Fred Alger Management LLC Sells 49,765 Shares of InMode Ltd. (NASDAQ:INMD)

Fred Alger Management LLC trimmed its holdings in InMode Ltd. (NASDAQ:INMD) by 13.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 309,465 shares of the healthcare company’s stock after selling 49,765 shares during the period. Fred Alger Management LLC’s holdings in InMode were worth $5,168,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Harvey Capital Management Inc. grew its stake in InMode by 1.4% during the fourth quarter. Harvey Capital Management Inc. now owns 51,490 shares of the healthcare company’s stock valued at $860,000 after acquiring an additional 700 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of InMode by 6.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 12,586 shares of the healthcare company’s stock worth $210,000 after acquiring an additional 721 shares during the last quarter. Covestor Ltd grew its stake in shares of InMode by 13.9% during the fourth quarter. Covestor Ltd now owns 5,936 shares of the healthcare company’s stock valued at $99,000 after buying an additional 723 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in shares of InMode by 26.2% during the fourth quarter. Farther Finance Advisors LLC now owns 5,555 shares of the healthcare company’s stock valued at $93,000 after purchasing an additional 1,154 shares during the period. Finally, Invesco Ltd. increased its position in shares of InMode by 1.5% during the fourth quarter. Invesco Ltd. now owns 97,475 shares of the healthcare company’s stock worth $1,628,000 after acquiring an additional 1,444 shares during the period. 68.04% of the stock is currently owned by institutional investors.

InMode Stock Performance

Shares of InMode stock opened at $14.46 on Friday. The company has a market capitalization of $1.01 billion, a P/E ratio of 6.15 and a beta of 2.02. InMode Ltd. has a 1 year low of $13.68 and a 1 year high of $19.85. The company’s fifty day moving average is $16.43 and its two-hundred day moving average is $17.44.

InMode (NASDAQ:INMD) last posted its quarterly earnings data on Monday, April 28th. The healthcare company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.14). The firm had revenue of $77.87 million during the quarter, compared to analysts’ expectations of $82.21 million. InMode had a net margin of 45.91% and a return on equity of 18.25%. The business’s quarterly revenue was down 3.0% on a year-over-year basis. During the same quarter last year, the business earned $0.32 earnings per share. As a group, equities analysts expect that InMode Ltd. will post 1.75 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on INMD. Robert W. Baird cut shares of InMode from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $22.00 to $16.00 in a research report on Monday, April 28th. Barclays lowered their target price on InMode from $29.00 to $24.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 30th. Jefferies Financial Group lowered their target price on shares of InMode from $16.00 to $15.00 and set a “hold” rating on the stock in a research note on Monday, April 14th. Needham & Company LLC reiterated a “hold” rating on shares of InMode in a research report on Monday, April 28th. Finally, UBS Group reduced their price objective on InMode from $19.00 to $16.25 and set a “neutral” rating for the company in a research note on Tuesday, April 29th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $18.54.

InMode Profile

InMode Ltd. designs, develops, manufactures, and markets minimally invasive aesthetic medical products based on its proprietary radiofrequency assisted lipolysis and deep subdermal fractional radiofrequency technologies in the United States and internationally. The company offers minimally invasive aesthetic medical products for various procedures, such as liposuction with simultaneous skin tightening, body and face contouring, and ablative skin rejuvenation treatments, as well as for use in women's health conditions and procedures.