Verition Fund Management LLC Takes $757,000 Position in Inspire Medical Systems, Inc. (NYSE:INSP)

Verition Fund Management LLC acquired a new position in Inspire Medical Systems, Inc. (NYSE:INSP) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 3,585 shares of the company’s stock, valued at approximately $757,000.

Several other institutional investors and hedge funds also recently bought and sold shares of INSP. SouthState Corp purchased a new stake in shares of Inspire Medical Systems during the second quarter worth $27,000. Farther Finance Advisors LLC raised its stake in shares of Inspire Medical Systems by 1,158.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 151 shares of the company’s stock valued at $32,000 after purchasing an additional 139 shares during the period. GAMMA Investing LLC lifted its holdings in Inspire Medical Systems by 559.3% during the 3rd quarter. GAMMA Investing LLC now owns 178 shares of the company’s stock worth $38,000 after purchasing an additional 151 shares in the last quarter. Quarry LP boosted its stake in Inspire Medical Systems by 105.4% in the 2nd quarter. Quarry LP now owns 343 shares of the company’s stock worth $46,000 after purchasing an additional 176 shares during the period. Finally, Daiwa Securities Group Inc. purchased a new position in Inspire Medical Systems during the 2nd quarter valued at about $53,000. 94.91% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $260.00 price target on shares of Inspire Medical Systems in a report on Tuesday, November 5th. Bank of America upgraded shares of Inspire Medical Systems from a “neutral” rating to a “buy” rating and increased their target price for the stock from $220.00 to $255.00 in a research note on Wednesday, November 20th. Wells Fargo & Company boosted their price target on shares of Inspire Medical Systems from $187.00 to $198.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Leerink Partners increased their price objective on Inspire Medical Systems from $167.00 to $197.00 and gave the stock a “market perform” rating in a research report on Tuesday, September 10th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $200.00 price objective (up previously from $170.00) on shares of Inspire Medical Systems in a research note on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Inspire Medical Systems has an average rating of “Moderate Buy” and an average target price of $233.58.

Inspire Medical Systems Price Performance

Shares of INSP opened at $189.52 on Tuesday. The firm has a market cap of $5.68 billion, a P/E ratio of 177.12 and a beta of 1.31. The stock has a 50 day simple moving average of $195.93 and a two-hundred day simple moving average of $177.95. Inspire Medical Systems, Inc. has a 1 year low of $123.00 and a 1 year high of $257.40.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.54. Inspire Medical Systems had a net margin of 4.37% and a return on equity of 5.30%. The firm had revenue of $203.20 million during the quarter, compared to analyst estimates of $197.59 million. During the same period in the previous year, the business posted ($0.29) EPS. The business’s quarterly revenue was up 32.6% on a year-over-year basis. On average, equities analysts anticipate that Inspire Medical Systems, Inc. will post 1.33 earnings per share for the current year.

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.