Principal Financial Group Inc. Sells 22,177 Shares of 10x Genomics $TXG

Principal Financial Group Inc. reduced its holdings in shares of 10x Genomics (NASDAQ:TXG) by 8.9% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 226,830 shares of the company’s stock after selling 22,177 shares during the quarter. Principal Financial Group Inc.’s holdings in 10x Genomics were worth $4,816,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Chicago Partners Investment Group LLC raised its holdings in 10x Genomics by 16.7% during the 1st quarter. Chicago Partners Investment Group LLC now owns 49,944 shares of the company’s stock valued at $1,140,000 after acquiring an additional 7,153 shares during the period. Fifth Third Bancorp bought a new position in shares of 10x Genomics in the first quarter worth $50,000. Hsbc Holdings PLC bought a new position in shares of 10x Genomics in the first quarter worth $5,945,000. Optas LLC grew its position in shares of 10x Genomics by 8.2% in the first quarter. Optas LLC now owns 24,215 shares of the company’s stock valued at $514,000 after purchasing an additional 1,832 shares in the last quarter. Finally, Platform Technology Partners purchased a new position in shares of 10x Genomics in the first quarter valued at $265,000. 84.68% of the stock is owned by institutional investors.

10x Genomics Stock Up 2.5%

10x Genomics stock opened at $47.05 on Wednesday. The stock has a market cap of $5.97 billion, a price-to-earnings ratio of -276.76 and a beta of 2.05. The business has a 50-day simple moving average of $35.67 and a 200 day simple moving average of $26.13. 10x Genomics has a 52 week low of $11.16 and a 52 week high of $49.50.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.19. The company had revenue of $150.84 million for the quarter, compared to analysts’ expectations of $146.41 million. 10x Genomics had a negative net margin of 3.55% and a negative return on equity of 2.86%. 10x Genomics’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.28) earnings per share. On average, research analysts anticipate that 10x Genomics will post -0.78 earnings per share for the current year.

Insider Transactions at 10x Genomics

In other 10x Genomics news, CFO Adam Taich sold 15,098 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $24.44, for a total transaction of $368,995.12. Following the sale, the chief financial officer owned 379,898 shares in the company, valued at $9,284,707.12. This trade represents a 3.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Serge Saxonov sold 30,000 shares of 10x Genomics stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $34.44, for a total transaction of $1,033,200.00. Following the completion of the transaction, the chief executive officer owned 1,108,380 shares in the company, valued at approximately $38,172,607.20. The trade was a 2.64% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 91,309 shares of company stock worth $2,581,357. Company insiders own 8.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Zacks Research cut 10x Genomics from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 10x Genomics in a report on Wednesday, June 24th. Bank of America increased their price target on shares of 10x Genomics from $21.00 to $30.00 and gave the stock a “neutral” rating in a report on Monday, April 20th. TD Cowen restated a “hold” rating on shares of 10x Genomics in a research report on Wednesday, July 15th. Finally, Citigroup boosted their price objective on shares of 10x Genomics from $24.00 to $45.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Four equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, 10x Genomics currently has an average rating of “Hold” and a consensus price target of $32.08.

About 10x Genomics

10x Genomics, Inc is a biotechnology company specializing in advanced genomic analysis solutions that enable researchers to explore biology at unprecedented resolution. The company develops and manufactures integrated hardware, consumables and software products for single-cell sequencing and spatial genomics. Its flagship Chromium product line supports applications in single-cell RNA sequencing, immune profiling and genome assembly, while the Visium and Xenium platforms offer spatial transcriptomics and in situ analysis, respectively.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves a global customer base that includes academic institutions, pharmaceutical and biotechnology companies, and government research organizations.