock Price Down 2.9% Following Insider Selling

Inspire Medical Systems, Inc. (NYSE:INSP)’s share price traded down 2.9% on Tuesday following insider selling activity. The stock traded as low as $198.88 and last traded at $199.21. 56,139 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 514,515 shares. The stock had previously closed at $205.16.

Specifically, insider Randy Ban sold 12,230 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $185.37, for a total transaction of $2,267,075.10. Following the sale, the insider now directly owns 3,029 shares of the company’s stock, valued at $561,485.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Jerry C. Griffin sold 554 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $193.53, for a total value of $107,215.62. Following the completion of the sale, the director now owns 10,190 shares in the company, valued at approximately $1,972,070.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Randy Ban sold 12,230 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $185.37, for a total transaction of $2,267,075.10. Following the transaction, the insider now owns 3,029 shares in the company, valued at $561,485.73. The disclosure for this sale can be found here. Insiders sold 21,339 shares of company stock worth $4,003,381 over the last 90 days. 4.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on INSP shares. Jefferies Financial Group started coverage on Inspire Medical Systems in a research note on Friday, January 19th. They set a “buy” rating and a $245.00 target price on the stock. Truist Financial reaffirmed a “buy” rating and issued a $280.00 price objective on shares of Inspire Medical Systems in a research report on Wednesday, March 20th. Mizuho reiterated a “buy” rating and set a $250.00 target price on shares of Inspire Medical Systems in a research report on Wednesday. KeyCorp initiated coverage on shares of Inspire Medical Systems in a report on Tuesday, February 6th. They issued an “overweight” rating and a $278.00 price target on the stock. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $210.00 price objective on shares of Inspire Medical Systems in a research report on Tuesday, January 2nd. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $271.29.

Inspire Medical Systems Trading Up 0.7 %

The firm has a 50-day simple moving average of $198.23 and a 200-day simple moving average of $181.19. The firm has a market cap of $6.52 billion, a P/E ratio of -290.57 and a beta of 1.35.

Inspire Medical Systems (NYSE:INSP) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.53. The company had revenue of $192.51 million for the quarter, compared to the consensus estimate of $186.75 million. Inspire Medical Systems had a negative return on equity of 3.93% and a negative net margin of 3.39%. The firm’s revenue for the quarter was up 39.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.10 earnings per share. Research analysts predict that Inspire Medical Systems, Inc. will post -0.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Inspire Medical Systems

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in Inspire Medical Systems by 72.8% in the third quarter. Wellington Management Group LLP now owns 976,972 shares of the company’s stock valued at $193,870,000 after buying an additional 411,480 shares during the last quarter. Seven Eight Capital LP acquired a new stake in Inspire Medical Systems in the 3rd quarter worth approximately $1,558,000. Charles Schwab Investment Management Inc. grew its position in Inspire Medical Systems by 3.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 256,222 shares of the company’s stock worth $50,845,000 after purchasing an additional 7,838 shares during the last quarter. SG Americas Securities LLC acquired a new position in Inspire Medical Systems during the 3rd quarter valued at approximately $1,452,000. Finally, Canada Pension Plan Investment Board lifted its stake in shares of Inspire Medical Systems by 29.7% during the third quarter. Canada Pension Plan Investment Board now owns 40,200 shares of the company’s stock worth $7,977,000 after buying an additional 9,200 shares during the period. Hedge funds and other institutional investors own 94.91% of the company’s stock.

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.