Federated Hermes Inc. Purchases 572,057 Shares of InMode Ltd. (NASDAQ:INMD)

Federated Hermes Inc. grew its stake in shares of InMode Ltd. (NASDAQ:INMD - Free Report) by 5,512.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 582,434 shares of the healthcare company's stock after purchasing an additional 572,057 shares during the period. Federated Hermes Inc. owned about 0.70% of InMode worth $12,953,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in INMD. LSV Asset Management boosted its stake in shares of InMode by 3,557.6% in the 3rd quarter. LSV Asset Management now owns 1,678,819 shares of the healthcare company's stock worth $51,137,000 after buying an additional 1,632,919 shares during the last quarter. Boston Trust Walden Corp bought a new position in shares of InMode in the fourth quarter worth $32,366,000. DDD Partners LLC increased its holdings in shares of InMode by 164.2% in the third quarter. DDD Partners LLC now owns 987,306 shares of the healthcare company's stock worth $30,073,000 after purchasing an additional 613,565 shares during the period. Meitav Investment House Ltd. increased its stake in InMode by 58.2% in the third quarter. Meitav Investment House Ltd. now owns 1,589,027 shares of the healthcare company's stock valued at $49,448,000 after acquiring an additional 584,655 shares during the last quarter. Finally, Clal Insurance Enterprises Holdings Ltd increased its stake in InMode by 44.0% in the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,080,000 shares of the healthcare company's stock valued at $32,897,000 after acquiring an additional 330,000 shares during the last quarter. 68.04% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. UBS Group increased their target price on InMode from $24.00 to $26.00 and gave the company a "neutral" rating in a research note on Wednesday, February 14th. Barclays reduced their target price on InMode from $34.00 to $33.00 and set an "overweight" rating on the stock in a research note on Friday, April 12th. Finally, Needham & Company LLC reissued a "hold" rating on shares of InMode in a research note on Tuesday, April 9th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, InMode presently has a consensus rating of "Hold" and a consensus target price of $32.80.

InMode Price Performance

NASDAQ INMD traded down $0.01 during trading on Wednesday, hitting $17.36. 783,326 shares of the company's stock traded hands, compared to its average volume of 1,580,446. The stock has a fifty day moving average of $20.68 and a two-hundred day moving average of $21.72. InMode Ltd. has a 12-month low of $16.96 and a 12-month high of $48.25. The firm has a market cap of $1.46 billion, a P/E ratio of 7.49 and a beta of 2.16.

InMode (NASDAQ:INMD - Get Free Report) last posted its quarterly earnings results on Tuesday, February 13th. The healthcare company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.05. The business had revenue of $126.80 million during the quarter, compared to analyst estimates of $124.77 million. InMode had a net margin of 40.22% and a return on equity of 29.80%. The company's revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.69 earnings per share. As a group, analysts expect that InMode Ltd. will post 2.04 earnings per share for the current fiscal year.

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.