Arcadia Investment Management Corp MI Lowers Stock Holdings in Inspire Medical Systems, Inc. (NYSE:INSP)

Arcadia Investment Management Corp MI trimmed its stake in shares of Inspire Medical Systems, Inc. (NYSE:INSP) by 37.1% in the fourth quarter, Holdings Channel reports. The fund owned 141 shares of the company’s stock after selling 83 shares during the period. Arcadia Investment Management Corp MI’s holdings in Inspire Medical Systems were worth $29,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC grew its position in Inspire Medical Systems by 130.1% during the third quarter. FMR LLC now owns 2,471,464 shares of the company’s stock worth $490,437,000 after buying an additional 1,397,510 shares during the period. Baillie Gifford & Co. increased its stake in Inspire Medical Systems by 6,846.9% in the 4th quarter. Baillie Gifford & Co. now owns 1,229,879 shares of the company’s stock valued at $250,194,000 after purchasing an additional 1,212,175 shares in the last quarter. Wellington Management Group LLP raised its holdings 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 purchasing an additional 411,480 shares during the last quarter. Westfield Capital Management Co. LP raised its holdings 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 purchasing an additional 168,733 shares during the last quarter. Finally, Federated Hermes Inc. boosted its position in Inspire Medical Systems by 31.8% during the third quarter. Federated Hermes Inc. now owns 496,400 shares of the company’s stock worth $98,506,000 after purchasing an additional 119,846 shares in the last quarter. 94.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

INSP has been the subject of a number of research analyst reports. Truist Financial restated a “buy” rating and issued a $280.00 price target on shares of Inspire Medical Systems in a research report on Wednesday, March 20th. Bank of America downgraded shares of Inspire Medical Systems from a “buy” rating to a “neutral” rating and dropped their target price for the company from $265.00 to $225.00 in a report on Wednesday. Morgan Stanley began coverage on shares of Inspire Medical Systems in a report on Tuesday, March 19th. They issued an “overweight” rating and a $250.00 price target on the stock. Piper Sandler raised their price objective on shares of Inspire Medical Systems from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Jefferies Financial Group started coverage on Inspire Medical Systems in a research note on Friday, January 19th. They issued a “buy” rating and a $245.00 target price on the stock. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Inspire Medical Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $256.53.

Inspire Medical Systems Price Performance

NYSE:INSP traded up $10.95 during trading hours on Thursday, reaching $174.36. 1,454,956 shares of the company were exchanged, compared to its average volume of 577,797. Inspire Medical Systems, Inc. has a 52-week low of $123.27 and a 52-week high of $330.00. The stock has a 50 day simple moving average of $215.59 and a 200 day simple moving average of $190.27. The firm has a market cap of $5.28 billion, a price-to-earnings ratio of -317.02 and a beta of 1.35.

Inspire Medical Systems (NYSE:INSP) last issued its earnings results on Tuesday, May 7th. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.63) by $0.29. Inspire Medical Systems had a negative return on equity of 3.93% and a negative net margin of 3.39%. The business had revenue of $164.01 million for the quarter, compared to analyst estimates of $161.41 million. During the same period last year, the company posted ($0.53) EPS. The business’s quarterly revenue was up 28.2% on a year-over-year basis. On average, analysts predict that Inspire Medical Systems, Inc. will post -0.35 EPS for the current fiscal year.

Insider Activity

In related 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 value of $2,267,075.10. Following the transaction, the insider now owns 3,029 shares in the company, valued at $561,485.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Jerry C. Griffin sold 554 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $193.53, for a total transaction of $107,215.62. Following the transaction, the director now directly owns 10,190 shares of the company’s stock, valued at approximately $1,972,070.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Randy Ban sold 12,230 shares of the 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 sale, the insider now directly owns 3,029 shares of the company’s stock, valued at approximately $561,485.73. The disclosure for this sale can be found here. Insiders have sold 76,371 shares of company stock valued at $15,664,278 in the last three months. Corporate insiders own 4.10% of the company’s stock.

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.