Zacks Investment Research Upgrades Illumina, Inc. (ILMN) to “Buy”
Illumina, Inc. (NASDAQ:ILMN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage currently has a $229.00 price target on the life sciences company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 9.03% from the company’s current price.
According to Zacks, “Illumina’s third-quarter 2017 performance was quite promising with the company delivering better-than-expected revenues and earnings figures. The top line was supported by solid uptake of sequencing consumables and instruments as well as microarray portfolios. Management is also hopeful that recent launches like NovaSeq S4 flow cell and reagent kit for its NovaSeq 6000 System will drive demand for NovaSeq. We look forward to the launch of NovaSeq Xp workflow. Also, the company’s launch of Nextera DNA Flex buoys optimism. Moreover, the company recently partnered with Telegraph Hill Partners to set up an independent entity. Accordingly, over the last three months, Illumina has been trading above the broader industry. On the flip side, weak margins owing to the NovaSeq launch, higher array services revenues and unfavorable product mix within sequencing consumables will continue to act as deterrents.”
A number of other research analysts have also commented on ILMN. Vetr upgraded Illumina from a “buy” rating to a “strong-buy” rating and set a $197.84 price target for the company in a report on Monday, July 3rd. BidaskClub lowered Illumina from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. Morgan Stanley reiterated an “underweight” rating and set a $122.00 price target (up from $115.00) on shares of Illumina in a report on Monday, July 10th. Barclays PLC reiterated a “hold” rating and set a $150.00 price target on shares of Illumina in a report on Wednesday, July 19th. Finally, Canaccord Genuity reiterated a “hold” rating and set a $170.00 price target on shares of Illumina in a report on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and fourteen have issued a buy rating to the company. Illumina has an average rating of “Buy” and an average target price of $200.88.
Illumina (ILMN) traded up 0.83% during mid-day trading on Friday, hitting $210.04. 963,868 shares of the stock were exchanged. The company has a market cap of $30.67 billion, a P/E ratio of 42.14 and a beta of 0.76. Illumina has a one year low of $119.37 and a one year high of $214.50. The company has a 50-day moving average price of $205.96 and a 200-day moving average price of $188.35.
Illumina (NASDAQ:ILMN) last issued its quarterly earnings results on Tuesday, October 24th. The life sciences company reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.12. Illumina had a return on equity of 19.42% and a net margin of 30.34%. The company had revenue of $714.00 million during the quarter, compared to analyst estimates of $692.77 million. During the same period in the previous year, the company earned $0.97 earnings per share. The company’s quarterly revenue was up 17.6% compared to the same quarter last year. On average, analysts predict that Illumina will post $3.73 earnings per share for the current fiscal year.
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In other news, SVP Mostafa Ronaghi sold 10,000 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $195.00, for a total transaction of $1,950,000.00. Following the sale, the senior vice president now owns 76,585 shares in the company, valued at $14,934,075. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Charles Dadswell sold 1,609 shares of the stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $197.00, for a total value of $316,973.00. Following the sale, the senior vice president now owns 9,037 shares in the company, valued at approximately $1,780,289. The disclosure for this sale can be found here. Insiders sold 202,766 shares of company stock worth $40,619,934 over the last quarter. Company insiders own 1.60% of the company’s stock.
Several hedge funds have recently made changes to their positions in ILMN. Teachers Advisors LLC grew its holdings in shares of Illumina by 60.7% during the first quarter. Teachers Advisors LLC now owns 384,300 shares of the life sciences company’s stock worth $65,577,000 after purchasing an additional 145,231 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Illumina by 3.5% during the first quarter. Dimensional Fund Advisors LP now owns 264,925 shares of the life sciences company’s stock worth $45,211,000 after purchasing an additional 9,017 shares during the last quarter. KCG Holdings Inc. bought a new stake in shares of Illumina during the first quarter worth $290,000. AQR Capital Management LLC grew its holdings in shares of Illumina by 58.9% during the first quarter. AQR Capital Management LLC now owns 109,234 shares of the life sciences company’s stock worth $18,640,000 after purchasing an additional 40,477 shares during the last quarter. Finally, Tudor Investment Corp ET AL bought a new stake in shares of Illumina during the first quarter worth $289,000. Institutional investors own 93.34% 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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