Allianz Asset Management GmbH Sells 19,231 Shares of InMode Ltd. (NASDAQ:INMD)

Key Points

• Allianz Asset Management GmbH reduced its stake in InMode Ltd. by 28.5%, selling off 19,231 shares during the first quarter, leaving them with 48,250 shares valued at $856,000.
• InMode has received several downgrades from various analysts, with UBS Group lowering its target price from $19.00 to $16.25 and multiple firms issuing "neutral" ratings as of late April.
• Despite a 10.6% year-over-year revenue increase, InMode missed quarterly earnings estimates, reporting $0.47 per share against the expected $0.50.

Allianz Asset Management GmbH decreased its stake in InMode Ltd. (NASDAQ:INMD - Free Report) by 28.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 48,250 shares of the healthcare company's stock after selling 19,231 shares during the quarter. Allianz Asset Management GmbH owned 0.07% of InMode worth $856,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Raymond James Financial Inc. acquired a new stake in shares of InMode during the 4th quarter valued at about $1,332,000. HighTower Advisors LLC acquired a new stake in InMode in the 4th quarter valued at $180,000. Thrivent Financial for Lutherans boosted its stake in InMode by 6.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 12,586 shares of the healthcare company's stock valued at $210,000 after buying an additional 721 shares in the last quarter. American Century Companies Inc. acquired a new stake in InMode in the 4th quarter valued at $299,000. Finally, JPMorgan Chase & Co. boosted its stake in InMode by 4.4% in the fourth quarter. JPMorgan Chase & Co. now owns 1,084,241 shares of the healthcare company's stock worth $18,107,000 after purchasing an additional 45,638 shares in the last quarter. Institutional investors and hedge funds own 68.04% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on INMD. Canaccord Genuity Group reaffirmed a "hold" rating and set a $15.00 price target on shares of InMode in a research note on Friday, July 11th. Jefferies Financial Group dropped their price target on InMode from $16.00 to $15.00 and set a "hold" rating on the stock in a research report on Monday, April 14th. BTIG Research downgraded InMode from a "buy" rating to a "neutral" rating in a report on Tuesday, April 29th. UBS Group decreased their price target on InMode from $19.00 to $16.25 and set a "neutral" rating for the company in a research note on Tuesday, April 29th. Finally, Barclays decreased their price target on InMode from $24.00 to $21.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, InMode presently has an average rating of "Hold" and an average price target of $18.04.

InMode Stock Up 1.6%

Shares of INMD traded up $0.22 during midday trading on Monday, hitting $13.96. The company's stock had a trading volume of 386,574 shares, compared to its average volume of 1,289,207. InMode Ltd. has a one year low of $13.14 and a one year high of $19.85. The company's fifty day simple moving average is $14.33 and its two-hundred day simple moving average is $15.96. The stock has a market capitalization of $882.10 million, a price-to-earnings ratio of 5.65 and a beta of 1.93.

InMode (NASDAQ:INMD - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The healthcare company reported $0.47 earnings per share for the quarter, missing analysts' consensus estimates of $0.50 by ($0.03). The firm had revenue of $95.60 million for the quarter, compared to the consensus estimate of $98.45 million. InMode had a return on equity of 18.38% and a net margin of 44.50%. The company's revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.34 EPS. On average, research analysts predict that InMode Ltd. will post 1.75 earnings per share for the current year.

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.