Illumina (ILMN) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Illumina (NASDAQ:ILMN) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. Zacks Investment Research currently has $252.00 price target on the life sciences company’s stock.
According to Zacks, “Post a promising third-quarter show, we expect Illumina to maintain its growth momentum on continued uptake of sequencing consumables, instruments and microarray portfolios. Management is also hopeful that recent launches like NovaSeq S4 flow cell and reagent kit for its NovaSeq 6000 System will drive demand for NovaSeq. We look forward to the launch of NovaSeq Xp workflow. Also, the company’s launch of Nextera DNA Flex buoys optimism. Moreover, the company recently partnered with Telegraph Hill Partners to set up an independent entity. Accordingly, over the last three months, Illumina has been trading above the broader industry. On the flip side, weak margins owing to the NovaSeq launch, higher array services revenues and unfavorable product mix within sequencing consumables will continue to act as deterrents.”
A number of other brokerages have also recently commented on ILMN. Citigroup lifted their price objective on Illumina from $180.00 to $220.00 and gave the stock a neutral rating in a research note on Wednesday, October 25th. Canaccord Genuity raised Illumina from a hold rating to a buy rating and lifted their price objective for the stock from $170.00 to $215.00 in a research note on Monday, August 7th. Robert W. Baird raised Illumina from a neutral rating to an outperform rating and lifted their price objective for the stock from $184.00 to $228.00 in a research note on Wednesday, October 25th. Barclays boosted their target price on Illumina from $150.00 to $185.00 and gave the company an equal weight rating in a research note on Wednesday, October 25th. Finally, BidaskClub raised Illumina from a sell rating to a hold rating in a research note on Monday, August 7th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the stock. Illumina presently has a consensus rating of Buy and an average price target of $201.98.
Illumina (NASDAQ ILMN) traded up $0.69 during midday trading on Tuesday, hitting $214.67. The stock had a trading volume of 682,300 shares, compared to its average volume of 955,885. The firm has a market cap of $31,241.08, a PE ratio of 62.57, a P/E/G ratio of 3.53 and a beta of 0.79. Illumina has a one year low of $120.00 and a one year high of $230.72. The company has a debt-to-equity ratio of 0.41, a current ratio of 4.22 and a quick ratio of 3.73.
Illumina (NASDAQ:ILMN) last released its earnings results on Tuesday, October 24th. The life sciences company reported $1.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.12. Illumina had a return on equity of 19.42% and a net margin of 30.34%. The company had revenue of $714.00 million during the quarter, compared to analysts’ expectations of $692.77 million. During the same period last year, the firm earned $0.97 EPS. The business’s revenue for the quarter was up 17.6% on a year-over-year basis. equities research analysts forecast that Illumina will post 3.75 earnings per share for the current year.
In other Illumina news, Director Jay T. Flatley sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 5th. The stock was sold at an average price of $212.55, for a total transaction of $4,251,000.00. Following the transaction, the director now owns 505,980 shares of the company’s stock, valued at $107,546,049. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Charles Dadswell sold 145 shares of the business’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $202.23, for a total value of $29,323.35. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 166,150 shares of company stock worth $34,767,331. Corporate insiders own 0.89% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Illumina by 2.6% in the second quarter. Vanguard Group Inc. now owns 9,904,340 shares of the life sciences company’s stock valued at $1,718,601,000 after purchasing an additional 255,498 shares during the last quarter. Ameriprise Financial Inc. grew its position in shares of Illumina by 3.1% in the third quarter. Ameriprise Financial Inc. now owns 2,512,167 shares of the life sciences company’s stock valued at $500,416,000 after purchasing an additional 76,452 shares during the last quarter. Capital World Investors grew its position in shares of Illumina by 23.8% in the second quarter. Capital World Investors now owns 2,135,000 shares of the life sciences company’s stock valued at $370,465,000 after purchasing an additional 410,000 shares during the last quarter. TIAA CREF Investment Management LLC grew its position in shares of Illumina by 55.6% in the second quarter. TIAA CREF Investment Management LLC now owns 1,475,669 shares of the life sciences company’s stock valued at $256,058,000 after purchasing an additional 527,548 shares during the last quarter. Finally, Winslow Capital Management LLC acquired a new stake in Illumina during the second quarter worth approximately $211,584,000. 91.75% of the stock is currently owned by hedge funds and other institutional investors.
Illumina, Inc (Illumina) is a provider of sequencing- and array-based solutions for genetic analysis. The Company operates through two segments: Core Illumina and the consolidated variable interest entities (VIEs), which include the activities of GRAIL, Inc (GRAIL) and Helix Holdings I, LLC (Helix). Core Illumina consists of its core operations.
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