Illumina (ILMN) Upgraded to Buy by Zacks Investment Research
Illumina (NASDAQ:ILMN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm presently has a $252.00 price target on the life sciences company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 18.06% from the company’s previous close.
According to Zacks, “Post a promising third-quarter show, we expect Illumina to maintain its growth momentum on continued uptake of sequencing consumables, instruments and 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.”
Several other brokerages have also weighed in on ILMN. Citigroup lifted their price objective on Illumina from $180.00 to $220.00 and gave the stock a “neutral” rating in a report on Wednesday, October 25th. Canaccord Genuity raised Illumina from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $170.00 to $215.00 in a report on Monday, August 7th. Robert W. Baird raised Illumina from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $184.00 to $228.00 in a report on Wednesday, October 25th. Barclays lifted their price objective on Illumina from $150.00 to $185.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 25th. Finally, BidaskClub raised Illumina from a “sell” rating to a “hold” rating in a report on Monday, August 7th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Illumina presently has a consensus rating of “Buy” and an average target price of $201.98.
Illumina (NASDAQ:ILMN) last announced its quarterly earnings data on Tuesday, October 24th. The life sciences company reported $1.11 earnings per share for the quarter, topping the Thomson Reuters’ 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 company had revenue of $714.00 million for the quarter, compared to analyst estimates of $692.77 million. During the same quarter last year, the firm earned $0.97 EPS. Illumina’s revenue for the quarter was up 17.6% compared to the same quarter last year. sell-side analysts expect that Illumina will post 3.75 earnings per share for the current year.
In related news, SVP Oene Mark Van sold 9,729 shares of the company’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $211.33, for a total value of $2,056,029.57. Following the completion of the sale, the senior vice president now owns 24,908 shares in the company, valued at $5,263,807.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jay T. Flatley sold 20,000 shares of the company’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $211.11, for a total value of $4,222,200.00. Following the completion of the sale, the director now owns 539,176 shares of the company’s stock, valued at approximately $113,825,445.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 159,215 shares of company stock valued at $33,157,449. Corporate insiders own 0.89% of the company’s stock.
A number of large investors have recently bought and sold shares of ILMN. Daiwa Securities Group Inc. grew its stake in Illumina by 3.9% in the second quarter. Daiwa Securities Group Inc. now owns 4,260 shares of the life sciences company’s stock valued at $739,000 after acquiring an additional 160 shares during the period. Korea Investment CORP boosted its position in shares of Illumina by 427.3% during the second quarter. Korea Investment CORP now owns 35,663 shares of the life sciences company’s stock worth $6,188,000 after buying an additional 28,900 shares during the period. Pictet Asset Management Ltd. boosted its position in shares of Illumina by 3.7% during the second quarter. Pictet Asset Management Ltd. now owns 309,765 shares of the life sciences company’s stock worth $54,940,000 after buying an additional 11,036 shares during the period. Advisor Partners LLC boosted its position in shares of Illumina by 10.5% during the second quarter. Advisor Partners LLC now owns 2,449 shares of the life sciences company’s stock worth $425,000 after buying an additional 232 shares during the period. Finally, Seven Bridges Advisors LLC boosted its position in shares of Illumina by 17.6% during the second quarter. Seven Bridges Advisors LLC now owns 2,630 shares of the life sciences company’s stock worth $456,000 after buying an additional 393 shares during the period. 91.75% of the stock is owned by hedge funds and other institutional investors.
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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