Illumina (NASDAQ:ILMN) Downgraded by Bank of America to Underperform

Illumina (NASDAQ:ILMN) was downgraded by research analysts at Bank of America from a “buy” rating to an “underperform” rating in a report released on Friday, The Fly reports.

Other equities analysts have also issued research reports about the stock. Canaccord Genuity reiterated a “buy” rating and set a $360.00 price target (up previously from $350.00) on shares of Illumina in a report on Monday, June 10th. Wolfe Research began coverage on shares of Waters in a report on Thursday, May 30th. They set an “underperform” rating on the stock. Zacks Investment Research lowered shares of GasLog Partners LP Unit from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 2nd. BidaskClub upgraded shares of Zumiez from a “sell” rating to a “hold” rating in a report on Saturday, June 22nd. Finally, OTR Global lowered shares of Illumina to a “positive” rating in a report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $354.35.

Shares of Illumina stock opened at $363.66 on Friday. Illumina has a fifty-two week low of $268.62 and a fifty-two week high of $380.76. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.66 and a quick ratio of 3.33. The firm has a market capitalization of $54.79 billion, a price-to-earnings ratio of 63.58, a P/E/G ratio of 2.59 and a beta of 1.15. The company has a 50 day moving average of $344.08.

Illumina (NASDAQ:ILMN) last issued its earnings results on Thursday, April 25th. The life sciences company reported $1.60 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.26. Illumina had a net margin of 25.06% and a return on equity of 23.49%. The firm had revenue of $846.00 million for the quarter, compared to analyst estimates of $838.70 million. During the same quarter last year, the business posted $1.45 earnings per share. The company’s quarterly revenue was up 8.2% on a year-over-year basis. Research analysts expect that Illumina will post 6.68 earnings per share for the current year.

In related news, SVP Charles Dadswell sold 124 shares of Illumina stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $311.77, for a total transaction of $38,659.48. Following the completion of the transaction, the senior vice president now owns 8,086 shares of the company’s stock, valued at $2,520,972.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jay T. Flatley sold 3,300 shares of Illumina stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $304.44, for a total transaction of $1,004,652.00. Following the transaction, the director now directly owns 282,516 shares of the company’s stock, valued at approximately $86,009,171.04. The disclosure for this sale can be found here. Insiders have sold 55,991 shares of company stock valued at $18,216,784 in the last three months. 0.38% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Legacy Bridge LLC increased its stake in Illumina by 2.9% in the second quarter. Legacy Bridge LLC now owns 2,340 shares of the life sciences company’s stock valued at $861,000 after purchasing an additional 65 shares in the last quarter. Bogart Wealth LLC increased its stake in Illumina by 3,018.8% in the second quarter. Bogart Wealth LLC now owns 499 shares of the life sciences company’s stock valued at $183,000 after purchasing an additional 483 shares in the last quarter. Nachman Norwood & Parrott Inc increased its stake in Illumina by 3.4% in the second quarter. Nachman Norwood & Parrott Inc now owns 1,360 shares of the life sciences company’s stock valued at $501,000 after purchasing an additional 45 shares in the last quarter. Riverbridge Partners LLC increased its stake in Illumina by 27.5% in the second quarter. Riverbridge Partners LLC now owns 1,179 shares of the life sciences company’s stock valued at $434,000 after purchasing an additional 254 shares in the last quarter. Finally, Argus Investors Counsel Inc. increased its stake in Illumina by 98.2% in the second quarter. Argus Investors Counsel Inc. now owns 3,214 shares of the life sciences company’s stock valued at $1,183,000 after purchasing an additional 1,592 shares in the last quarter. 89.69% of the stock is owned by institutional investors and hedge funds.

Illumina Company Profile

Illumina, Inc provides sequencing and array-based solutions for genetic analysis. The company operates in two segments, Core Illumina and Consolidated VIEs. It offers sequencing that provides researchers with various applications and the ability to sequence mammalian genomes; and arrays for a range of deoxyribonucleic acid and RNA analysis applications, including single nucleotide polymorphism genotyping, copy number variations analysis, gene expression analysis, and methylation analysis, as well as enables the detection of known genetic markers on a single array.

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