Illumina Inc. (ILMN) Downgraded by Zacks Investment Research to “Strong Sell”
Illumina Inc. (NASDAQ:ILMN) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday.
According to Zacks, “Illumina’s forecast of a slow paced recovery in its EMEA business, in 2016, indicates sluggish performance ahead in Europe, at least for some time. Moreover, factors like government funding cuts, fierce competition and escalating operating expenses might significantly hurt Illumina’s results, in the coming days. On a positive note, in the last reported second quarter the company posted outstanding numbers on the back of robust sequencing and array consumable growth. The company’s strong cash balance position buoys further optimism. Further, the company raised its EPS guidance for 2016 which is encouraging, raising hopes that the company will deliver higher profits in the remaining quarters of 2016.”
ILMN has been the topic of several other reports. Citigroup Inc. boosted their price target on shares of Illumina from $175.00 to $190.00 and gave the stock a “buy” rating in a report on Monday, September 12th. Argus reiterated a “buy” rating and issued a $170.00 target price (down from $205.00) on shares of Illumina in a research note on Friday, October 14th. Canaccord Genuity set a $136.00 target price on shares of Illumina and gave the company a “hold” rating in a research note on Friday, October 7th. Vetr upgraded shares of Illumina from a “sell” rating to a “buy” rating and set a $198.61 target price on the stock in a research note on Monday, October 3rd. Finally, CL King cut shares of Illumina from a “buy” rating to a “neutral” rating in a research note on Monday, August 22nd. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Illumina has a consensus rating of “Hold” and a consensus target price of $156.88.
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Illumina (NASDAQ:ILMN) opened at 145.81 on Wednesday. Illumina has a one year low of $127.10 and a one year high of $196.47. The stock’s 50 day moving average is $169.54 and its 200 day moving average is $155.73. The company has a market capitalization of $21.38 billion, a PE ratio of 49.93 and a beta of 0.47.
Illumina (NASDAQ:ILMN) last released its quarterly earnings results on Tuesday, July 26th. The life sciences company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.13. Illumina had a net margin of 18.73% and a return on equity of 23.69%. The business had revenue of $600 million for the quarter, compared to analysts’ expectations of $31.91 million. During the same period in the previous year, the company earned $0.80 earnings per share. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, analysts anticipate that Illumina will post $3.53 earnings per share for the current fiscal year.
In other Illumina news, Director Jay T. Flatley sold 10,000 shares of the company’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $150.00, for a total value of $1,500,000.00. Following the completion of the transaction, the director now directly owns 498,061 shares in the company, valued at approximately $74,709,150. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Charles Dadswell sold 8,632 shares of the company’s stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $155.00, for a total transaction of $1,337,960.00. Following the completion of the transaction, the senior vice president now owns 40,248 shares of the company’s stock, valued at $6,238,440. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Capital Research Global Investors raised its position in shares of Illumina by 17.1% in the second quarter. Capital Research Global Investors now owns 13,085,071 shares of the life sciences company’s stock valued at $1,836,882,000 after buying an additional 1,910,346 shares during the last quarter. Capital World Investors raised its position in shares of Illumina by 218.0% in the second quarter. Capital World Investors now owns 1,463,000 shares of the life sciences company’s stock valued at $205,376,000 after buying an additional 1,003,000 shares during the last quarter. Baillie Gifford & Co. raised its position in shares of Illumina by 3.8% in the second quarter. Baillie Gifford & Co. now owns 18,615,061 shares of the life sciences company’s stock valued at $2,613,182,000 after buying an additional 682,010 shares during the last quarter. Rockefeller Financial Services Inc. raised its position in shares of Illumina by 11,812.5% in the second quarter. Rockefeller Financial Services Inc. now owns 271,962 shares of the life sciences company’s stock valued at $38,177,000 after buying an additional 269,679 shares during the last quarter. Finally, Eaton Vance Management raised its position in shares of Illumina by 1,107.7% in the second quarter. Eaton Vance Management now owns 196,643 shares of the life sciences company’s stock valued at $27,605,000 after buying an additional 180,361 shares during the last quarter. Institutional investors own 95.24% of the company’s stock.
Illumina, Inc (Illumina) offers sequencing and array-based solutions for genetic analysis. The Company’s products and services serve customers in a range of markets, enabling the adoption of genomic solutions in research and clinical settings. The Company’s customers include genomic research centers, academic institutions, government laboratories and hospitals, as well as pharmaceutical, biotechnology, agrigenomics and commercial molecular diagnostic laboratories, and consumer genomics companies.
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