Illumina, Inc. (ILMN) Downgraded to Hold at Zacks Investment Research
Illumina, Inc. (NASDAQ:ILMN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.
According to Zacks, “Illumina exited the second quarter on a solid note, with both earnings and revenues beating the Zacks Consensus Estimate. The top line was strong on new product launches including the VeriSeq NIPT Solution in Europe and the strength in NovaSeq. Outside the U.S., the rate of NIPT adoption is increasing. In this regard to note, over the last three months, Illumina was trading above the broader industry. The company’s raised guidance is encouraging indicating this bullish trend to continue in the coming period. We are currently looking forward to the performance of the Extended RAS Panel that is slated for launch in the third quarter. We are also looking forward to GRAIL, Illumina’s venture in the cancer screening market. On the flip side, weak margins owing to NovaSeq launch, higher array services revenues and product mix within sequencing consumables will continue to act as deterrents. Also, NIH funding issue and a tough competitive landscap”
Other research analysts have also recently issued reports about the company. Vetr upgraded Illumina from a “buy” rating to a “strong-buy” rating and set a $197.84 target price on the stock in a report on Tuesday, May 23rd. Morgan Stanley restated an “underweight” rating and set a $115.00 target price (up from $108.00) on shares of Illumina in a report on Monday, May 15th. First Analysis upgraded Illumina from an “underweight” rating to an “equal weight” rating and set a $176.00 target price on the stock in a report on Wednesday. Canaccord Genuity restated a “hold” rating and set a $170.00 target price on shares of Illumina in a report on Wednesday, July 26th. Finally, BidaskClub upgraded Illumina from a “strong sell” rating to a “sell” rating in a report on Tuesday, August 1st. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $174.38.
Shares of Illumina (NASDAQ:ILMN) traded down 2.01% during midday trading on Friday, reaching $194.47. The company’s stock had a trading volume of 1,192,122 shares. The firm has a market cap of $28.39 billion, a price-to-earnings ratio of 39.02 and a beta of 0.83. The stock’s 50 day moving average price is $174.66 and its 200 day moving average price is $171.89. Illumina has a one year low of $119.37 and a one year high of $198.55.
Illumina (NASDAQ:ILMN) last issued its earnings results on Tuesday, August 1st. The life sciences company reported $0.82 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.14. The business had revenue of $662 million for the quarter, compared to analysts’ expectations of $642.38 million. Illumina had a return on equity of 19.69% and a net margin of 30.27%. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.86 EPS. Analysts predict that Illumina will post $3.65 earnings per share for the current year.
In other news, Director Jay T. Flatley sold 15,000 shares of the company’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $175.53, for a total transaction of $2,632,950.00. Following the sale, the director now owns 534,176 shares of the company’s stock, valued at $93,763,913.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jay T. Flatley sold 20,000 shares of the company’s stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $184.14, for a total value of $3,682,800.00. Following the sale, the director now directly owns 539,176 shares in the company, valued at approximately $99,283,868.64. The disclosure for this sale can be found here. Insiders have sold 156,770 shares of company stock worth $28,069,728 in the last ninety days. Corporate insiders own 1.60% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Advocacy Wealth Management Services LLC bought a new stake in Illumina during the first quarter worth $102,000. Gemmer Asset Management LLC raised its stake in Illumina by 5.7% in the first quarter. Gemmer Asset Management LLC now owns 686 shares of the life sciences company’s stock worth $117,000 after buying an additional 37 shares in the last quarter. Advisory Services Network LLC bought a new stake in Illumina during the first quarter worth $117,000. Patten Group Inc. raised its stake in Illumina by 2.7% in the first quarter. Patten Group Inc. now owns 965 shares of the life sciences company’s stock worth $166,000 after buying an additional 25 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. raised its stake in Illumina by 11.3% in the second quarter. NN Investment Partners Holdings N.V. now owns 985 shares of the life sciences company’s stock worth $171,000 after buying an additional 100 shares in the last quarter. 93.68% of the stock is currently owned by institutional investors and hedge funds.
Illumina Company Profile
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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