Fred Alger Management LLC Decreases Stock Position in InMode Ltd. (NASDAQ:INMD)

Fred Alger Management LLC decreased its position in InMode Ltd. (NASDAQ:INMD) by 33.3% in the 3rd quarter, Holdings Channel reports. The fund owned 359,230 shares of the healthcare company’s stock after selling 179,686 shares during the period. Fred Alger Management LLC’s holdings in InMode were worth $6,089,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in INMD. Vanguard Group Inc. increased its stake in InMode by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 751,537 shares of the healthcare company’s stock worth $16,241,000 after buying an additional 4,387 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of InMode by 24.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 59,610 shares of the healthcare company’s stock worth $1,289,000 after acquiring an additional 11,643 shares during the last quarter. Public Employees Retirement Association of Colorado lifted its stake in shares of InMode by 19.7% in the first quarter. Public Employees Retirement Association of Colorado now owns 20,062 shares of the healthcare company’s stock worth $434,000 after acquiring an additional 3,300 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in InMode in the first quarter valued at about $171,000. Finally, California State Teachers Retirement System grew its stake in InMode by 2.9% during the 1st quarter. California State Teachers Retirement System now owns 94,516 shares of the healthcare company’s stock valued at $2,042,000 after purchasing an additional 2,696 shares in the last quarter. Hedge funds and other institutional investors own 68.04% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on INMD. Barclays cut their target price on InMode from $29.00 to $27.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. Needham & Company LLC restated a “hold” rating on shares of InMode in a research note on Thursday, October 31st. Finally, BTIG Research assumed coverage on shares of InMode in a research note on Thursday, October 17th. They set a “buy” rating and a $25.00 price objective on the stock. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $22.60.

InMode Trading Up 0.2 %

Shares of INMD opened at $19.53 on Friday. InMode Ltd. has a 52 week low of $14.87 and a 52 week high of $26.80. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of 10.56 and a beta of 2.15. The stock has a 50 day moving average of $17.60 and a 200-day moving average of $17.50.

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.