Zurcher Kantonalbank Zurich Cantonalbank Sells 35,111 Shares of InMode Ltd. (NASDAQ:INMD)

Zurcher Kantonalbank Zurich Cantonalbank reduced its position in InMode Ltd. (NASDAQ:INMD - Free Report) by 64.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,548 shares of the healthcare company's stock after selling 35,111 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in InMode were worth $357,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Swedbank AB acquired a new position in InMode during the first quarter valued at $17,634,000. Norges Bank purchased a new position in shares of InMode during the 4th quarter worth approximately $8,890,000. M&G Investment Management Ltd. purchased a new position in shares of InMode during the 4th quarter worth approximately $8,041,000. Nordea Investment Management AB lifted its holdings in InMode by 161.1% during the 1st quarter. Nordea Investment Management AB now owns 361,701 shares of the healthcare company's stock worth $7,853,000 after buying an additional 223,191 shares in the last quarter. Finally, North Growth Management Ltd. lifted its holdings in InMode by 38.0% during the 4th quarter. North Growth Management Ltd. now owns 534,000 shares of the healthcare company's stock worth $11,879,000 after buying an additional 147,000 shares in the last quarter. 68.04% of the stock is owned by hedge funds and other institutional investors.

InMode Stock Performance

Shares of INMD stock traded up $0.03 during trading on Friday, hitting $15.68. 731,315 shares of the company were exchanged, compared to its average volume of 1,375,916. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of 7.43 and a beta of 2.17. The business's 50-day simple moving average is $16.87 and its 200 day simple moving average is $18.45. InMode Ltd. has a twelve month low of $15.39 and a twelve month high of $39.25.

InMode (NASDAQ:INMD - Get Free Report) last posted its earnings results on Thursday, August 1st. The healthcare company reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.38 by ($0.04). InMode had a net margin of 35.81% and a return on equity of 21.00%. The business had revenue of $102.60 million during the quarter, compared to analyst estimates of $104.81 million. During the same quarter last year, the firm earned $0.65 earnings per share. InMode's revenue was down 24.6% compared to the same quarter last year. On average, equities analysts forecast that InMode Ltd. will post 1.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently commented on INMD. Barclays cut their price target on shares of InMode from $33.00 to $29.00 and set an "overweight" rating on the stock in a research note on Monday, July 15th. Canaccord Genuity Group cut their target price on shares of InMode from $21.00 to $16.00 and set a "hold" rating for the company in a research report on Friday, July 12th. Needham & Company LLC restated a "hold" rating on shares of InMode in a research report on Thursday, July 11th. Finally, Jefferies Financial Group lowered shares of InMode from a "buy" rating to a "hold" rating and cut their price objective for the company from $21.00 to $19.00 in a research report on Tuesday, July 23rd. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $22.40.

About InMode

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.