Illumina, Inc. (ILMN) Upgraded by Canaccord Genuity to Buy
Illumina, Inc. (NASDAQ:ILMN) was upgraded by equities researchers at Canaccord Genuity from a “hold” rating to a “buy” rating in a note issued to investors on Monday, Marketbeat Ratings reports. The brokerage presently has a $215.00 price target on the life sciences company’s stock, up from their previous price target of $170.00. Canaccord Genuity’s target price suggests a potential upside of 10.56% from the stock’s previous close.
The analysts wrote, “Shipments to China grew +16% and we believe China is likely to be a double-digit grower for ILMN over the next several years, driven by the Chinese Precision Medicine Initiative,”
A number of other equities research analysts have also commented on ILMN. Zacks Investment Research upgraded Illumina from a “hold” rating to a “buy” rating and set a $195.00 price target on the stock in a research report on Thursday, July 27th. BidaskClub upgraded Illumina from a “sell” rating to a “hold” rating in a research report on Monday. Cowen and Company restated an “outperform” rating and set a $200.00 price target on shares of Illumina in a research report on Wednesday, August 2nd. Deutsche Bank AG set a $175.00 price target on Illumina and gave the stock a “hold” rating in a research report on Friday, July 28th. Finally, First Analysis upgraded Illumina from an “underweight” rating to an “equal weight” rating and set a $176.00 price target on the stock in a research report on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and ten have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $176.63.
Shares of Illumina (ILMN) traded up 2.41% during mid-day trading on Monday, reaching $199.16. The company’s stock had a trading volume of 654,582 shares. Illumina has a 12 month low of $119.37 and a 12 month high of $199.95. The firm has a market capitalization of $29.08 billion, a P/E ratio of 39.96 and a beta of 0.83. The company has a 50 day moving average of $174.66 and a 200-day moving average of $171.89.
Illumina (NASDAQ:ILMN) last released its quarterly earnings results on Tuesday, August 1st. The life sciences company reported $0.82 EPS for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.14. The business had revenue of $662 million for the quarter, compared to analyst estimates of $642.38 million. Illumina had a return on equity of 19.69% and a net margin of 30.27%. Illumina’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.86 EPS. Equities research analysts forecast that Illumina will post $3.65 EPS for the current year.
In related news, Director Jay T. Flatley sold 15,000 shares of the company’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $175.53, for a total value of $2,632,950.00. Following the completion of the sale, the director now owns 534,176 shares in the company, valued at approximately $93,763,913.28. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Jay T. Flatley sold 20,000 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $176.43, for a total transaction of $3,528,600.00. Following the completion of the sale, the director now owns 534,176 shares of the company’s stock, valued at approximately $94,244,671.68. The disclosure for this sale can be found here. In the last three months, insiders sold 156,770 shares of company stock worth $28,069,728. 1.60% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in ILMN. Advocacy Wealth Management Services LLC purchased a new stake in Illumina during the first quarter worth approximately $102,000. Gemmer Asset Management LLC boosted 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 purchased a new stake in Illumina during the first quarter worth approximately $117,000. Patten Group Inc. boosted 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. boosted 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. Institutional investors and hedge funds own 93.81% of the company’s stock.
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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