Inspire Medical Systems (NYSE:INSP) Shares Gap Up to $221.63

Inspire Medical Systems, Inc. (NYSE:INSP)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $221.63, but opened at $227.99. Inspire Medical Systems shares last traded at $244.54, with a volume of 1,396,816 shares changing hands.

Wall Street Analyst Weigh In

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

Inspire Medical Systems Stock Performance

The company’s fifty day simple moving average is $201.23 and its 200-day simple moving average is $182.94. The company has a market capitalization of $7.42 billion, a P/E ratio of -325.99 and a beta of 1.37.

Inspire Medical Systems (NYSE:INSP) last issued 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 for the quarter, compared to analysts’ expectations of $186.75 million. During the same period in the prior year, the business earned $0.10 EPS. The firm’s quarterly revenue was up 39.6% on a year-over-year basis. On average, sell-side analysts predict that Inspire Medical Systems, Inc. will post -0.35 EPS for the current year.

Insider Activity

In other news, CEO Timothy P. Herbert sold 40,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $205.09, for a total value of $8,203,600.00. Following the sale, the chief executive officer now directly owns 63,658 shares in the company, valued at approximately $13,055,619.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Inspire Medical Systems news, insider Randy Ban sold 12,230 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 3,029 shares of the company’s stock, valued at approximately $561,485.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Timothy P. Herbert sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $205.09, for a total transaction of $8,203,600.00. Following the transaction, the chief executive officer now directly owns 63,658 shares of the company’s stock, valued at $13,055,619.22. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 61,371 shares of company stock worth $12,213,828. Corporate insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Inspire Medical Systems

Institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP raised its position in Inspire Medical Systems by 72.8% during the 3rd 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 during the last quarter. OPTIMAS CAPITAL Ltd purchased a new position in shares of Inspire Medical Systems during the 4th quarter valued at approximately $3,861,000. Seven Eight Capital LP purchased a new position in shares of Inspire Medical Systems during the 3rd quarter valued at approximately $1,558,000. Charles Schwab Investment Management Inc. increased its holdings in shares of 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 valued at $50,845,000 after purchasing an additional 7,838 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in shares of Inspire Medical Systems by 29.7% during the 3rd quarter. Canada Pension Plan Investment Board now owns 40,200 shares of the company’s stock valued at $7,977,000 after purchasing an additional 9,200 shares in the last quarter. 94.91% of the stock is owned by hedge funds and other institutional investors.

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.