Canaccord Genuity Group Issues Positive Forecast for Illumina (NASDAQ:ILMN) Stock Price

Illumina (NASDAQ:ILMN) had its price objective increased by Canaccord Genuity Group from $87.00 to $99.00 in a research report report published on Wednesday,Benzinga reports. Canaccord Genuity Group currently has a hold rating on the life sciences company’s stock.

ILMN has been the topic of a number of other reports. Morgan Stanley reduced their price objective on shares of Illumina from $136.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Monday, May 12th. Stephens reissued an “overweight” rating and set a $105.00 price objective on shares of Illumina in a research report on Tuesday, May 20th. Royal Bank of Canada reduced their price objective on shares of Illumina from $128.00 to $112.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 8th. Piper Sandler reduced their price objective on shares of Illumina from $190.00 to $185.00 and set an “overweight” rating on the stock in a research report on Thursday, May 15th. Finally, HSBC downgraded shares of Illumina from a “buy” rating to a “hold” rating and set a $100.00 price objective on the stock. in a research report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $126.94.

Illumina Trading Down 0.5%

Shares of ILMN opened at $87.54 on Wednesday. The firm’s 50 day simple moving average is $78.46 and its 200 day simple moving average is $103.69. The company has a market capitalization of $13.86 billion, a P/E ratio of -11.40, a P/E/G ratio of 1.60 and a beta of 1.32. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.77 and a quick ratio of 1.42. Illumina has a 1-year low of $68.70 and a 1-year high of $156.66.

Illumina (NASDAQ:ILMN) last posted its quarterly earnings results on Thursday, May 8th. The life sciences company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.96 by $0.01. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. Illumina had a negative net margin of 27.95% and a positive return on equity of 13.37%. The business’s revenue was down 1.4% compared to the same quarter last year. During the same period last year, the firm posted $0.98 earnings per share. Sell-side analysts forecast that Illumina will post 4.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Ankur Dhingra purchased 6,100 shares of the business’s stock in a transaction dated Monday, May 12th. The stock was acquired at an average price of $81.21 per share, with a total value of $495,381.00. Following the purchase, the chief financial officer now directly owns 24,906 shares of the company’s stock, valued at $2,022,616.26. This represents a 32.44% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 2.60% of the company’s stock.

Institutional Trading of Illumina

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of Stockton grew its holdings in shares of Illumina by 3.8% during the 4th quarter. Bank of Stockton now owns 2,162 shares of the life sciences company’s stock worth $289,000 after purchasing an additional 80 shares during the period. Stephens Inc. AR grew its holdings in shares of Illumina by 1.4% during the 4th quarter. Stephens Inc. AR now owns 6,623 shares of the life sciences company’s stock worth $885,000 after purchasing an additional 90 shares during the period. IFP Advisors Inc grew its holdings in shares of Illumina by 19.1% during the 4th quarter. IFP Advisors Inc now owns 617 shares of the life sciences company’s stock worth $82,000 after purchasing an additional 99 shares during the period. Freedom Investment Management Inc. grew its holdings in shares of Illumina by 3.7% during the 4th quarter. Freedom Investment Management Inc. now owns 2,856 shares of the life sciences company’s stock worth $382,000 after purchasing an additional 101 shares during the period. Finally, Concurrent Investment Advisors LLC grew its holdings in shares of Illumina by 8.2% during the 4th quarter. Concurrent Investment Advisors LLC now owns 1,731 shares of the life sciences company’s stock worth $231,000 after purchasing an additional 131 shares during the period. Hedge funds and other institutional investors own 89.42% of the company’s stock.

About Illumina

Illumina, Inc offers sequencing- and array-based solutions for genetic and genomic analysis in the United States, Singapore, the United Kingdom, and internationally. It operates through Core Illumina and GRAIL segments. The company offers sequencing and array-based instruments and consumables, which include reagents, flow cells, and library preparation; whole-genome sequencing kits, which sequence entire genomes of various size and complexity; and targeted resequencing kits, which sequence exomes, specific genes, and RNA or other genomic regions of interest.