Illumina, Inc. (ILMN) Rating Lowered 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 research note issued to investors on Tuesday.
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 equities research analysts have also recently commented on the company. Citigroup Inc. raised their price objective on Illumina from $180.00 to $220.00 and gave the company a “neutral” rating in a research note on Wednesday, October 25th. Barclays PLC raised their price objective on Illumina from $150.00 to $185.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 25th. Bank of America Corporation lifted their target price on Illumina from $215.00 to $240.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Wells Fargo & Company reaffirmed a “market perform” rating and set a $205.00 target price (up previously from $200.00) on shares of Illumina in a research report on Wednesday, October 25th. Finally, Robert W. Baird raised Illumina from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $184.00 to $228.00 in a research report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have given a buy rating to the stock. Illumina has an average rating of “Hold” and an average price target of $200.88.
Illumina (NASDAQ:ILMN) traded up 0.75% during midday trading on Tuesday, reaching $205.34. The company’s stock had a trading volume of 691,801 shares. Illumina has a 52-week low of $119.37 and a 52-week high of $214.50. The firm has a market cap of $29.98 billion, a P/E ratio of 41.20 and a beta of 0.76. The firm has a 50 day moving average of $205.80 and a 200 day moving average of $188.78.
Illumina (NASDAQ:ILMN) last announced its quarterly earnings data on Tuesday, October 24th. The life sciences company reported $1.11 EPS for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.12. Illumina had a return on equity of 19.42% and a net margin of 30.34%. The firm had revenue of $714.00 million during the quarter, compared to analysts’ expectations of $692.77 million. During the same quarter last year, the firm posted $0.97 earnings per share. The company’s revenue for the quarter was up 17.6% compared to the same quarter last year. Analysts anticipate that Illumina will post $3.65 earnings per share for the current fiscal year.
In other news, SVP Mostafa Ronaghi sold 10,000 shares of Illumina stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $195.00, for a total value of $1,950,000.00. Following the completion of the transaction, the senior vice president now directly owns 76,585 shares in the company, valued at $14,934,075. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Charles Dadswell sold 145 shares of Illumina stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $205.71, for a total value of $29,827.95. The disclosure for this sale can be found here. Over the last quarter, insiders sold 204,766 shares of company stock valued at $41,033,694. 1.60% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Dupont Capital Management Corp purchased a new position in shares of Illumina in the third quarter valued at $153,000. Andra AP fonden grew its position in shares of Illumina by 12.3% in the third quarter. Andra AP fonden now owns 7,300 shares of the life sciences company’s stock valued at $1,454,000 after purchasing an additional 800 shares in the last quarter. Howland Capital Management LLC purchased a new position in shares of Illumina in the third quarter valued at $1,058,000. Essex Investment Management Co. LLC grew its position in shares of Illumina by 6.8% in the third quarter. Essex Investment Management Co. LLC now owns 12,433 shares of the life sciences company’s stock valued at $2,477,000 after purchasing an additional 792 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its position in shares of Illumina by 110.1% in the third quarter. Canada Pension Plan Investment Board now owns 19,210 shares of the life sciences company’s stock valued at $3,827,000 after purchasing an additional 10,068 shares in the last quarter. Institutional investors own 93.04% of the company’s stock.
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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