Jennison Associates LLC Has $55.38 Million Holdings in Inspire Medical Systems, Inc. (NYSE:INSP)

Jennison Associates LLC trimmed its holdings in Inspire Medical Systems, Inc. (NYSE:INSP) by 15.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 257,854 shares of the company’s stock after selling 47,032 shares during the period. Jennison Associates LLC owned about 0.85% of Inspire Medical Systems worth $55,384,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. McGlone Suttner Wealth Management Inc. acquired a new stake in shares of Inspire Medical Systems during the fourth quarter worth $27,000. Headinvest LLC acquired a new position in Inspire Medical Systems during the 3rd quarter worth approximately $48,000. Principal Securities Inc. bought a new position in shares of Inspire Medical Systems during the 4th quarter worth approximately $54,000. International Assets Investment Management LLC acquired a new stake in shares of Inspire Medical Systems in the fourth quarter valued at approximately $166,000. Finally, Great Lakes Advisors LLC bought a new stake in shares of Inspire Medical Systems in the fourth quarter worth $201,000. 94.91% of the stock is currently owned by institutional investors.

Inspire Medical Systems Stock Performance

NYSE INSP traded down $3.56 on Tuesday, reaching $132.41. The stock had a trading volume of 258,088 shares, compared to its average volume of 594,205. The firm has a fifty day moving average of $165.28 and a two-hundred day moving average of $190.28. Inspire Medical Systems, Inc. has a 1-year low of $123.27 and a 1-year high of $330.00.

Inspire Medical Systems (NYSE:INSP) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.63) by $0.29. Inspire Medical Systems had a negative net margin of 2.38% and a negative return on equity of 2.82%. The business had revenue of $164.01 million for the quarter, compared to the consensus estimate of $161.41 million. During the same period in the prior year, the company posted ($0.53) earnings per share. Inspire Medical Systems’s revenue was up 28.2% compared to the same quarter last year. On average, equities analysts forecast that Inspire Medical Systems, Inc. will post 0.16 EPS for the current year.

Insider Transactions at Inspire Medical Systems

In related news, CFO Richard Buchholz sold 15,000 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $230.03, for a total value of $3,450,450.00. Following the completion of the transaction, the chief financial officer now owns 28,271 shares of the company’s stock, valued at $6,503,178.13. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 4.10% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on INSP. Bank of America decreased their target price on shares of Inspire Medical Systems from $225.00 to $185.00 and set a “neutral” rating for the company in a research report on Monday, June 3rd. Stifel Nicolaus cut their price objective on Inspire Medical Systems from $210.00 to $170.00 and set a “hold” rating for the company in a report on Monday, June 24th. Truist Financial restated a “buy” rating and set a $280.00 target price on shares of Inspire Medical Systems in a report on Wednesday, March 20th. Piper Sandler increased their price target on shares of Inspire Medical Systems from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Finally, Mizuho reissued a “buy” rating and issued a $250.00 price objective on shares of Inspire Medical Systems in a research report on Wednesday, March 27th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $251.20.

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.