Bank of New York Mellon Corp Sells 191,894 Shares of Inspire Medical Systems, Inc. (NYSE:INSP)

Bank of New York Mellon Corp cut its holdings in shares of Inspire Medical Systems, Inc. (NYSE:INSP - Free Report) by 24.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 580,871 shares of the company's stock after selling 191,894 shares during the quarter. Bank of New York Mellon Corp owned about 1.94% of Inspire Medical Systems worth $107,682,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Wasatch Advisors LP lifted its position in shares of Inspire Medical Systems by 1.6% during the 3rd quarter. Wasatch Advisors LP now owns 1,323,470 shares of the company's stock worth $279,318,000 after buying an additional 20,481 shares during the period. State Street Corp raised its stake in Inspire Medical Systems by 78.0% during the third quarter. State Street Corp now owns 1,049,784 shares of the company's stock worth $221,557,000 after acquiring an additional 459,990 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Inspire Medical Systems by 5.8% in the 3rd quarter. Janus Henderson Group PLC now owns 502,609 shares of the company's stock worth $106,075,000 after purchasing an additional 27,374 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Inspire Medical Systems by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 483,654 shares of the company's stock worth $102,102,000 after purchasing an additional 3,128 shares in the last quarter. Finally, TimesSquare Capital Management LLC bought a new position in Inspire Medical Systems during the 4th quarter valued at about $80,419,000. 94.91% of the stock is owned by institutional investors.

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Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on INSP shares. Robert W. Baird dropped their price target on Inspire Medical Systems from $252.00 to $248.00 and set an "outperform" rating for the company in a report on Tuesday, February 11th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $260.00 price target on shares of Inspire Medical Systems in a report on Tuesday, February 11th. Wells Fargo & Company decreased their price objective on shares of Inspire Medical Systems from $198.00 to $195.00 and set an "equal weight" rating on the stock in a report on Tuesday, February 11th. KeyCorp restated an "overweight" rating and issued a $234.00 price objective (down previously from $236.00) on shares of Inspire Medical Systems in a research report on Friday, January 24th. Finally, Truist Financial reduced their target price on shares of Inspire Medical Systems from $250.00 to $235.00 and set a "buy" rating on the stock in a research report on Tuesday, February 11th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $228.82.

Insider Activity at Inspire Medical Systems

In related news, insider Randy Ban sold 25,584 shares of Inspire Medical Systems stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $183.50, for a total transaction of $4,694,664.00. Following the sale, the insider now directly owns 7,259 shares of the company's stock, valued at approximately $1,332,026.50. The trade was a 77.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO John Rondoni sold 583 shares of the firm's stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $170.49, for a total value of $99,395.67. Following the sale, the chief technology officer now directly owns 10,424 shares in the company, valued at approximately $1,777,187.76. This trade represents a 5.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,225 shares of company stock valued at $4,806,530 over the last quarter. 4.10% of the stock is owned by corporate insiders.

Inspire Medical Systems Trading Down 2.7 %

Shares of Inspire Medical Systems stock traded down $4.90 during trading on Wednesday, hitting $176.18. 338,519 shares of the stock were exchanged, compared to its average volume of 577,129. The company has a fifty day moving average price of $187.46 and a 200-day moving average price of $192.90. Inspire Medical Systems, Inc. has a 1-year low of $123.00 and a 1-year high of $257.40. The stock has a market capitalization of $5.23 billion, a price-to-earnings ratio of 101.84, a price-to-earnings-growth ratio of 2.86 and a beta of 1.48.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last issued its quarterly earnings data on Monday, February 10th. The company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.41. Inspire Medical Systems had a net margin of 6.67% and a return on equity of 8.19%. Equities research analysts forecast that Inspire Medical Systems, Inc. will post 2.16 EPS for the current fiscal year.

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.