InMode (NASDAQ:INMD) Price Target Cut to $103.00 by Analysts at Needham & Company LLC

InMode (NASDAQ:INMD) had its price objective decreased by stock analysts at Needham & Company LLC to $103.00 in a research report issued to clients and investors on Tuesday, October 12th, Price Targets.com reports. The firm currently has a “buy” rating on the healthcare company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 21.51% from the stock’s current price.

A number of other brokerages have also issued reports on INMD. TheStreet lowered shares of InMode from a “b-” rating to a “c” rating in a research report on Friday, October 1st. Canaccord Genuity raised their target price on shares of InMode from $47.50 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, July 29th. Finally, Barclays raised their target price on shares of InMode from $46.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 13th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $71.58.

InMode stock traded down $0.25 during mid-day trading on Tuesday, hitting $84.77. The company had a trading volume of 1,303,507 shares, compared to its average volume of 1,612,323. The stock has a market cap of $5.42 billion, a price-to-earnings ratio of 56.51 and a beta of 1.65. InMode has a 1 year low of $18.02 and a 1 year high of $90.00. The business has a fifty day moving average of $70.54 and a 200 day moving average of $54.50.

InMode (NASDAQ:INMD) last announced its quarterly earnings results on Wednesday, July 28th. The healthcare company reported $0.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.27. The company had revenue of $87.33 million for the quarter. InMode had a net margin of 44.34% and a return on equity of 45.87%.

Several hedge funds and other institutional investors have recently modified their holdings of INMD. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of InMode during the first quarter worth $381,000. BlackRock Inc. lifted its holdings in shares of InMode by 7.5% during the first quarter. BlackRock Inc. now owns 316,783 shares of the healthcare company’s stock worth $22,927,000 after purchasing an additional 21,987 shares during the period. HighTower Advisors LLC acquired a new stake in shares of InMode during the first quarter worth $260,000. Russell Investments Group Ltd. lifted its holdings in shares of InMode by 637.5% during the first quarter. Russell Investments Group Ltd. now owns 41,298 shares of the healthcare company’s stock worth $2,964,000 after purchasing an additional 35,698 shares during the period. Finally, New York State Common Retirement Fund lifted its holdings in shares of InMode by 121.5% during the first quarter. New York State Common Retirement Fund now owns 114,427 shares of the healthcare company’s stock worth $8,281,000 after purchasing an additional 62,770 shares during the period.

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. 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.

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Analyst Recommendations for InMode (NASDAQ:INMD)

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