Principal Financial Group Inc. Purchases 8,763 Shares of InMode Ltd. (NASDAQ:INMD)

Principal Financial Group Inc. raised its position in InMode Ltd. (NASDAQ:INMD) by 10.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 94,530 shares of the healthcare company’s stock after buying an additional 8,763 shares during the quarter. Principal Financial Group Inc.’s holdings in InMode were worth $1,724,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Swedbank AB acquired a new stake in shares of InMode in the first quarter valued at approximately $17,634,000. Norges Bank acquired a new stake in InMode in the 4th quarter valued at $8,890,000. Nordea Investment Management AB lifted its position 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. Doma Perpetual Capital Management LLC bought a new stake in InMode during the 4th quarter worth about $2,991,000. Finally, Boston Partners boosted its stake in shares of InMode by 21.0% during the 4th quarter. Boston Partners now owns 671,959 shares of the healthcare company’s stock worth $14,550,000 after buying an additional 116,804 shares during the last quarter. Institutional investors and hedge funds own 68.04% of the company’s stock.

InMode Stock Down 0.9 %

NASDAQ:INMD opened at $16.75 on Friday. InMode Ltd. has a 12-month low of $15.39 and a 12-month high of $36.34. The firm has a market capitalization of $1.41 billion, a price-to-earnings ratio of 7.94 and a beta of 2.17. The stock’s 50 day moving average price is $16.78 and its two-hundred day moving average price is $18.36.

InMode (NASDAQ:INMD) last posted its earnings results on Thursday, August 1st. The healthcare company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.04). InMode had a return on equity of 21.00% and a net margin of 35.81%. The business had revenue of $102.60 million for the quarter, compared to analyst estimates of $104.81 million. During the same period in the previous year, the firm posted $0.65 earnings per share. The firm’s revenue was down 24.6% compared to the same quarter last year. Equities research analysts expect that InMode Ltd. will post 1.63 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on INMD shares. Canaccord Genuity Group lowered their target price on InMode from $21.00 to $16.00 and set a “hold” rating on the stock in a research report on Friday, July 12th. Barclays dropped their price objective on InMode from $33.00 to $29.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Jefferies Financial Group downgraded 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 report on Tuesday, July 23rd. Finally, Needham & Company LLC restated a “hold” rating on shares of InMode in a report on Thursday, July 11th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, InMode presently has a consensus rating of “Hold” and a consensus target price of $22.40.

InMode Company 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.