Principal Financial Group Inc. Grows Stake in Inspire Medical Systems, Inc. (NYSE:INSP)

Principal Financial Group Inc. grew its holdings in Inspire Medical Systems, Inc. (NYSE:INSP) by 3.7% during the fourth quarter, HoldingsChannel reports. The fund owned 146,310 shares of the company’s stock after purchasing an additional 5,221 shares during the period. Principal Financial Group Inc.’s holdings in Inspire Medical Systems were worth $27,123,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. State Street Corp boosted its position in shares of Inspire Medical Systems by 78.0% in the 3rd quarter. State Street Corp now owns 1,049,784 shares of the company’s stock valued at $221,557,000 after purchasing an additional 459,990 shares during the period. Point72 Asset Management L.P. boosted its position in shares of Inspire Medical Systems by 954.4% in the 3rd quarter. Point72 Asset Management L.P. now owns 319,364 shares of the company’s stock valued at $67,402,000 after purchasing an additional 289,075 shares during the period. Riverbridge Partners LLC acquired a new stake in shares of Inspire Medical Systems in the 4th quarter valued at about $26,342,000. Eagle Asset Management Inc. boosted its position in shares of Inspire Medical Systems by 82.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 260,753 shares of the company’s stock valued at $51,269,000 after purchasing an additional 117,819 shares during the period. Finally, PFM Health Sciences LP acquired a new stake in shares of Inspire Medical Systems in the 3rd quarter valued at about $20,751,000. Hedge funds and other institutional investors own 94.91% of the company’s stock.

Insider Transactions at Inspire Medical Systems

In related news, insider Randy Ban sold 25,584 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $183.50, for a total value of $4,694,664.00. Following the completion of the transaction, the insider now directly owns 7,259 shares of the company’s stock, valued at $1,332,026.50. This trade represents a 77.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO John Rondoni sold 583 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief technology officer now directly owns 10,424 shares of the company’s stock, valued at $1,777,187.76. The trade was a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 26,225 shares of company stock valued at $4,806,530. Corporate insiders own 4.10% of the company’s stock.

Analyst Ratings Changes

INSP has been the subject of a number of research analyst reports. Robert W. Baird decreased their target price on Inspire Medical Systems from $252.00 to $248.00 and set an “outperform” rating for the company in a research report on Tuesday, February 11th. Morgan Stanley decreased their price objective on Inspire Medical Systems from $230.00 to $220.00 and set an “overweight” rating for the company in a research report on Tuesday, February 11th. Wells Fargo & Company decreased their price objective on Inspire Medical Systems from $198.00 to $195.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 11th. KeyCorp reaffirmed an “overweight” rating and set a $234.00 price objective (down from $236.00) on shares of Inspire Medical Systems in a research report on Friday, January 24th. Finally, Truist Financial decreased their price objective on Inspire Medical Systems from $250.00 to $235.00 and set a “buy” rating for the company in a research report on Tuesday, February 11th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $228.82.

Inspire Medical Systems Trading Down 0.9 %

Shares of INSP stock opened at $176.87 on Friday. The company has a market cap of $5.25 billion, a price-to-earnings ratio of 102.24, a price-to-earnings-growth ratio of 2.86 and a beta of 1.32. The stock has a 50 day simple moving average of $187.92 and a 200-day simple moving average of $192.92. Inspire Medical Systems, Inc. has a 12-month low of $123.00 and a 12-month high of $257.40.

Inspire Medical Systems (NYSE:INSP) last issued its earnings results on Monday, February 10th. The company reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.41. Inspire Medical Systems had a return on equity of 8.19% and a net margin of 6.67%. On average, equities analysts forecast that Inspire Medical Systems, Inc. will post 2.16 earnings per share for the current fiscal year.

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.