Illumina Inc. (ILMN) Downgraded by Zacks Investment Research
Illumina Inc. (NASDAQ:ILMN) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors 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 research reports. JPMorgan Chase & Co. increased their price target on shares of Illumina from $185.00 to $200.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 27th. Cantor Fitzgerald reaffirmed a “hold” rating on shares of Illumina in a research report on Wednesday, June 29th. Vetr cut shares of Illumina from a “buy” rating to a “hold” rating and set a $187.86 price target on the stock. in a research report on Monday, October 10th. BTIG Research reaffirmed a “neutral” rating on shares of Illumina in a research report on Wednesday, October 12th. Finally, Argus increased their price target on shares of Illumina from $175.00 to $185.00 and gave the stock a “buy” rating in a research report on Monday, August 8th. Three analysts have rated the stock with a sell rating, fifteen have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $156.88.
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Illumina (NASDAQ:ILMN) opened at 145.22 on Wednesday. The company has a 50-day moving average price of $169.54 and a 200-day moving average price of $155.73. Illumina has a 12-month low of $127.10 and a 12-month high of $196.47. The stock has a market capitalization of $21.29 billion, a price-to-earnings ratio of 49.73 and a beta of 0.47.
Illumina (NASDAQ:ILMN) last posted its quarterly earnings data on Tuesday, July 26th. The life sciences company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.13. The company earned $600 million during the quarter, compared to analysts’ expectations of $31.91 million. Illumina had a net margin of 18.73% and a return on equity of 23.69%. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.80 EPS. On average, equities research analysts forecast that Illumina will post $3.53 earnings per share for the current year.
In related news, Director Jay T. Flatley sold 10,000 shares of the firm’s stock in a transaction that occurred 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 owns 498,061 shares of the company’s stock, valued at approximately $74,709,150. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel Bradbury sold 600 shares of the firm’s stock in a transaction that occurred on Friday, October 7th. The stock was sold at an average price of $184.36, for a total transaction of $110,616.00. Following the completion of the transaction, the director now directly owns 17,065 shares of the company’s stock, valued at approximately $3,146,103.40. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of ILMN. Nuveen Asset Management LLC raised its position in Illumina by 22.6% in the first quarter. Nuveen Asset Management LLC now owns 9,655 shares of the life sciences company’s stock worth $1,565,000 after buying an additional 1,781 shares in the last quarter. Reynolds Capital Management LLC raised its position in Illumina by 20.0% in the first quarter. Reynolds Capital Management LLC now owns 1,800 shares of the life sciences company’s stock worth $292,000 after buying an additional 300 shares in the last quarter. Geode Capital Management LLC raised its position in Illumina by 2.4% in the first quarter. Geode Capital Management LLC now owns 1,184,301 shares of the life sciences company’s stock worth $191,595,000 after buying an additional 27,211 shares in the last quarter. Simonbaker & Partners LLC purchased a new position in Illumina during the first quarter worth approximately $243,000. Finally, Cleararc Capital Inc. raised its position in Illumina by 0.7% in the first quarter. Cleararc Capital Inc. now owns 3,344 shares of the life sciences company’s stock worth $542,000 after buying an additional 23 shares in the last quarter. 95.24% of the stock is owned by hedge funds and other institutional investors.
Illumina Company Profile
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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